Getting the data in real-time and creating systems that talk to one another has been out of reach for most companies for far too long. HR Data Analytics are evolving. Having data from multiple systems and areas at your fingertips to meet those new challenges is a business imperative.84% of recruiting pros believe analyzing data to drive decisions will be more commonplace over the next five years. Here are a few ways data analytics can improve your enterprise’s recruiting strategy: Click To Tweet
1. Identifying Key Metrics
You’re likely already tracking time to hire, cost per hire, or retention rate. But there are other metrics you should consider.
- Source of hire: Discover where your most valuable source for quality candidates.
- Application completion rate: Could your application process be prompting talent to jump ship before completion? This metric helps you find out why.
- Quality of hire: Another perspective on how many quality hires you’re getting and from what sources, but this metric also allows you to ensure you’re hiring well for the right roles.
- Time to fill: Time is money, after all, and tracking this metric can likely help save a little of both.
2. Getting the Data You Need
Collecting data can’t simply be a matter of throwing candidates into an ATS and hoping it works out. To accurately identify any flaws or opportunities in your process, you have to not only collect the data but collect the correct information to paint a full picture.
Suppose you’ve determined that your quality of candidate results is cause for investigation. In that case, you’ll also need to know where your candidates are coming from. Likely, they’re being sourced from multiple locations, and you’ll need to trace the undesirable candidates back to the inception. Analytics help ensure all relevant information is collected and easily organized for tailor-made insights into what’s working and what’s not.
3. Visualize the Data
Analytic platforms are the real game-changer in recruiting. All of the data in the world doesn’t mean anything if it isn’t organized effectively. Your dashboard should represent the metrics most important to your organization to effectively help manage and achieve company goals.
Phase-out irrelevant manual reports that are out of date by the time they make it to your desk. The PREDICTIVEHR Development Lab dashboard provides real time data, accessible at the push of a button
Analytic dashboards centralize your data pulled from multiple systems and lay it out visually, making it much easier to i
dentify trends and opportunities for improvement.
Discover PREDICTIVEHR’s Development Lab.
4. Put it in Perspective
Truly making an impact on your recruiting process requires patience and perspective. Not everything identified through recruiting analytics will be remedied overnight. However, to make smart use of this information, it’s helpful to track improvements over time.
These data insights will evaluate your progress over months and even years, to drive true meaningful changes in your company, both today and in the future. Analytics can help ensure your business’s longevity and preparedness for hurdles down the road.
5. Put the Data to Work
Once you’ve collected and analyzed the data, identified the trends, and know where to focus your energy, the only thing left to do is start. After all, the purpose of all this is to identify actionable insights and make changes to optimize your hiring efforts.
Where and how you act will depend on what your unique analytics show you about your enterprise; everyone’s action plan will be different. However, the end goal of a more robust recruiting process will be universal.
6. Plan for the Future
Predictive analytics make it possible to not only prepare for the future, but narrow down exactly what to expect and make changes accordingly. Taking data from all your internal and external systems, you can:
- Predict future attrition rates
- Forecast retention spikes
- Build a more compelling employer brand
- Assess and improve performance
- Manage operational productivity
- Predict talent acquisition trends and hiring spikes
- Even glean where high-performing employees come from
Predictive analytics makes it possible for you to start planning ahead of time, predict events to mitigate risk, and leverage success and market events.
The Complete Solution
Recruitment analytics is an integral part of hiring today. It can help you make better hiring decisions and ultimately, build a strong workforce for your organization — but the data itself can only do so much.
The provider your pick is truly the differentiator, and PREDICTIVEHR offers a complete solution to your Talent Acquisition needs. Book a demo today to see a clear difference.