Human Resources
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9
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Chances are if you have ever worked in recruitment - especially agency side - you know all about KPIs, conversion rates and percentages. That being said it still surprises me how many people think a 10% reduction of a 20% fee means a 10% fee and not 18%; worth a try I suppose. Dig a little deeper past these stats and there is so much more than most recruitment businesses and internal teams could do with the data they are collecting, often unknowingly.
For businesses that have to proactively source talent, you may want to consider capturing numbers that answer the following questions:
Lots of data is generated at this initial stage of the process, and answering these questions can help us to focus future efforts and maximise resource efficiency.
Fast forward through the process a little. You think you’ve found the right person. They’ve passed all of the assessments, checks and tests you’ve thrown at them - plenty of data generated there too. Surely the hard work is over? Get the offer out! But wait, you know that you need to keep that candidate engaged to prevent them from dropping out, a counteroffer or being poached by a competitor at the eleventh hour.
You’ve also got to start that arduous process again from the beginning for your next critical vacancy. After all, you’ve got numerous jobs that need filling. How can you make it easier and more efficient this time around? Ask yourself, what did I learn? Often we overlook the huge amount of information the recruitment process unearths and how much this can help us focus our efforts.
Answer these questions to gather valuable data on your new hires:
Individually, it’s easy to see the relevance of the questions above but the power of their combined answers, correctly applied, is possibly game changing.
Businesses using state-of-the-art online referencing platforms have 24/7 access to a range of insightful data. They can quickly identify which companies they tend to hire from, which universities they may have attended and much more.
Being able to identify not only multiple instances of the same previous employer but also of referees offers huge value to recruiters. If you’ve had the same person act as a referee for several hires surely they should be the first person on the ‘go-to’ list for that next hire. How was the referee treated during their experience of providing a reference for your business? Was it positive? Were there any soft selling opportunities missed?
No doubt the growth of data business within the HR and recruitment tech scene will continue over the coming years. If the answer we seek to our business challenges is within data analytics, all we need to do is collect the relevant data and then figure out what question we need to ask.
In Xref, we promote online reference checking since it is a better and easier way to capture insights from references. Our software also allows recruiters to measure other important parts of the reference process such as turnaround time for references to come back, number of candidates going through the reference checking process, sentiment analysis on reference report.
Hiring smarter using data and insights comes from understanding your numbers, identifying patterns and making smarter and more informed decisions. The only way how you can improve your numbers or KPIs is by capturing data and analysing it regularly, then steps have to be taken to improve specific parts of the process that require attention. What are the numbers that you would like to start collecting now?
You may also want to read:
How to be compliant with data when reference checking?
Xref insights that drive better decisions
Uncover data-driven, actionable insights with automated reference, pulse and exit surveys.
