Metrics matter when it comes to the hiring process. They can help HR and hiring managers track how long the process is taking, and spot moments where the process slows down. And when senior leaders want to know why things are taking so long, hiring metrics reports help you answer the question.
- Recruiting metrics can shed light on time and costs associated with things like requisition, posting jobs, and your time-to-fill.
- They can help you get a better sense of how well you’re spending your recruiting time and dollars.
Hiring Metrics Reports Can Be Provided by an Applicant Tracking System (ATS)
If you’re already using an ATS, then you can use various features to generate data that helps you determine what’s working, and decide how to optimize the recruiting and hiring process.
Below, we’ve identified a number of ways you can generate metric reports in order to measure things like time-to-fill, sub cycle, and requisition aging.
Keeping an eye on your recruiting metrics can help you optimize your hiring process. But what do job seekers think? Our Candidate Experience Rating is a useful tool that can help you gain insight into how well your hiring process works from a candidate’s perspective. Find out how your process rates.
3 Questions Hiring Metrics Reports Can Answer
Even if you don’t consider yourself a data person, having a data-focused glimpse into your hiring process can be vital to people in your company who want numbers. Metrics can also help answer three key questions:
1. How long is it taking to fill our opening?
A time-to-fill report helps you track and measure the number of days from the date you activated the requisition activation, all the way through the filled status. The report also averages this number across each month, dated back to the time period you select.
2. When did we start the hiring process?
A sub-cycle report identifies important dates throughout the life cycle of the requisition, including:
- Created date
- Requisition approval date
- Internal activation date
- External activation date, and
- Filled date.
In addition, a sub-cycle report summarizes the number of days, from created to filled.
3. What steps have we followed since we opened the requisition?
An aging report calculates the age of the requisition, starting on the created date, up through the day you run the report.
The fact is, before you can use analytics to help improve your time-to-fill, it’s essential that you stay on top of requisitions.
- Customizable aging reports allow you to see what requisitions are still open, so you can focus your resources on getting them filled.
- An aging report can also identify requisitions that have aged beyond a certain amount of time, including 15, 30, 60 and 90 days.
An ATS Can Report Other Valuable Hiring Metrics
To start, your ATS can record any of the following:
- Who created, activated, posted, and/or edited a requisition
- All documents and information collected during the hiring process
- All activity on the applicant record
And, your ATS can also provide comprehensive sourcing information, and help you identify when an applicant:
- started the application process;
- completed the application; and
- returned to check their status.
You can also track changes and updates that hiring managers make to an applicant’s record, including every time they:
- update the applicant’s status;
- send email messages;
- review and/or add documents;
- edit data; and
- post notes.
Hiring Metrics Reports Can Help You Track Where Applicants Are Coming From
Metrics reports can help you discover which sources produce the most qualified hires. You can use this information to support future recruiting decisions, and determine where you want to spend recruiting dollars.
- For instance, if you notice that a majority of your top candidates are coming from specific job sites, you can put more recruiting time and budget toward these same sites in the future, while limiting your recruiting efforts in underperforming sites or areas.
- Conversely, this information can help you decide to put more time/budget toward areas that are lagging, especially if you’re looking to diversify your candidate pool.
An empty position can cause your company to lose more than just revenue.
The longer a position goes unfilled, the more stress you’re putting on your current workforce. As employees take on extra work to help pick up the slack, this can create overtime costs, lower your workplace’s morale, and even lead to employee burnout.
While data might not be the answer to everything, having metrics at your fingertips can help take the guesswork out of measuring time-to-fill, spotting inefficiencies in your hiring workflow, and tracking recruiting success. With this insight, you can take steps to clear bottlenecks, and fill empty workstations with qualified people.
What reports do you use to evaluate your recruiting process? Does your applicant tracking system include hiring metrics? As your dedicated applicant tracking system, myStaffingPro helps you manage your timing, schedules and paperwork, from requisition to through onboarding. Contact a representative today, and find out how we can help you get the most out of the entire hiring process, from requisition through retention.