Pretty tricky right?
Now imagine you’re in the same cave, except this time someone has given you a flashlight. One of those expensive torches that illuminates the path miles in front of you!
It’s going to make it a little easier to get out!
Now, you’re unlikely to find yourself in this perilous cave anytime soon, but you may be in a similar situation at work without even realising it.
Recruiting without measuring the effectiveness of your output is, in many ways, like stumbling through a pitch black cave looking for the exit.
Analytics illuminate the way in front of you.
They show you what’s really working, help you cut through the noise and prioritise the tactics that can make a genuine impact on your performance.
Should you measure everything?
This is probably not news to you, analytics are something most people get pretty excited about nowadays.
The area where there is still confusion though, is over the best metrics to measure. Should you measure EVERYTHING, or are you better served by careful selection?
Well, data tends to be pretty helpful in almost every situation, so measuring everything will never be a bad idea.
But, for those that want less of a broad-brush approach, we’ve narrowed down the key metrics to follow to make sure you’re on track:
1. Source of hire
Where are your best candidates coming from?
It’s a question every top recruiter needs to know the answer to…
It has a major ramifications on advertising and job board spend, and should influence where you spend the bulk of your time sourcing.
If you can’t pinpoint your source of hire with your ATS or CRM, you can use Google Analytics to track the principal sources of traffic to your careers site.
This isn’t a perfect solution, traffic doesn’t necessarily equate to applications, but it should give you a solid idea of where your content is being well received.
If you’re unaware of how to check the source of traffic to your website ask your marketing team to give you access to your company’s Google Analytics account and head down to the ‘Acquisition’ tab.
I’ve included a screenshot of some of the social traffic to the Beamery Blog over the past few days below to give you an idea of what this should look like. If you want more detailed instructions on Google Analytics though, this tutorial could be pretty useful.
2. Time to hire
How long does it take for you to get candidates through the door?
Most organisations tend to have a hire slow, fire fast policy. In theory it makes sense. Hiring is central to the future success of the company, and you don’t want to mistakes.
In practice though, hiring too slowly means you miss out on the very best candidates – the top 10% of talent tends to be off the market in 10 days!
The best way to stay on top of this is by tracking status changes in your CRM or ATS software. Vigilance here will show you where the blockages are in your hiring funnel.
If you want to take action and cut time to hire, there are a few simple steps you can take today to start recruiting faster.
i) Stop doing data entry
How do you reduce this?
I recommend thinking about outsourcing the most menial parts of your day using services like Upwork – just think about how much more time you could spend speaking to candidates…
Otherwise, you can try the Beamery CRM (we totally eliminate data entry and sync everything automatically).
ii) Build a talent pipeline
This is less of an immediate fix, but it will help you in the long run.
Sit down (today) with your team and discuss your hiring objectives over the next 6-12 months. Work out which key positions you’ll need to fill and, over the coming weeks, start touching base with candidates that might be a good fit.
Building these relationships in advance will help you move fast when you have an open position.
3. Cost per hire
How much does each new hire cost?
Without a solid answer to this question it becomes pretty difficult to allocate recruiting budget.
There are a number of things you need to account for here (some of which you might not have thought of):
Some of these figures may well be guesstimates, but tracking them in a spreadsheet will give you a huge advantage over competitors and help you get a far greater ROI over future expenditure.
4. Careers site conversion
How many people that visit your careers page end up actually applying?
You might be surprised at the answer…
Typically, about 97% of all visitors to your careers page will leave without taking any action at all!
How do you measure this?
Well, you may be able to find this data in your ATS or CRM. If not, Google Analytics is your best bet.
Ask your marketing team to set up applications as a “goal” in Google Analytics – this should give you the exact conversion rate of your careers page.
You’ll get access to cold hard data that shows you the exact number of candidates that actually apply for a job (and you’ll see how many leave immediately).
Here’s a pretty comprehensive guide to setting all of this up in Google Analytics for anyone unfamiliar with the process.
5. Application time
For every field your application form has, there’s an additional drop-off of 50%!
You’re losing huge numbers of interested candidates with bulky application forms.
This is a pretty widespread issue:
This is a huge chunk of uninterrupted time that you’re asking for, particularly when you think that the best candidates will be already employed and pretty short of spare time!
How do you measure this?
It’s pretty simple. Sit down, start a timer and take your company’s application.
There is no better way to gauge length and difficulty. Shave as much time off as possible. You’ll be surprised at the resulting uptick in completed applications!
6. Recruiter performance
Does your team have any weak links?
It’s usually pretty hard to tell. Recruiting teams have a pretty heavy workload and few people have time to concentrate on their colleagues output as well as their own.
Fortunately, there are a few quick and easy ways to make sure that everyone is pulling their weight…
i) Track email metrics
Make sure you understand what is happening when your recruiters hit ‘send’ in Outlook.
Monitor each recruiter’s ‘open rates’, ‘click rates’ and ‘reply rates’ to see how effective they are at connecting with candidates.
This will help you differentiate between people who are taking the time to craft personalised messages more likely to convert top talent, and those who rely a little too much on the law of averages. You can then standardise high performing templates across your team to improve efficiency.
ii) Monitor meetings and calls
Track which recruiters are setting up the most candidate calls and logging the most meetings. It’s a good indicator of efficiency, and it will show you who is the best at ‘closing’ candidates.
This one applies more to 3rd Party Recruiters, but could be helpful to In-House teams (depending on how their responsibilities are divided).
7. Candidate experience
Without doubt one of the most quoted recruiting terms of the past few years, the idea of candidate experience is often pretty intangible.
There are a few ways that you can get a very clear picture of what candidates really think:
Make sure that you don’t just send these out at the end of the recruiting process, often the most important insights come from candidates who are midway through.
ii) Feedback collection
Give candidates the option to leave feedback in every email that you send.
This doesn’t need to be complicated. In fact, we’ve found that letting candidates leave their thoughts with the click of a button is particularly effective – it’s something we let recruiters integrate into every message they send from the Beamery app.
Negative feedback will give you a clear idea of the stages of your process that need to be improved.
How do you know what’s working if you don’t measure it?
It’s a simple mantra but it’s the best thing to keep in mind when you’re thinking about the analytics that your recruiting team needs.
Having key data at your fingertips will help you work faster and smarter, and could be the difference when you’re trying to make game changing hires.
Why you need Recruitment Analytics
We sat down with some of the world’s leading companies to find out exactly how important analytics are to the future of recruiting.
Interested in what we found out? Take a look at this comprehensive Whitepaper.