How to leverage your recruitment analytics to improve your candidate attraction strategies
It is no secret that the world is increasingly powered by data. And there’s a reason for that. Data-powered decisions are smart decisions. You’ll need your recruiter’s instinct too – let’s never forget the importance of that human touch, recruitment is a people business after all – but armed with the right data you can vastly improve the job posting process and receive a higher percentage of quality applications. By analysing job posting, application and hire data, you can track performance, improve efficiency and increase the ROI of your recruitment media.
We have compiled a list of the recruitment analytics you can monitor on WaveTrackR as an example of the data that can be mined and how it can be useful. The data set can be viewed within a certain timeline so you can hone in on a specific period and can look at a single recruiter’s accounts or that of all users. Targeting the data shown allows you to use it for analysis during a particular campaign, to track progress, and to find patterns over different months.
Job data includes how many job ads have been posted, how many of those were unique jobs, the number of jobs posted over time, and what the most popular jobs were (based on number of applications). Collating job data allows you to analyse the effectiveness of those job ads. Understanding what the most popular jobs are gives you insight into the kind of roles candidates are currently searching for and whether this has changed over time.
WaveTrackR analyses total number of applications, applications over time, and average applications per job. Jobs and applications data need to be analysed together as they work in symbiosis. Applications data can inform job strategy and job data can explain applications data. Such data can give you an appreciation of candidate activity, especially current availability – important in a market constantly in flux.
Insight into total hires and hires over time is key as successful hires are the ultimate aim of the process. Comparing hires to jobs posted and applications received can give you insight into whether your job board strategy is working and if the applications you are receiving are of the right quality. Hires over time allows you to track progress over a period of months.
Keeping track of your expenditure is clearly important and will help with future budgeting, so it is incredibly helpful to know cost per job, per application and per hire. Again, as with all data captured, cost is interlinked with jobs and applications data. If you have spent x amount of credits but aren’t getting the applications or the hires, you’ll want to reconsider your media strategy.
Revenue per user and per job board is all about performance and the money each consultant and job board brings in.
Jobs and applications by time and day
Access to insight into the percentage of jobs posted and applications received at different times of the day and days of the week is dynamite as it allows you to pinpoint the exact time and day that the majority of candidates in your industry are actively searching and applying for jobs, allowing you to post jobs at the most strategic time. It’s one thing knowing which job boards are likely to be used by the candidates you’re trying to reach but if they’re not active when you’re posting, your jobs will get lost, pushed down by fresher ads. This data helps you to further target your ads so that you’re posting in the right place at the right time.
Based on the analysis of live data, everything from recommended job boards for your industry, to recommended advert length, to recommended times to post can be provided, allowing you to make solid data-based decisions and maximise your ROI.
Recruitment analytics can help take the guesswork out of your talent attraction strategies, make budgeting easier and streamlining the entire recruitment process. They should be looked at together and not in isolation as one will inform the other.
It’s also important to put your data into perspective, tracking it over time. This is where monthly reports are incredibly helpful, allowing you to track and evaluate progress so that you can make adjustments where necessary in line with your goals.
Data doesn’t have to be daunting. Look at your analytics dashboard, read the reports and leverage those as essential tools in your recruitment arsenal. Recruitment analytics provides recruiters with a way to measure recruitment effectiveness and live data can help make immediate decisions. Using your skills and experience as a recruiter alongside recruitment analytics will give you a powerful advantage in the war for talent.