5 ways analytics dashboards can boost your recruitment profits
Robert Dagge, MD at Dynistics
Identifying the key metrics to measure the success of your recruitment processes can be challenging. While measuring recruitment activity is obviously important, drilling down on every metric with precision would leave you with little time to spend on actually recruiting. But access to the right data helps recruiters to understand where best to focus their efforts and to evaluate their ROI, accelerating their earning potential dramatically.
The key phrase here? The right data. Research shows the leading obstacle to achieving better use of data, metrics, and analysis was “inaccurate, inconsistent, or hard-to-access data requiring too much manual manipulation”. By providing better access to the right information, recruitment analytics dashboards enable you to take a step back, cut out the excess information and focus on the data points that really improve performance, increase profit and drive growth.
Here, we highlight five practical ways they can help recruiters transform the recruitment process and optimise returns.
1. Bring more transparency to operations
Recruitment agencies face specific challenges using many different channels to reach candidates. A well-designed, user-friendly dashboard is therefore critical to bring more transparency to key performance indicators (KPIs) and processes, ensuring agencies can gain a single view of operations to map performance, identify trends and predict future opportunities, or the need to change priorities to those which are more profitable. Not only does it provide users with the means to access critical information, but also enables them to act upon it quickly.
2. Highlight the connection between data and hiring times
Having a solid understanding of ‘time to hire’ is key to reducing the length of that process. In recent years, social media has become a key resource for recruiters looking to find the best-suited candidates to fill their positions. However, harnessing social media data can sometimes be difficult, requiring recruiters to invest in valuable time they simply don’t have. By comparing the relationship between metrics such as number of emails / call duration and the number of placements achieved, you can drill into the connections between this data and the mix of job roles (and success rates for each one), the volume of CVs being sent out and the conversion rate through to placements for each sector you operate in. Drilling down into this data also enables you to uncover the bottlenecks in your pipeline, see those sectors or jobs that are driving above average results, and highlight where you can improve procedures to save time and produce measurable improvements in your financial results.
3. Track revenue from placements
By establishing a baseline and tracking the offer acceptance rate month over month, recruitment consultants can identify the competitiveness and attractiveness of their offers to the candidate market and tweak their strategy accordingly. While most companies have a system in place for tracking revenue from placements, using dashboard analytics means you can also pinpoint the average revenue per placement, over time. With dynamic real-time analysis of ad response rates, you can develop a clear picture of historical, current and future outcomes and which job boards are producing results, maximising the return on your advertising investment.
Dashboard technology also perfectly lends itself to gamification – the concept of applying game mechanics and design in non-traditional game contexts – by processing different data streams and simplifying them into more manageable segments of visual information. This gives recruiters competitive differentiation and business advantage and is found to be a more efficient and economical way to test specific skills like time management, creative and innovative thinking.
4. Highlight your most profitable actions
Geographical mapping allows you to see instantly, in real-time, where current jobs and candidates are located which can inform where you should start acquiring new candidates to fill the latest vacancies. It shows where focused action will produce results and increases the profitability of candidate recruitment by specifically sourcing for live roles, ensuring your teams always have opportunities, and your future revenue stream stays consistent. It enables you to find prospective clients faster in the locations where the volume of available candidates is highest. LinkedIn found that, when talent acquisition teams used data to hire, they were twice as likely to improve their recruiting efforts and three times more likely to reduce costs, while improving efficiency.
5. Improve performance
Employee motivation is critical to sustaining revenue growth. With employee motivation critical to sustaining revenue growth, it’s vital to encourage individuals and teams to focus on those activities that drive success. With the ability to set targets for each team member’s recruitment performance metrics, dashboards enable management to guide the scale of the business. In other words, the sheer number of activities your team can perform, when combined with the efficiency of those activities, helps you to understand the revenue your business could be bringing in. By illustrating complex data from multiple sources in compact views that deliver an instant and complete picture of team performance, you can compare individuals against their peers, teams and themselves. This enables team leaders to investigate an individual’s performance by dynamically interrogating their activities including open roles, CVs sent, interviews held, candidate placements and fees, and drill down into the detail to identify where to focus attention for improved results. Dashboards can increase collaboration and knowledge and best-practice sharing amongst peers, too.
Measuring the overall success of your organisation’s recruitment efforts will always produce challenges. However, for smart recruiters, there are certainly exciting opportunities to turn data into actionable insights, becoming more efficient and be more profitable as a result.
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