But how does HR fit into this? For decades, HR departments, large and small, have been criticized for not understanding the bigger business picture. In other words, many people believe that HR can’t “speak the numbers,” which, let’s face it, are the true language of business globally.

It doesn’t help that most HR data analytics reporting falls on the low end of the data analytics maturity scale – giving us some information but with insufficient reporting capabilities.

So, how can HR speak the language of business? Keep reading to learn more about talent acquisition data and analytics, giving insight into the company’s people – arguably the most important business asset of any organization.

What Are Talent Acquisition Analytics?

Talent acquisition analytics are used to analyze job candidates and other recruitment data, discovering insights into talent acquisition, onboarding and even retention.

Understanding this data helps talent acquisition leaders understand their decision-making processes during recruitment, improving hiring decisions that directly impact the company.

After all, good hires directly impact turnover rates, productivity and efficiency levels, company culture, innovation and profitability. Need we say more?

Top Talent Acquisition Metrics for 2023 and Beyond

Here are six examples of metrics talent acquisition leaders should understand – not only for their department but for the company as a whole.

1.    Time to Fill

Time to fill is the length of time it takes a talent acquisition team to fill a vacant position, spanning from the initial approval of the budget for the hire through the hire itself. There is no magic number here, as different industries will often see varying times to fill. However, the oft-cited Talent Acquisition Benchmarking Report by SHRM states that – on average – time to fill is approximately 36 days.

This metric isn’t typically used to encourage talent acquisition managers to hire quickly while sacrificing the quality of the hire. Instead, it can identify inefficient processes or duplicative efforts, potentially creating a longer time to hire the right candidate.

2.    Time to Hire

Time to hire overlaps with the time to fill metric. However, this talent acquisition analytic specifically measures the time the job candidate spends interviewing for a position at your company. For example, time to hire measures from the first look of the candidate’s resume to when they are officially extended an offer of employment.

Time to hire gives talent acquisition leaders, as well as the company itself, insight into the candidate’s experience when interviewing at your organization. Bad candidate experiences don’t bode well for your company.  For example, 80% of job candidates who have a bad recruiting experience “openly tell” others about it, with one-third of them doing so proactively.

However, when an organization invests in its candidates’ experiences, they improve the quality of its hires by 70%.

3.    Time in Process (aka Days in Stage)

Time in process (or “days in stage”) measures how long job candidates remain in each stage of the hiring process, such as resume review or on-site/remote interviews. Through this metric, talent acquisition leaders can spot lags and inefficiencies that may be holding up the process.

4.    Acceptance Rate

This talent acquisition analytic is measured by comparing the number of job candidates offered jobs versus the number who have accepted job offers. If the acceptance rate is low, then that puts up a red flag that the company should review its recruitment process (including your job descriptions), its compensation packages, its job flexibility and remote/hybrid work policies, its company culture and other factors identifying the attractiveness of a job offer.

This metric gives talent acquisition managers insight into how successful they are at leading qualified candidates through the recruitment process and ultimately accepting the job offer.

5.    Quality of Hire

Quality of hire measures new talent’s contributions to the company over a period of time. This is a critical measurement, as it gives direct insight into the new hire’s performance, the manager’s ability to support the employee and career progression during the new employee’s tenure.

Staying on top of this metric allowed companies to measure the quality of their employees, allowing the company to achieve its goals faster and more efficiently. And that’s just a win-win for everyone.

6.     Cost Per Hire

Arguably the belle of the ball, cost per hire gets quite the attention as a talent acquisition metric. Cost per hire takes into account all expenses associated with hiring an employee – from sourcing costs to agency fees (and everything in between).

However, cost per hire must be viewed in light of the previous metrics. For example, cost per hire and time to fill are closely related. The longer it takes your recruiting team to hire someone, the higher the cost per hire.

These talent acquisition metrics don’t live in a world by themselves. They each impact the company as a whole – and this is why it’s critical for talent acquisition specialists to not only understand these metrics but bring them to the larger corporate table.

The post Speaking the Language of Business: Why Talent Acquisition Metrics Matter appeared first on RecruitingDaily.

Disrupted, transformed, uprooted. Use whatever buzzword you want, but there’s no denying hiring has come a long way over the last 18 months. Traditional methods were cast aside under pandemic conditions, making way for next-generation solutions – like asynchronous video interviewing – to take hold.

Now we’re at a crossroads, one evidenced by the ongoing push and pull between candidates and employers, with one side advocating for a whole new system while the other wrestles with what that means in practice. Somewhere in the middle of this tug of war, there’s asynchronous video, an often discussed yet underutilized balm that soothes frequent hiring woes. 

