If you are a recruiter, then you are dealing with data day in and out. Finding the right talent at the right time and the right price in a tight market is time-consuming and challenging.
A study suggested that 73% of the companies are having difficulties sourcing skilled candidates. The problem is not a dearth of talented candidates, but the inability to connect with the best ones.
Recruitment Analytics can keep a tab on key KPIs and help make big and small data easier to understand and action. By using the latest data visualization techniques, you can easily detect patterns, spot trends and identify outliers, to help make decisions quickly.
Recruitment Analytics Explained
Data analysis provides you the information you need to help you hire faster and more efficiently.
Key KPIs can help you explore every aspect of your staffing business and turn data into actionable insights. This way you will be making data-driven, informed decisions. By leveraging the power of recruitment analytics, using dashboards and visualizations, you will be able to accentuate your hiring efforts and achieve efficiency with fill times, searching, screening, shortlisting- among many other things.
How can you leverage Recruitment Analytics?
Starting off is the most difficult aspect of it. You need to document the pain points of your business and identify what is most important for you to measure. You can’t put everything either, because too much of information is more clutter. Hence, it is always recommended to list down 8-10 of the most important questions for your staffing business. Here are some of them:
- What is your average time-to-fill?
- How much do you spend on placing a candidate?
- How many candidates are applying for your open positions?
- Where are the candidate applications coming from?
- Who are your most important accounts?
- Who are the best performing consultants and why?
These questions can then be converted into real-time dashboards. Good data visualizations are intended to give meaning to large and complicated datasets, so that the messaging is easy to understand and decisions are faster to make.
Let’s look at some of the latest data visualizations techniques used by staffing companies.
- Recruitment Funnel
It is a framework that takes you through the entire hiring process, starting from candidate pool to making an offer. This funnel also applies to the sales process within staffing firms. Tracking your recruitment funnel helps you stay focused and efficient in the long run. Most businesses create slightly different recruitment funnels, but fundamentally a recruitment funnel for staffing firms would look something like the below image:
- Heat Maps
We discussed heat maps in one of blogs recently. Heat Maps are graphical representations of recruitment data using a color-coded system which suits the business requirement. Heat maps can be used to represent workload, stress load and even enhance candidate search by visually representing all the candidates on a geographical map.
Heat Maps are interactive as well, which makes taking decisions and actions extremely simple for recruiters. In a candidate search heat map, recruiters can see a candidate on a map and approve, reject or save his profile for later.
It’s debatable whether we should call it a view or a visualization, but it is extremely powerful. Displayed in a card-based view for easy comprehension, Kanban replaces those tables of data that you work with in your reports. It creates beautiful one-page summaries of your tables and lets you read data more efficiently. Kanban is not only a new way of visualizing data, but it is interactive as well. It allows users to make changes to the data records then and there using “drag and drop”. In one of our previous blogs, we had described how Kanban lets you manage data easily and efficiently.
We learnt about some cool new modern visualizations that can make life of recruiters simple. In part II of this blog series, we will discuss some of the simpler yet must have visualizations for your business. Stay tuned!