Elevating Recruitment with Data-Driven Insights: Real-Life Examples for HR and TA Professionals

Experience tells us that effective recruitment strategies are not about some strange elusive alchemy and neither is it based on the idea candidates should want to work for you. When it works, it’s normally about creating a framework that you can monitor, extract meaningful insights from and you can act upon to continually fine tune like a smooth running engine.

That said, it’s all very well and good to preach the theory around using an Applicant Tracking System (ATS) and applying data points to monitor recruitment activities. The real meaningful change happens when you start focusing on the how.

This article provides practical insights into identifying and addressing recruitment gaps and inefficiencies, drawn from our experience with a recent? large-scale projects involving 100+ hires over a one-year period. Do note the use cases are quite specific in this case and we are just using as a case in point. There are many other data points you should embed into your ATS dashboard that we explore in other newsletters we have shared.

Key Data Points to Focus On

1. Time to Hire

• Benchmark: 35 days is gold medal territory. 50 days is average for a process with two rounds of interviews.
• Insight: Longer hiring times can indicate inefficiencies in the process or bottlenecks in decision-making.
• Action: Streamline interview scheduling, and ensure quicker feedback loops to reduce overall time.

2. Offer Acceptance Rate

• Benchmark: 50%+ is the average, but aim for 70%+ acceptance.
• Insight: Low acceptance rates might suggest issues with the offer package or strong competition, or bad candidate experience, eg excessive time to hire.?
• Action: Regularly review and adjust compensation packages, and emphasize unique benefits. Be aware that offers with a more than 30% salary increase from competitors pose a challenge.

3. Hiring Manager Satisfaction?

• Feedback Mechanism: Weekly syncs to gauge satisfaction with new hires.
• Insight: High satisfaction with hires meeting 50% of requirements but hired based on potential can guide future recruitment strategies.
• Action: Use feedback to refine the candidate evaluation process, focusing on potential and cultural fit.

4. Other Challenges Impacting Conversion?

• Competing Offers: High salary increments offered by competitors.
• Remote Work Preferences: Candidates prefer hybrid or remote work while many employers return to physical offices.
• Decision Delays: Long waiting periods from hiring managers after final interviews.

5. Communication Framework

• Group Chats: For announcements and sharing key hiring information, eg Teams, Slack, WhatsApp
• Direct Messages: For casual but effective feedback post-interview, maintaining a constant feedback loop.

6. Screening Process Adjustments

• Technical Assessments: For roles with high dropout rates, conduct technical interviews first to gauge interest before formal assessments.
• Senior Hires: Split culture interviews into rounds focusing on people management and boardroom presence. Adjust interview settings based on company culture, such as a preference for collaborative traits in Japanese firms.

7. Standardization

• Feedback Collection: Use a standardized scorecard assessing skills, experience, and cultural fit based on a competency framework?

Conclusion

By focusing on the right data points, such as time to hire, offer acceptance rates, and hiring manager satisfaction, which were deemed pertinent in the case study above, HR and TA professionals can identify inefficiencies and make informed adjustments to their recruitment processes. Our real-life examples highlight practical strategies to overcome common challenges and improve overall hiring effectiveness.

If you're looking to drive a more data-driven approach in your recruitment processes, leveraging an ATS, we invite you to reach out to us. Our expertise can help you implement best practices and achieve meaningful improvements in your hiring outcomes.