Between the strategic mandates of recruitment marketing, candidate engagement and candidate experience, as well as artificial intelligence and automation tools, talent acquisition teams will have a lot to juggle in the future recruitment. That doesn’t mean a team should try to adopt any and every new idea and tool. As with everything in talent acquisition, teams need to take a strategic approach, utilizing the right tools and techniques at the right times.
It all comes down to metrics, for example how does your team perform now? How would you like it to perform in the future? What specific steps need to be taken to get from point A to point B?
Talent acquisition leaders will need to take a data driven approach to recruiting, strategically measuring hiring funnel performance to determine what’s working, what isn’t, and what to do about it. For this, talent acquisition leaders will need high-level views of the various tools their teams are using, as well as the performance of all initiatives across marketing, engagement, and experience.
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“For years the discipline of HR analytics, training analytics, or people analytics was considered a nichy, backwater part of human resources,” wrote Josh Bersin. But today, all that discipline has changed. With the increased focus on measuring diversity, gender pay equity, skills gaps, labour utilization, retention rates, real-time feedback, and even organisational network analysis, CEOs and CHROs now understand that people analytics is a vital part of running a high performing company.
Most good talent acquisition tech should come pre-equipped with reporting functions that allow recruiters to track performance. This will allow recruiters to track the effectiveness of each platform, as well as identify bottlenecks, gaps, opportunities for integrations, and other areas for improvement in current tech stack and recruitment methods.
Some important metrics to consider tracking to ensure optimal recruiting performance include:
Number of applicants generated by each sourcing channel/recruiting initiative
Engagement levels among candidates
Average time spent at each stage of the recruiting process
Conversion rates (ratio of applicants to offers, ratio of offers to acceptances)
While these metrics will offer general insight into hiring processes, the specific metrics recruiters choose to focus on will depend on organisation’s talent acquisition goals. What’s most important is that recruiter team must adopt a data-driven approach to talent acquisition.
Next read: Measuring and Evaluating Recruitment Results