Data and analytics have revolutionized almost all business functions while facilitating intelligent and informed decision making. Research has found that every dollar invested in data and analytics results in returns worth $13.01. A recent Accenture study shows that 83 percent of business executives are using data and analytics to gain a competitive edge, and 79 percent believe companies that do not use data will face extinction.
What are recruitment analytics?
Recruitment analytics, in keeping with the big data trend, are a crucial part of data-driven hiring. It involves gathering, evaluating, tracking, and analyzing candidate and employee statistics that enable businesses to design effective strategies and make the right hiring decisions. It is also the tool that helps in reframing talent retention methods while controlling attrition.
Metrics that matter
Hiring for information technology, finance/accounting and other professions has become more agile and strategic than ever before. Tracking the following metrics is crucial to optimizing return on investment, hiring and retaining the right talent, minimizing needless expenses and retaining the competitive edge in the market.
Time to fill: Referring to the time taken in days from the time of advertising the job and hiring, time to fill is impacted by supply to demand ratio. This is an important metric that provides a realistic view of how much time it takes to fill a position and the cost to the company in terms of overtime, instability, and fall in productivity.
Time to hire: Representing the time taken between an offer being made and its acceptance by the candidate. This metric indicates the efficiency of the HR department. In the U.S. the average time to hire is estimated to be 24 days.
Quality of hire: Bad hires cost you money. Tracking the metric-quality of hire is the ideal way to keep expenses in check and to ensure the right candidate is hired for all positions. Employee performance rating in the first year post-hiring gives a report of the quality of hire. High scores indicate hiring success while low ratings show poor quality of hiring.
Cost to hire: This metric is obtained by dividing total cost for recruitment by total hires. Minimizing the cost per hire is critical to achieving business objectives.
How Alluvion can help optimize your ROI
Alluvion’s total Recruitment Process Outsourcing (RPO) services are aimed at providing the most competent end-to-end solutions to fulfill your business objectives. With a team of highly talented and resourceful recruiters, we provide the best in terms of technology, recruitment analytics, and talent acquisition.
Alluvion RPO services can help establish a dedicated talent community that allows you to gain and sustain a critical competitive edge. With our comprehensive solutions, businesses experience an optimum return on investment, reduced cost to hire, time to fill, enhanced retention and improved hiring manager satisfaction rates.
While we handle the entire talent sourcing process with complete efficiency, you can focus on your core business functions to stay on the path of growth.