The advent of hundreds of start-ups, new technology, and a new generation of workers has completely changed recruiting. The dynamics of talent acquisition are changing, with ATS becoming the need of the hour for improving the recruitment metrics.
John Pierce, Head of Business Development at Cetera and a prominent Forbes Councils Member, explains in his post that the modern-day Applicant tracking System strikes a balance between human touch and technology.
The present-day talent acquisition software offers comprehensive HR solutions to the hiring endeavors by helping recruiters track the recruiting game.
The dynamics of recruiting have changed drastically.
Gone are the days when candidates explore print media or job boards when searching for a job. The market has turned from employee-centric to candidate-centric. All the underlying recruitment processes, such as job description, contacting candidates, and interviewing them, has gone digital.
Let’s dive deep and understand how the recruiting metrics significantly boost by bringing online ATS aboard.
Recruiting metrics are information gathered about candidates that can be used to compare data, set goals, and improve insight. They enable companies to improve and maintain recruiting practices.
Recruiting metrics typically include the following data:
- Where are candidates coming from?
- How are applicants applying for positions within your company?
- What skill sets do they offer?
Answering these questions about every applicant that makes it through the initial round of eliminations is critical in ensuring your recruiting practices are working well when it comes to hiring reliable, long-term employees that add real value to your company.
Would you believe that over 70 percent of recruiters fail to analyze the data gathered during hiring processes? It’s true. While you might assume that data gathered is important, many companies overlook this significant factor in the overall recruiting procedure.
There are several different types of recruiting metrics that will work well in improving the success of businesses. The problem lies within choosing what works best for your corporations. They’re not all the same. Different measures will offer various results depending on the company’s needs.
Narrowing down metrics will help recruiting efforts tremendously. Below, you’ll find a few of the most important recruiting metrics that are commonly used in successful businesses that have great results with recruiting valuable, long-term employees.
ATS can help you optimize most of the recruitment metrics you deal with, but in this article, we will cover the most important ones that it helps you with:
- Cost of a hire
- Quality of a hire
A recent survey shows that the average cost-to-hire in the US is more than $4000. If a person leaves or does not join the company, the turnover cost to replace him is estimated to be around one-third of the new employee’s annual salary. Financial loss is one aspect of poor hiring; the list goes beyond that.
A high turnover rate also impacts the emotional quotient of the employees. It demotivates the recruiters and eventually slows down the production, increases the workload, and disrupts the department due to a vacant position. The turnover rate ultimately impacts the company’s bottom line, leading to sales, customer, and revenue loss.
Various factors lead to high turnover rates, such as dissatisfaction, limited opportunities, low salary, monotonous job profile, etc. Poor hiring is a prime reason for the high turnover rate, as stated by Harvard Business Review.
If you want to know all the recruitment metrics you should keep your eye on, make sure to check our post on the 15 Most Important Metrics in 2022.
ATS can help you cut down the costs of hire thanks to its advanced candidate management system that helps you source, classify, and match the right candidate with the right position. Advanced applicant tracking systems powered by AI can help you minimize the risks of making the wrong decision even further.
Tracking where your applicants are coming from is key.
- Are you using LinkedIn or Facebook to help in your search for the best employees?
- If so, how many inquirers are actually following through by handing in a resume?
- Which social media network is bringing in the most applicants?
- Are they reliable, once hired? Do they posses the skill set needed to exceed expectations?
- Are you getting referrals from current workers? If so, how many of the referrals are you hiring?
- Of the ones who are hired, how many have stuck around, long-term?
Measuring where candidates are coming from can give you a clear idea of what efforts are working and which ones are not. If you notice that over half of the applicants found on Facebook turn out to be a waste of time, stop spending time and money searching for them there. Instead, move efforts to an avenue that’s working well.
And this is where the ATS shines. Applicant tracking systems like Recruiteze can help you keep track of where the applicants are coming from, and which channels are the most effective ones.
Once you’ve researched where applicants are coming from and how often you’re hiring reliable, quality candidates from those sources, you can focus more on new employees.
Consider these questions to help you determine whether or not your new hires are worth the time you spent recruiting them.
- Are they happy with their position?
- Do they make an impact on their position? If so, how?
- What recruiting sources did they come from?
- Does their skill set add value to the position and the company?
- Are the capable of doing the job they were hired for?
If the answers to these questions are all positive, you’ve done a great job weeding out the invaluable applicants during the hiring process. If you have reservations about the quality of the hire at all, consider what might make you more satisfied with the employee and how they do their job. Compare this with the pre-hire data stored in your online recruiting system.
Tracking and measuring quality of hire is just another way to ensure you’ve made the best decision when offering a candidate the job. You want to be sure the satisfaction rate is high and if it’s not, you want to be sure you know what needs improvement.
Applicant tracking systems, like Recruiteze is, allow you to streamline communications between the hiring managers and other team members, hence allowing you to keep track of answers to these questions.
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The recruiters should keep looking for talented candidates, active or passive, even before they have a position to fill.
Engaging candidates from social media is a great way to attract candidates and build the talent pool. Ensure an impressive presence across all social media channels and allow candidates to come forward and introduce themselves.
Active recruiting efforts help the companies maintain a candidates’ database and have a good candidate pool even before the vacancy arrives.
Next comes candidate engagement. An online applicant tracking system makes the work of social recruiting a child’s play. It offers an inbuilt talent pool where all the profiles of alluring candidates can be stored. This best-selling online ats in the US enables the recruiters to stay connected with the candidates.
Traditional job descriptions fail to attract candidates in today’s scenario. The millennials are looking for opportunities that reward them in terms of salary and give them flexibility and independence. Building a long bulleted list of job advert requirements would frustrate the candidates and discourage quality talent from sending applications.
On the contrary, too generalized applications would encourage most candidates (including ineligible ones) to apply, making recruiting more tiring, hectic, and frustrating.
The job descriptions should strike a balance between the company and candidate expectations. The candidate’s roles, responsibilities, and career graph should be evident in the job description.
- How to Write Good Job Descriptions – 10 Tips From Experts
- Should you include a salary range into a job description
It’s important to give ample time interviewing the candidates as a lack of judgment in their skills, behavi