A critical recruitment KPI and an excellent example of using data to inform decisions are tracking the sources from which you receive applications. For example, you may follow the success of various channels, including job boards, advertisements, agencies, social media, and your career website, and determine your cost per hire as a result.
You should invest more money in the source that produces the highest quality prospects. For example, if you receive more suitable applicants from quality job boards than from Google or Facebook advertisements, you may want to increase your budget for them. Or, if LinkedIn isn't providing you with qualified candidates, you should cut your spending there or remove this from your plan.
The selection process generates much data when recruiters select the best-suited candidates for a particular position.
These are some of the data generated during the selection process.
Verifiable and relatively accurate historical data from the job seekers like educational qualifications, work experience, and licenses. Scores from tests and examinations that measure the candidate's skills, competencies, personality traits, and work preferences scores of the individual the individual's responses to questions related to work experience, interpersonal skills, and cultural fit
The applicant's overall opinion of the employer's hiring and onboarding procedure is also a data point that can improve the organization's hiring process; some other data points are time invested. It considers the amount of time invested in each stage of the hiring process, from initial contact to screening, interview, and job offer, to welcoming the new hire into the company.
You can decide what to do with your recruitment data by mining it. These are some examples of typical recruitment challenges that relevant data will help you identify and find solutions for:
If you need to cut your expenses, focus on cost associated KPIs like cost per hire, job advertising performance, or the number of applications per source or channel.
If you want to have more highly-skilled employees, pay attention to quality-related metrics like source of hire, candidates per hire, new hire turnover, and new hire retention rate.
In inclusion, the data generated when hiring can provide insights on improving the recruitment process and help them track and measure KPIs associated with recruitment processes.