There’s no such thing as perfect — but especially in hiring.
There are constantly evolving trends in how job seekers are looking for their next roles and where they can be best reached at. Just like technology is constantly adapting, so is the modern applicant. If your HR team isn’t searching for ways to better hone your recruitment and hiring processes to attract top talent, you’re throwing money away that could otherwise be used to improve your processes over time.
While there are many hiring solutions on the market — like simple applicant tracking systems (ATSs) or human resources management systems (HRIS) — many of these software options either don’t provide the HR analytics your team needs to improve your recruiting and hiring processes over time or they tack on additional fees to access this data.
You could choose to pay extra for these valuable HR analytics in order to drive ROI at your business — or you could partner with a recruitment CRM platform like Hireology, where your base subscription automatically gives you access to our insights solution, so the data you need to drive hiring efficiency and profitability is at your fingertips.
The data that you need to improve your hiring processes is out there and available. For some examples of how Hireology Insights empowers you to overcome inefficiencies in your recruitment and hiring processes to drive ROI at your business, read on.
Capitalize on your most valuable candidate source
Candidate sources were not all created equally; some deliver the most quality applicants while others merely check a box. With so many options on where to advertise your open roles, it’s easy to make the common mistake of investing a significant amount of your hiring dollars in one-off job board postings that may drive applicant volume, but don’t deliver the type of candidate that will stay for the long term. What works for one company will not always deliver the same results for the next. Your HR team could choose to manually track which candidate sources deliver the most and best applicants, but that sounds like a lot of time — and money — that could be better spent on other tasks.
Hireology Insights automatically analyzes which recruitment marketing channels deliver the most quality candidates, which candidate channels can reliably provide the most hires, and which job board yields the best ROI. All of these metrics can better inform your job board spending decisions so your team can focus on the candidate sources that truly work for your business.
Monitor average time-to-hire
Every day that you have an open position is another day that you’re losing productivity and profitability. The longer you’re forced to wait through candidate sources that don’t deliver the results you need or through internal inefficiencies, the more money you throw down the drain. In today’s hiring market, if your business is taking longer than two weeks from initial application to offering the candidate a position, you’re losing out on the top talent out there.
With Hireology Insights, however, you have a real-time look at the average time-to-hire at each location within your organization. This is only one part of the data set that helps determine your overall hiring velocity, but optimizing it can make major differences in both your bottom line and the quality of candidates you add to your staff. Another aspect that helps you determine your hiring velocity includes how long it takes your hiring team to review new applicants, which can significantly put a damper on how quickly you can usher candidates through your hiring process.
Time spent in each hiring step
The third and final component of hiring velocity is how long your team is spending in each hiring step. While speed is a critical component of your hiring process, so is keeping your candidate engaged. If your candidates feel like they’re stuck in second gear, you won’t be able to convert them to a hire.
Hireology Insights tracks where candidates are stalling in the hiring process so your team can determine ways to make these steps more efficient. For example, these insights tell you when and how many of your applicants are reviewed; if your hiring team struggles with reviewing a huge number of candidates, incorporating prescreen surveys may help weed out unqualified candidates and help speed this step up. If you find that setting interviews with candidates is a cumbersome process, then implementing instruments like the interview scheduling tool can help take the pressure off your hiring team’s shoulders and put the power in the candidate’s hands. As you can see, there are plenty of areas where hiring steps can be accelerated — but only if you can spot the inefficiencies first.
Level of adherence to your hiring process across all locations
An ounce of prevention is worth a pound of cure — but even more so when you’re talking about money. There’s a reason why your HR department conducts your hiring process the way it does has a lot to do with remaining compliant with the different laws and regulations. If one of your business’s locations decides that it can omit one step or another at their discretion, you could be in for a rather unpleasant surprise (and fine). Not only that, but you won’t often be able to get an accurate feel for how a potential employee will work on your team if you skip over steps.
Hireology Insights gives you transparency into how many hires completed all of the hiring steps, how many were hired after skipping steps, and candidates who had skipped steps in the process. These metrics are presented as percentages that you can track over a period of time that you determine, giving you a firsthand look at compliancy. This Insight allows you to hold hiring team members accountable for following all steps of the hiring process, while also empowering you to flag locations or managers that are bypassing steps at their own discretion.
Optimize ROI on career site
Your career site should act as the hub of information for all of your open positions; it’s where those job descriptions you’ve worked so hard on should be housed, as well as any other information you can show or use to describe your company and the culture it embodies. When done correctly, your career site can be one of the best investments you make in your recruiting strategies by driving up to 50% of all hires.
With Hireology Insights, you have a breakdown of your career site’s effectiveness in a cost-benefit analysis that’s easy to understand. Hireology Insights grants you access to data about how your career site is performing relative to the maintenance cost, how many total applicants visit it, the number of quality applicants driven from it, and the cost per quality applicant. Just like with the other metrics that Hireology Insights provides, you’re able to monitor the effectiveness of this component of your recruitment marketing strategy and make improvements as necessary to receive the best ROI.
In business, every dollar counts. When you can measure and track where your dollars go, you can determine the most effective way to spend your hiring dollars to ultimately save money. With Hireology Insights, all of the HR analytics you could need to make the most informed decisions regarding your hiring spend is at your fingertips — and included in your base subscription. To see what other perks are included in a Hireology subscription, check out our pricing page.