‘If you can’t measure it, you can’t manage it.’ As cliché as this classic saying may be, it rings true – having tangible, quantitative data to work with allows you to make informed and necessary improvements to your strategies.
In the realm of recruiting, measuring your candidate data allows you to make more efficient and productive hiring decisions. Values like cost-per-hire, turnover rate and many more are all critical in making the most of your recruiting efforts, saving you time, energy and money.
These metrics are more important to identify than ever before because the hiring climate that many of us will be returning to will be changed in significant ways. Even if your strategy had been working well prior to 2020, it is worth looking into re-evaluating by analyzing the data you have on hand. Being proactive about adjusting your methods in which you attract, hire and connect with clients, as well as candidates, will ensure you stay ahead of the game.
Here are some of the benefits of measuring your candidate data.
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Data Can Help Identify Weak Points
Measuring data allows you to see trends in what is working, but perhaps more importantly, it lets you know what isn’t working. For obvious reasons, identifying weak points in your hiring process is a good thing – it can help you make the necessary changes to make your system work harder.
For example, if you find that candidates are falling off because your time-to-hire is too long, this can prompt you to streamline your application and interview workflow. Lengthy hiring processes is one of the most frequent complaints of today’s job seekers, so this would be a great pain point to fix. Whatever your weak spots may be, recognizing and rectifying them is much easier when you have your data in front of you.
Being proactive about adjusting your methods in which you attract, hire and connect with candidates will ensure you stay ahead of the game.
Data Can Improve the Candidate Experience
An inefficient hiring process can not only affect the quality of your candidates but can also be detrimental to how potential employees view you as a company. Ensuring a positive candidate experience should always be top of mind and doing anything you can to keep it consistent is in your best interest.
A poor candidate experience typically means so much more than an isolated incident. Nearly 7 in 10 job seekers who have a negative candidate experience with a company say they would never apply again, effectively ending your relationship with them and anyone they know. Communicating with your candidates through social media, surveys and online reviews – and actively listening to their feedback – can help boost your image and expand your talent pool.
It Can Give You Digital Marketing Intel
The places in which candidates are looking for and hearing about open positions is always changing; over half of today’s job seekers find jobs through social media or networking versus a traditional route. By looking into where your candidates are coming from initially, you can gain insight into where you should focus your marketing efforts on and what areas need improvement.
For instance, if you find that your top performing hires are all coming from LinkedIn, you could reallocate marketing funds to focus on that source. Alternatively, if you find another source isn’t generating any quality candidates, it might be time to look elsewhere.
During COVID-19 quarantine, many job seekers were glued to their phones and social media, making these good places to attract candidates. However, that fact could change once the world starts to reopen. It is crucial to continue to measure these candidate sources and never stay comfortable with one strategy – keeping an ear to the ground is the best way of staying innovative and moving forward!
Mindscope’s Business Intelligence Tool
While these metrics are important to track in order to increase the performance of your hiring strategy, calculating them manually can be time-consuming and presents a potential margin of error.
Mindscope’s offers numerous reporting options for generating data-rich reports, all within a few clicks! Not only can you choose from over 100 canned reports (such as offer acceptance rate by position title, first year managed attrition rate, and quality of hire measured by client, to name just a few), but you can create your own company specific reports (combining nearly ANY data points collected in the system) to glean the analytics that matters to you.
Interested in learning more about Mindscope’s reporting capabilities? It’s just one of the many forward-thinking integrations Mindscope offers as part of our new and improved UI/UX. Request a free demo today to find out more!