Research shows that the top hiring metrics that small and mid-sized organisations likes to track are:
1. Time to hire: 75%
2. Source of hire: 75%
3. Conversion rates: 61%
4. Top of funnel activity: 47%
5. Diversity: 44%
6. Quality of hire: 39%
7. Retention rate of hire: 34%
8. Hiring manager satisfaction: 32%
It’s no surprise to see that the classic metrics of time and source of hire at the top. These are great ways to benchmark your performance against competitors and can inform your future hiring strategy. By tracking quality of hire, via stats such as first year performance you can identify strengths and weaknesses in your hiring process and identify areas for improvement.
Diversity hiring is another area that can be greatly improved using a recruitment dashboard. Take this example, highlighted by the Society for Human Resource Management, relating to Dropbox who, after tracking protected diversity traits, discovered that a higher percentage of underrepresented candidates were falling off at phone screen stage versus non-diverse candidates. By identifying and rectifying issues they were able to raise their diversity hiring quotient to 42% an improvement over previous years. Tracking source of hire is another great analytical metric which can help you identify and prioritise the most effective candidate sourcing channels.
Advanced analytics can help take hiring decisions to the next level: While we are very good at developing job person specifications, and getting performance data from interviewees, research shows that computers are better at weighing up the results.
According to research presented in the Harvard Business Review hiring algorithms outperform human decisions by 25%, which means a data analytics driven hiring decision is more trustworthy than a human derived decision. It doesn’t matter whether it is a large or small number of candidate or if it is a junior, middle management or the C-Suite.
Success profiling, (where you identify the most statistically dominant traits of your star performers) and use this as screening criteria can improve the effectiveness of the hiring algorithm. The best recruitment dashboards will allow you to track these critical hiring metrics with ease and will produce illuminating automated reports.
Companies like PREM Group now deploy hiring technology and have a fully integrated digital dashboard forming the basis of their hiring decisions and strategy. But it wasn’t always this this way. Until recently, Prem Group were struggling with ‘a lack of structured processes and predominance of manual processes which made it hard to manage the intricacies of high-volume recruitment hiring for the hotel group. However, after implementing Occupop, PREM Group transformed their hiring process into an efficient, structured, data-driven system. This is how they did it.
PREM Group were suffering with three main challenges which in our experience are common pain points within industry.
With the GDPR precipice approaching the structural limitation of PREM Group’s hiring process were approaching tipping point and it was at this point they turned to Occupop. They needed a system which both ordered and to a degree automated each stage of the recruitment value chain. The system must also enable them to track every stage of the hiring process, putting performance and GDPR candidate data at their fingertips.
Given where they were this seemed like a ‘big ask’ from a technology solution, but a best of breed online hiring solution, like Occupop emphatically answered the question for them in several key ways:
The labour-intensive processing burden was immediately lifted with the implementation of Occupop as it automated & streamlined key parts of the hiring process, resulting in significant time savings for hiring managers who saved 20 hours a week and in general it saved 1 day a week on administration.
Structured processing, (a lack of which was hindering their ability to scale recruiting effectively and comply with GDPR), was introduced via the Occupop implementation which enabled the PREM group to centralise their hiring system into a single platform which provides structure and visibility into all their hiring processes and data.
Occupop provided PREM group with a more comprehensive view into candidates and their status within the hiring process and it was all presented via an easy-to-use digital recruitment dashboard and robust reporting system which helped them to measure hiring impact.
This structured processing of hiring data has provided PREM Group with crucial analytics via a digital recruitment dashboard which they used to make their hiring process more efficient. The hiring team were able to gauge the efficacy of different sourcing channels (such as different job boards and referrals) and it enabled them to reduce wasteful job board spend.
Aine Clarke HR Operations Manager at PREM added.
“Occupop has really turned into our daily bible, one central point of truth, for all our hiring.”
If you want a next-level hiring process, you’ll need an effective online hiring dashboard like Occupop with a centralised recruitment dashboard and illuminating analytics to ensure the continuous optimisation and evolution of your hiring process. It’s only when you have such a solution in place that you can build a scalable, truly process and data-driven hiring strategy that helps scale your organisation as desired.
Occupop is a beautifully ATS System built for small and medium businesses. We empower our customers to become great at hiring through our smart hiring technology and suite of solutions and hiring reporting features that almost anyone can use. So whether you're a team of five or fifty, it only takes a few minutes to onboard your team members, set permissions, and start recruiting. If you think Occupop could be a good small business recruitment software solution for you, we offer a free 14-day trial.