Recognizing the role asynchronous video played – and continues to play – it is poised to positively impact hiring and turnover reduction in 2021 and beyond.

Here are six reasons why.

Candidate experience comes full circle.

In today’s candidate-driven market, employers need to do everything they can to make the process easier and more accessible. Given the pre-recorded nature of asynchronous video, these interviews empower candidates to respond to interview requests when and where they’re able to record.

This type of communication allows candidates and interviews to stay in touch without having to align calendars or chat at unfriendly hours. In turn, candidates get the chance to express themselves when it’s convenient for them, not when the company says they’ve available. Local or remote, active or passive, asynchronous promotes and preserves a solid candidate-employer connection. 

Competition remains fierce.

Likewise, the current hiring landscape means that employers need to come prepared for every candidate engagement – and that takes the right arsenal of solutions.

Back in February 2020, Aptitude Research found that less than 60 percent of companies surveyed used video interviewing in their hiring processes, compared to 74 percent just two months later. By October 2020, research from Gartner showed 89 percent were using video for recruitment.

These huge gains highlight the value video offers, a value that’s reinforced when resources are tight and competition remains fierce.

Data informs everything.

Metrics are everything, whether you’re scrambling to match candidates with roles or just keep business moving forward.

Organizational psychologist Adam Grant recently explained, “In a stable world, it’s best to be data-driven. In a changing world, it’s best to be data-informed. Data can reveal patterns from the past. It takes judgment to predict how those patterns will evolve in the future. Data shouldn’t guide decisions. They should inform decisions.”

Asynchronous video interviewing solutions capture the data needed to inform multiple facets of recruiting, from learning about the candidates to attract to objectively screening and filtering. 

Mitigate bias through increased collaboration.

In theory, asynchronous might seem like an interview without an interviewer. But in reality, asynchronous video interviews introduce more interviewers into the mix, helping boost collaboration between stakeholders. Whereas meeting with a single interviewer might allow bias to creep into the process based on their personal opinions or beliefs, asynchronous video enables multiple interviewers to get involved, review candidates and share their differing thoughts and feedback.

As a result, various team members contribute, supporting the likelihood of selecting for culture fit (and ensuring no one person calls all the shots).  

Speed and quality in equal measure.

Right now, with a high number of jobs to fill and willingness and desire to find the best candidate for the position, speed of hire and quality of hire is in equal measure. As such, companies need tools that bring balance into the fold, letting them save time without cutting corners around their interactions with candidates.

Asynchronous video gives candidates the opportunity to showcase who they are beyond what the traditional resume affords. Employers can see for themselves how candidates will contribute and if their goals align with the company’s, all while cutting 60 percent off of their hiring time.  

Better hiring, less turnover.

With employers fretting over the ongoing “Great Resignation” and “Turnover Tsunami,” talent acquisition has become about more than making hires. It’s also about retaining them. And turnover reduction goes back to how companies approach recruiting – and culture fit.

When companies hire for culture fit (and train for any specific skills that may be lacking) they create better alignment, helping to promote happiness and long–term retention. Asynchronous video is much more useful for culture fit than any other means, working throughout the talent acquisition lifecycle to make interviews fair, flexible and objective, while providing structure, removing bias and delivering benefits to both sides. 

By introducing rigor and consistency, asynchronous video helps recruiting teams learn more about individual candidates, candidate pipelines and themselves. In turn, processes grow more efficient, and ultimately, decisions become more effective, encouraging hires that suit candidates and companies for the foreseeable future – not just today or tomorrow. 

The post Asynchronous Video Interviewing appeared first on RecruitingDaily.

You need to know how to play.

Nick Mailey, VP of Talent Acquisition for Intuit (top-shelf industry-leading TA organization) has the playbook, and he’s agreed to join ranks with RecruitingDaily for an hour of training and Q&A to guide you through the field.

Understanding which Recruiting Metrics Matter and which are a waste of your time is essential to your success – you already know that.

Nick is going to teach you what you don’t know.

And you’re going to want to take notes.

Here’s what we’re going to cover:

• The Curse of Talent in an Unfair Game
• Understanding Vanity Metrics
• Learning and Utilizing Empathy
• Community Metrics
• Closing Passive Candidates
• A whole lot more….

We’re not going to feed you basic knowledge you can find on Google.

You’re going to take home actionable plans, real-time tools, and informative, common-sense data that will increase your workflow.

So, what do you say?

Do you want to win at the talent game?

Register here.

With support from our friends.

Thank you.

RolePoint.com               Jobvite.com               Recruitics.com               Beamery.com

The post Global Talent Acquisition: Metrics that Matter VS. Metrics that Mean NOTHING appeared first on RecruitingDaily.