When implemented across your business, recruitment analytics can provide vital insights. They can give you a competitive edge, help to grow your top and bottom line, improve your service to candidates and improve recruiter performance - but are recruiters overall exploiting data and analytics as much as they should? Possibly not.
For example, research undertaken by Eploy shows that across virtually all candidate sourcing channels markedly improved results were seen by recruiters who actively monitored, measured and benchmarked channel effectiveness. However, the research also shows that only a third of recruitment teams fell into this category.
Do you believe you are getting the full picture of your recruitment business? Can you get insights from your recruitment data and analytics? If not, then a good place to start is identifying the Key Performance Indicators (KPIs) that matter most to you. Then work backwards to identify what data points you will need to gather and how you will calculate and display the KPI. Sounds easy?
What should we be measuring?
The sort of things to measure is likely to vary by desk, team, industry…even by individuals. So, it’s important that you can create metrics for any criteria; candidates, source, vacancies, placements, activities, time at stage, campaign engagement, sales pipeline and so on. Measurement at each stage in the process will help to identify and unlock bottlenecks.
It’s common for managers to create targets for specific activities and set targets for team and individual performance then measure and chart progress – the aim being to inspire and drive success.
Data and analytics measurement should add value to every stage of the recruitment journey to identify ways to work better to attract, engage and recruit.
The importance of pipeline management
One area that every business owner wants complete visibility of is the sales pipeline - since it’s a critical component of business forecasting and planning. Pipeline management helps you understand exactly where teams should be spending their time and requires a deep understanding of sales performance to help to move each opportunity to the next stage in a timely fashion to mitigate loss at various stages – all the way from leads, to new jobs by salesperson, pipeline v model etc.
Work to develop a single view of your sales processes and opportunities to aid forecasting, identify your best opportunity sources, track ROI and conversion probabilities.
Using KPI’s to monitor stages in the process should identify bottlenecks to unlock. Some use these KPI’s to measure activity, target potential markets, focus recruiters on selling services and generating more revenue.
To help you with this we have written a white paper on the topic of implementing pipeline management that explores in detail how it can be managed. Download ‘pipeline management for improved forecasting in the modern recruitment firm’
Acting on results
It is only when data and analytics are visible they can be exploited to make a difference. Whether that is helping with tracking, planning, benchmarking or forecasting. A visualisation of your tasks and activities across your recruitment business will help you adapt to changing priorities and improve your business.
Once you have identified the data points you need for KPI’s then test them out and refine them. Don’t spend all your time on the metrics gathering phase or you’ll never get round to acting on the results.
A report from Linked in on Global Recruiting Trends states that data continues to be key and that ‘Most professionals in the industry use data in their jobs now, but this is set to accelerate in 2018 with nearly two-fifths seeing it as one of the most important factors in the hiring process.‘ The report goes on to say that ‘there is a shift happening, and these emerging trends are helping to elevate recruitment’…... Metrics and dashboards should support this shift.
So, if you haven’t already, it’s time to review what and how you measure within your business to check you are getting the full picture to visualise your success.
This other free download is also worth a read for recruiters contemplating Recruitment CRM with supporting dashboard & analytics.