According to The Economist, the world’s most valuable resource is no longer oil – it’s data. Data is being mined from everything from product development to machine learning to cybersecurity and customer marketing. Of course, HR is no exception. HR tech tools can provide recruiters and talent acquisition managers with deeper insights to improve their hiring KPIs. Data insights can also improve the candidate experience, which in turn impacts your employee retention, employer branding, and even your company’s bottom line. Here’s how recruiters can better leverage data to improve hiring in 2020.
Gather internal insights
HR surveys aren’t a new concept, but companies are leveraging internally collected data to improve hiring, find new leaders, and determine what elements of the company culture to highlight in employer branding campaigns.
At Salesforce, for instance, internal surveys are great for measuring employee engagement as well as to check the health of the company culture. “Salesforce uses the responses to create ‘an internal Glassdoor,’ collecting comments that help identify who is engaged, has good ideas about how to improve the company, and has been helping their co-workers. The information is then used to help enhance internal recruiting and mobility,” describes Inc. Magazine.
An internal HR survey can tell you where you stand on a number of key metrics, adding depth to your outreach and your recruiting campaigns. Use a tool like SurveyMonkey or Google Forms to find out what’s working at your company – and what can be improved. Start with this information before building your data strategy out to include external platforms.
Track the right metrics
An HR survey can provide a baseline for measuring the employee experience; the next step is to correlate that with the candidate experience. Data can help you ensure that there’s a common thread from your recruiters or talent partners to your managers and the corporate culture. Gather data on specific recruiting metrics, including:
- Response rates: the percentage of candidates who respond to a recruiter’s outreach. Low response rates can indicate that you are using the wrong outreach method, or that you are reaching out to the wrong profile of candidate.
- Conversion rates: the percentage of candidates who move through to the next step in the hiring process. For instance, data from your careers page can show you if candidates read the job description, but don’t click “apply now.”
- Time-to-fill: how long it takes to hire for a role. This information tells you where there are bottlenecks in your hiring process, as well as to help you provide candidates with a sense of how long they can expect the hiring process to take.
- Turnover rates: track how long an employee stays with the company to learn more about your quality of hire and to see how effective your sourcing strategy is. The right candidates stay engaged and are most likely to perform well for a longer period of time.
These KPIs are both easy to analyze and highly actionable. Collect this data through your job website, CRM or applicant tracking system, or by working with a dedicated recruiting partner who can report on their outreach as they go.
Be proactive about talent acquisition
Big organizations can mine their data to better predict hiring trends and ramp up their hiring efforts accordingly. IBM is a perfect example of how to leverage the data you have to stay ahead of the talent curve. IBM used insights from their HR database along with its global services’ billing database. “This helped IBM forecast shortfalls in critical talent areas; they then began the process of training or hiring the talent needed to fill projected gaps. IBM also could see via this analysis where they had talent overages and trimmed accordingly,” writes the Undercover Recruiter.
Dive into your HR tracking system to see how long an employee typically stays in a role and to identify patterns in your turnover or leave. For instance, retailers with an e-commerce presence might use their data to predict how many customer service staff will be needed during the holiday shopping period. Armed with this information, recruiters and talent partners can better prepare for a high-volume hiring event or make sure the right leadership is in place when key turnover periods are predicted. Leverage industry-wide data from third-party resources to see when your competition might be hiring, and get ahead of the talent curve.
For help finding and hiring the best go-to-market and people operations talent, get in touch with the experts at Elevate Talent.
Elevate Talent helps our partners find and hire the best go-to-market and people operations talent in the market. Get in touch and follow us on LinkedIn.