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3 Ways to Leverage Data to Reduce Hiring Costs

As states take a phased approach to reopening in light of the COVID-19 pandemic, many businesses that might have made unfortunate layoffs or put hiring on hold are now eager to staff up with qualified candidates. 

With organizations across industries looking to get back on track following COVID-19 closures, business leaders will be looking to drive cost savings wherever possible. One way to cut operational costs is by following a proven, standardized hiring process – and tapping into data to continuously improve hiring.  

Many employers don’t have a process in place to fully measure whether or not their hiring efforts are working – and what needs to be improved. With the right recruitment and hiring partner, you can follow a repeatable, streamlined process and have access to hiring metrics that can help your team save costs. 

All Hireology customers have access to our Insights solution, which provides actionable, Q&A analytics to measure hiring health. By tapping into Insights, your team can have clear visibility into hiring performance across locations and managers, and compare results to peers using industry-specific benchmarks. 

Below, we’ve highlighted the key hiring metrics Insights tracks – and why your team should be tracking this data to cut back on hiring costs throughout the process. 

Measure time to hire (hiring velocity)

The longer a position goes unfilled, the more productivity is disrupted as employees spend time covering for the open role. In addition to lost productivity, the longer the hiring process, the more frustrated quality candidates will get – which might cause them to consider open roles elsewhere. 

Due to widespread layoffs related to COVID-19, millions of job seekers are on the market for their next opportunity and if your team doesn’t move the hiring process along quickly, you’ll risk losing top talent to competing job offers. 
To speed up your time to hire, (hiring velocity), your team needs to tap into the right hiring metrics. Otherwise, you likely will not have a grasp of what causes hold ups throughout the hiring process.

For example, it might take days or weeks for your hiring managers to review applicants, but if you’re not measuring this data, you’ll have no way of knowing why you’re losing candidates during the hiring process.

Hireology’s Velocity Insight helps measure and improve time to hire by providing a clear understanding of applicants reviewed, time to review, and average time spent in each hiring step. The Insight flags bottlenecks in the hiring process and helps employers decrease time to hire – saving money by filling open roles sooner.

Hold managers accountable to following a process

Once you have a proven process in place, it’s important for all your locations and managers to follow this hiring process. Adhering to each step of the hiring process every time you make a hire will ensure you don’t miss out on quality candidates, only hire the best fits for your open roles and maintain compliance. On the other hand, skipping steps in the hiring process means  you’ll risk making a bad hiring decision, which will only lead to further hiring costs when you have to re-open the role. 

To ensure your team follows each step of the hiring process, you can leverage hiring metrics related to process adherence. Hireology’s Adherence Insight drives team accountability to follow an efficient, compliant hiring process.

This Insight enables you to gain visibility into your hiring process health and understand where critical hiring steps are followed or missed for specific candidates and roles, with transparency into: percentage of hiring steps completed, percentage of hires who completed all steps and percentage of candidates with skipped steps. 

You can use the data to drive conversations between managers and team members to ensure all applicants are reviewed and all hiring process steps are followed. For example, if a certain hiring manager tends to skip background or reference checks to speed up the process, you can sit this manager down and let them know why candidate verifications – and following all hiring steps – is important.

Drive recruitment marketing ROI 

Your team likely tracks which lead sources are driving new business on a daily basis. This same level of attention and data-based decision making should be applied to the most critical component of your organization – hiring quality people. But many employers simply invest in one-off job boards and other applicant channels without measuring whether or not they’re actually driving quality applicants and eventual hires. 

Hireology’s Sourcing Insight answers the question, “What is my best source of applicants?” and offers visibility into the total number of applicants, quality candidates and hires by source. The Insight further provides central visibility into sponsored job board performance, including total sponsored posts purchased, dollars spent, quality applicants sourced, and average cost per quality applicant. 

Applicant channels that deliver a high quantity of poor applicants will only waste your team’s time and increase your hiring costs. By making the most of Hireology’s Sourcing Insight, you can improve the return-on-investment for your recruitment budget by vendor or channel, ensure quality hires are being made, and save time and money. 

In addition to the Sourcing Insight, Hireology also has a Career Site ROI Insight, with visibility into career site performance, including subscription cost, number of applicants, number of quality applicants and cost per quality applicant. Career sites drive 30 percent of eventual hires, the highest percentage of all applicant sources, so it’s important to ensure your career site is driving the results your team needs. 

Understanding key hiring metrics and taking action to improve your overall hiring process will help you secure top talent and save on hiring costs as business picks back up. For additional information on how you can make the most of hiring data to drive results on your team, see a demo today.

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