Imagine that you are at a quarterly meeting with your board members setting this year’s goal: reach 10% revenue growth. To reach this goal, you would need to hire or place 150 candidates this year. You are thinking of a strategy to reach those ambitious numbers, considering…
…the labor market is tightening, thus reaching goals is getting increasingly challenging,
…those vacancies on your career site are not getting enough traffic, and
…convincing the board to increase investment to reach these goals is not an easy task.
How can you achieve higher output by making the most of your existing resources? How can you make a business case in which you can predict what the business needs to achieve this result?
This is where end-to-end analytics come into play.
Through analytics, you can identify the setbacks and strength of your online recruitment strategy and make smarter decisions based on past performances. This will ultimately fuel growth in your organization.
How can you define your strategy by using end-to-end analytics?
Analytics will help you identify the steps that need to be taken to reach your business goal. It will also get you to start asking the right questions, such as:
What are the channels that attribute to quality candidates for different types of jobs?
What’s the average media budget we need per hire by reverse engineering hires to applicants?
How much time do we need to invest to hire a candidate for a certain role?
When do you need to start the recruiting process to make sure you hire/place at the right time?
How many quality candidates do we already have in our database?
These are concrete questions data in end-to-end analytics can address. From here, you are at the right starting point to go about reaching your recruitment marketing goals.
Having E2E analytics in your online recruitment campaign gives you a holistic overview of the candidate journey. This includes every single touchpoint candidates go through that eventually brought them to become a quality candidate. Through end to end analytics, you can identify many things including:
1. Channels that are attributing to your success
Not all channels are created equal.
Some channels do very well in delivering you conversions. Others will get you a lot of traffic but fill your inbox with low quality applications. So how do you know which channels are bringing you the top talents?
One step to identify the right channels is through understanding the whole candidate journey. The candidate journey is simply the process that candidates go through to find a job, starting from the first click all the way to becoming a high-performing employee.
In order to understand the entire candidate journey, you need to measure end-to-end, cross-channel and cross-device. How did candidates come to find your job, what are the touchpoints s/he went through that brought him/her to click the apply button, what type of devices do candidates use when they apply?
If you are able to see that certain channels bring you a lot of applications but not qualified candidates, you know where you will be spending more money. Read here to learn more about how to measure the candidate journey.
By knowing which of your online recruitment channels attribute to hiring success, you can invest more on the channels that are bringing you quality applicants, and fill more jobs faster.
2. Volume of Applicants in each stage
The hiring funnel helps you understand the volume of applicants you need in each stage to get one hire for different types of jobs. How many applicants does it take to hire one java developer? What about a sales assistant? What are the drop-off rates for different types of job? By knowing the candidate flow for a job, your recruiters will know where to put more of their online recruitment effort on.
By having this information, you can perform reverse engineering: you can start by defining your end goal and work your way backwards.
Let’s say your company has decided that you need to place 150 hires to reach that 10% growth this year. Knowing your hiring funnel allows you to know the exact amount of candidates you need in each stage to reach your goal.
3. Time-to-Hire / Hiring Velocity
One of the highest costs of recruiting is the value of human time.
Let’s face it: recruitment is time consuming. From screening hundreds of resumes, evaluating candidate profiles to setting up time-consuming interviews, there is a lot of time (and monetary) investment involved into filling that one vacancy.
But why is it important to measure time to hire / hiring velocity?
This metric is important for expectations management to customers and hiring managers.
If you are a staffing agency, hiring time is important as the faster you fill jobs, the higher output you will get. It is also a metric to measure the efficiency of your hiring process, and evaluate the overall performance of the recruitment team.
If you are an employer, it is crucial to start hiring at the right time. The length of your hiring process matters less; of course, people are more likely to drop off if the your hiring time is very long. However, if you have a very short time to hire but start your hiring process way too late, your business output would still get hurt. Do you have the right person at the right time to start delivering output?
Knowing the time to hire gives you an advantage of predicting when to start and how much time you need to invest in a campaign to fill a certain position. You can identify the average time to hire for different job positions and use that as a starting point to improve your talent acquisition strategy. Are we implementing the most efficient strategy? Can we make our hiring process faster? Where do we put more of our effort on? In other words, with this information you can get better at business planning.
With the help of insightful recruitment analytics, reaching ambitious business goals with limited resources is no longer a far-fetched mission. Having a proper data set enables you to come up with an effective marketing strategy and thus, achieve recruitment/hiring goals for your business.
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If you are interested to learn how you can do all this and need a solution, feel free to contact us by clicking the button below and we’ll be happy to help!