Before including recruitment data visualization in their recruitment tactics, the staffing world was more reliant on human intuition. More often than not, intuition is on the erring side, so it’s not entirely surprising that three out of four placements end up being bad hires. This scathes your recruitment brand reputation as it equates to losses in your client’s resources.
But times have changed. Now, you can use innovative recruitment technology to do definitive analyses and help your recruiters make decisions founded on data. Gone are the days of relying on hunches; it’s time for a scientific and intelligent approach to make informed choices for optimal results. You no longer have to ASSUME that your recruitment strategies are effective when you can confidently MEASURE them against recruitment KPIs and recalibrate where needed.
What is Recruitment Data Visualization?
As a recruiter, you go through tons of information every day. From applications to candidate and client reviews, sifting through an enormous volume of data can be time-consuming and taxing. The good news is: you don’t have to swim through lakes of data to identify trends, patterns, and gaps. Recruitment data visualization can help make a data-driven recruitment strategy easier and possible for you.
Recruitment data visualization is a simplified display of recruitment insights through visual cues like colors, graphics, and mapping. To ensure that you only have your best foot forward on your recruitment practices, this technique of visualizing data set via dashboards or insights aids in:
- Making information processing more efficient, especially when dealing with volumes of data.
- Simplifying complex data so that it’s readily available for use, to your advantage.
- Understanding your overall recruitment health deeper and making relevant adjustments to drive better results.
Benefits of Implementing Data-driven Recruitment Strategies
A data-driven approach is imperative for making sure your decisions align with business objectives. When utilized properly, it yields significant benefits.
1. It can help you make better placements.
Among the commonly used recruitment metrics, quality-of-hire (QOH) is typically considered the bread and butter of a staffing firm. QOH is what clients mainly acquire your service for; they expect no less than a recruit who will yield good ROI.
Using recruitment data visualization will help you spot common characteristics and patterns among quality talents so that you know what to look for exactly when sourcing and screening. Although measuring QOH can be tricky, you may start with these three common recruitment data to come up with a more insightful analysis:
- Turnover rate. You need to know if your hires are jumping ship within a few months. If they are, you need to do some digging on why they’re quitting.
- Employee tenure. For the ones that don’t quit, how long do they end up staying?
- Hire performance. Quality hires will perform well, so checking in on how well they perform against KPIs can help you evaluate their “success” rate as a recruit.
Once you’ve got insights from your new data, benchmark them with your old numbers for analysis. Then, you can use a scatter plot to show trends and a pie chart to communicate the best sourcing channels for more strategic placements.
2. It can help you find great talent in half the time.
Time is a precious resource you must use wisely. Often, clients need the right people in the fastest time possible. This is where a data-driven approach makes a difference: you can source candidates fast without compromising quality. The key is looking into improving your time-to-hire.
If your average time-to-hire is lower than the industry average, then you must revisit some aspects of your recruitment process. Here are four good places to start for gathering data:
- How long does it take to sift through applications?
- How long does it take to walk a candidate through from the first contact to the job offer?
- What is the average duration in each step of the recruitment process?
- What’s the recruiter response rate?
After gathering those data, use recruitment data visualization such as a heat map to reflect the breakdown of your average time in each phase of the recruitment process, and highlight those that take the longest. Based on data you generate, you can develop definitive action plans to address bottlenecks and increase efficiency.
For example, if you see that it takes you longer to sift through applications and screen candidates, consider using an Applicant Tracking System (ATS) to automate parts of your recruitment. ATS uses machine learning for intuitive and data-driven selections to ensure that you still have quality selections in half the time.
3. It can help you minimize your recruitment costs.
Recruitment is expensive in terms of time, energy, and resources. That’s why you can’t afford to leave cost-per-hire to chance. Because this metric is primarily connected to your client’s expenses, minimizing it can help increase their satisfaction and boost your brand reputation.
Using a data-driven strategy to decreasing cost-per-hire essentially means you’re making the recruitment process less expensive by making calculated decisions.
To create an effective recruitment data visualization, you’d need to analyze the following data:
- Cost-per-hire for each source channel. How much are you spending per source channel? Knowing where most of your money goes is the first step to properly managing recruitment costs. Through this, you can pinpoint which platforms or tools are taking up a bulk of your costs but yield little results and adjust your costs accordingly.
- The average performance of every candidate per source channel. Identifying your top source for top candidates can help you appropriate your resources better. For instance, if you’re getting more quality hires from referrals than job ads, it makes more sense to discuss an employee referral program with your client instead of putting in more money in ads.
An area chart can be a great recruitment data visualization tool to use for this. The goal is to identify which channels bring the best candidates for every niche and invest more of your resources there. So, if LinkedIn is one of the best (and more affordable) ways to reach elusive tech candidates, opt to focus your resources there than spreading your budget thinly across multiple platforms.
Track Your Experience Management Metrics Better with Recruitment Data Visualization
Unlike other metrics, experience management metrics are a bit trickier because candidate experience primarily hinges on meeting candidate expectations. Unless you know what candidates want precisely, there’s always a chance you’ll miss the mark — especially when you’re deciding based on intuition.
One best way to get your team on the same page with candidates is by maximizing candidate feedback. When you collect candidate feedback regularly, you’ll have a constant stream of data that can help you align with their expectations. Candidate feedback then gives you more control over the candidate experience you deliver, so you can minimize — if not remove altogether — negative reviews.
Experience management platforms like Great Recruiters are designed to do just that. With us, you can have automated feedback management systems in place that collect feedback from every candidate. Best of all, we make recruitment data visualization easier through simple, easy-to-use dashboards, which display reports and summaries based on the collected data.