The advancements in technology and big data have made it possible for recruiters to make informed hiring decisions. Access to recruitment statistics in real-time helps you identify any potential gaps in your hiring process and improves your hiring efficiency and quality.
The advantages of using hiring analytics
Hiring analytics can provide you with several advantages and can assist you in the following areas:
Optimising your hiring expenditures
The quality of candidates differs from source to source. You can allocate your spending by analysing which sources offer the best candidates.
Improving your recruitment efficiency
Information on your recruitment process can assist you in determining if you can make any improvements to your hiring strategies. For instance, if certain positions have a low number of applicants/shortlist ratio, it might be time to re-evaluate the job advertisement and include more relevant information to attract the right candidates.
Highlighting gaps in your recruitment strategy
The average time between the hiring stages or the reason why applicants decline the job offer can provide you with valuable insights into any gaps in your recruitment strategy.
Hiring predictions
A good practice is monitoring the notice period and salary of shortlisted candidates. This can help you estimate their join dates a few months ahead for each job. Also, metrics like the average time to fill helps you measure the effectiveness of your hiring process.
Making better decisions
Candidate selection based on their feedback scores from structured interviews can improve your decision-making and help eliminate the chance of bias in the hiring process.
Essential hiring metrics that every recruiter should track
Here are some statistics that you should consider as you evaluate your hiring process:
Application response time
This is the amount of time required to shortlist or reject an application. The ideal average response time should be under a week.
Time to fill the vacancy
This is the average time from when the position is open till when it gets filled. Automating your hiring process will significantly speed up this time.
Reasons why candidates decline
You can get some of the most valuable hiring insights here. These insights can assist you to identify the best ways to draw top talent and improve your acceptance rates for offers.
Talent source
Check if the hire was sourced from an agency, referral, job listing, or your website to determine the efficiency of each method and determine the cost per hire.
Job ageing
This is the typical duration of time for which your current vacancies have been open. It can also aid in identifying difficult-to-fill positions that could require different hiring strategies.
Cost per hire
This is the amount that is spent by your business to onboard the candidate. It is determined using the source of the candidate.
About the Author
Snaphunt is a leading remote hiring platform that gives employers instant access to remote & onsite talent, anywhere in the world.
Snaphunt’s comprehensive platform also provides employers with cutting-edge screening & collaboration to manage their process with ease, all the way till hire. Snaphunt has a sourcing reach of over 650m professionals & a dedicated talent pool of over 1.5 million candidates and offers both free & paid plans to employers.
As the result, recruiters on Snaphunt see an 30% increase in hiring quality and 155% increase in productivity.
In addition, you can access insightful hiring analytics to refine and accelerate your recruitment process:
Job & Talent insights
Snaphunt offers a thorough analysis of the hiring metrics that are specific to every job, as well as reports for recruiters and functions to give you an accurate assessment of the process you use to recruit.
Additionally, you will get detailed information on each applicant, such as their salary as well as their notice period, place of work and visa status, as well as motivators and a comprehensive overview of your complete applicant pool. This includes the most common reasons why talent has rejected your job offer, providing the most effective information to improve your hiring process.
Shortlist snapshots
With Snaphunt, you can get real-time snapshots of all shortlisted applicants about their salary and previous experience. The snapshot also provides insight on the median salaries of the candidates on your shortlist as well as the typical notice period to help you plan your anticipated onboarding period.
Valuable insights using SNAPFACTOR
Snaphunt is the sole software for recruitment that gives you analytics about the quality of your job and the quality of your brand against other employers through its distinctive measurement metric called “Snapfactor.”.
Snapfactor determines the ratio of qualified candidates to applicants who apply for your job and then compares this ratio to others on the platform. The greater the Snapfactor is, the more appealing your job and brand is when compared to competitors that are on this platform. You can check the Snapfactor for every job, as well as for your whole account and examine areas to make hiring more efficient.
Build teams with the world’s best talent quickly and efficiently. Sign up for free on Snaphunt today!
