In a Software Advice article titled “3 Recruiting Reports You Should Be Running Regularly” author Erin Osterhaus points out that “not all companies need-or want-to run highly complex human resources reports. Instead, many choose to keep it simple when it comes to reporting, focusing on one area that affects all businesses, no matter what their size or industry: recruiting.” She goes on to outline the following 3 standard recruiting reports that everyone is running. These standard recruiting reports are a great jumping off point, but with modern recruiting analytics, there is no longer a need to choose between ease and complexity.
Standard Recruiting Reports
#1: The Time-To-Fill Report
Companies want to fill open positions with qualified candidates as soon as possible, which is why the amount of time it takes to fill an open position is an important metric to measure regularly. While this metric might not be too hard to calculate manually for small businesses hiring for only a few positions, it’s extremely time consuming for large corporations that are filling many positions which is why these companies must invest in software that pulls the report quickly. Recruiters can determine which positions are taking longer to fill, investigate why that may be, and optimize the recruiting process as needed.
#2: The Time-Per-Stage Report
Taking the time-to-fill report one step further is the time-per-stage report. Every company has its own unique hiring process with outlined stages. As an example, Osterhaus writes that, “a business might decide to define its stages as follows: advertising, screening, interviewing and managerial review.” This report shows recruiters how long candidates remain in each stage, which can alert them to any bottlenecks in the process that may result in candidates moving on to other opportunities.
#3: The Turnover Report
This report compares new hire data to termination data, providing insights into which positions and departments have the highest turnover rates. Once trends are realized, organizations can investigate what the cause may be and use this data to make predictions and filter out applicants who have the characteristics of a “high flight risk.”
Modern Recruiting Analytics
While the standard reports are certainly important, recruiters and HR professionals have access to more data than ever before and should be taking advantage of it. When properly analyzed, this data provides businesses with key insights into the performance of their recruiting efforts and ensures that the recruiting budget is allocated to the most relevant, successful recruiting channels. With the availability of recruitment marketing platforms, recruiters should now take reporting to the next level with the following reports:
Number of Hires by Source
The most successful recruiters take a multi-channel approach to recruiting. They know that putting all of their eggs in one basket is severely limiting. This report displays how many hires came from job boards, email campaigns, sourcing activity, agencies, etc. It allows recruiters to see which channels have the greatest impact and then investigate why that might be. The budget can be re-allocated to support the strongest performing channels. At this level, data validity is supremely important. Self reported sources and media generated sources are notoriously unreliable. Source reporting derrived from tagged job URLs is currently the most accurate way to track responses.
Number of Candidates by Recruiter Activity
Recruiters are responsible for generating interest from top candidates. This report outlines which recruiters are sourcing and hiring the most candidates and what activities they are using to do so. This data can be used to support ongoing recruiter training initiatives, to ensure that all recruiters are using the best tactics. This is a key pillar of recruitment operations optimization.
Strength of Talent Pool
The recruiting process shouldn’t begin when a new job is posted. It’s the job of recruiters to have candidates lined up to fill positions in talent pools. Talent pool reports outline how many candidates are in the talent pool and how those candidates map to your most important job families, i.e. “My pool of engineer candidates has grown by xx% or my pool of nursing candidates has grown by xx.” Your talent pool should be growing and you should be seeing an increasing number of hires coming from that pool as you actively fill it with candidates and segment them for future jobs.
In order to improve efficiency in hiring practices, recruiting reports must be pulled and analyzed on a regular basis. Modern technology has had a profound impact on the recruiting industry as a whole, and the organizations that aren’t properly analyzing data to improve the candidate experience and their application process overall will lose out on the best possible talent.