‘Prevention is better than cure’- we all know the saying. It can be applied to the recruitment process as well. Organizations can face significant losses due to wrong hiring or unfilled positions. Being able to continuously measure the performance of your hiring process in real-time can help save time, effort, resources and money. This is where Realtime Analytics comes into the picture.
What is Recruitment Analytics?
It is the process of using data to measure, track, and analyze the effectiveness of your recruitment process. It leverages metrics, such as the time-to-hire & cost-per-hire, and takes into account candidate experience and quality of hire to deduce the effectiveness. This gives hiring managers insights into the recruitment process’s strengths and helps identify areas for improvement. Recruitment analytics empowers organizations to make data-driven decisions and attract, select, and retain top talent.
How does Recruitment Analytics help in predicting the success of a hiring process?
As discussed, Recruitment Analytics uses various recruitment metrics to predict the success of a hiring process. Let’s take a look at some important recruitment metrics and how they can help.
Time-to-Hire
It is the time taken to fill a job opening- from the moment it is posted until the candidate accepts the offer. A long Time-to-Hire indicates a slow or a lengthy recruitment process. This can result in you losing out top candidates to competitors. It also helps Hiring Managers identify bottlenecks in the recruitment process leading to delays. By reducing the Time-to-Hire, organizations can improve their chances of hiring top talent and reduce the overheads accumulating as a result of unfilled positions.
Cost-per-Hire
It is the total cost incurred by an organization to fill a job opening. It includes the cost of job advertisement, the actual cost of hiring personnel, and the cost of training new employees. Recruitment analytics can help organizations track and analyze the Cost-per-Hire and identify areas to reduce costs without compromising the quality of the candidates. By reducing the Cost-per-Hire, organizations can improve recruitment outcomes and increase their ROI (Return on Investment).
Quality of Hire
Quality of Hire measures the performance and productivity of a new hire using factors such as job performance, retention rate, and cultural fit. It helps organizations identify the best recruitment sources and methods. By improving on this, organizations can increase the resource productivity, reduce turnover, and improve overall recruitment outcomes.
How Can Hiring Managers Integrate ‘Shortlyst’ into Their Hiring Process?
Shortlyst offers a range of hiring tools for Recruitment analytics that can help organizations improve their hiring process. It uses AI-powered algorithms to analyze candidate resumes and match them with job requirements. It also assists the HR in candidate screening and interactions, scheduling interviews, and sending personalized messages to candidates. Shortlyst also provides real-time insights into the recruitment process’s performance, enabling hiring managers to make data-driven decisions and optimize their recruitment efforts. The best part is you can integrate Shortlyst into some of the most popular hiring tools to enhance their effectiveness. Talk to our team to get a complete idea of our offerings.
