People Analytics as the Key to Recovery
The novel coronavirus has slowed down economic activity, and as businesses hit hard look to recuperate and come back stronger, people analytics is at the core for HR. Why? HRs around the world are looking to develop a data-driven approach towards recovery. So, what are the key recruitment metrics that matter in 2021? Which metrics should you pay most attention to, to be poised for recovery?
Recruitment Metrics that Matter Most in 2021
Source of Hire
Perhaps the metric which has shifted most after Covid-19 is the source of hire. Your most effective sources before might not still be the same as today, as the use of social media has skyrocketed and candidate behavior for your target audiences may have changed.
The metric is used to track the performance of your sources, which may indicate which sources are bringing the most or best hires. Such a metric is important for businesses to focus their recruitment marketing methods on sources which are the most lucrative, and abandon or decrease efforts for the underperforming ones. This will help allocate time and resources better. HireBee’s analytics can also show you your source of candidates.
With your recruitment strategies revised after the major job market disruptions that came with Covid, comparing your current time-to-hire with your time-to-hire before the major disruptions can indicate the effectiveness of your response. We have previously speculated that many of the remote trends brought about by Covid are here to stay, so tracking time-to-hire to create an optimal hiring process will be important for businesses.
This metric may be a useful indicator for an inefficient hiring process, however it may not be too indicative for which part of the hiring process is inefficient. That is why, it may be useful to also track the time taken for candidates to be moved through hiring stages. This way, you can also identify where the bottlenecks in your hiring process are, to then identify and eliminate them. HireBee’s analytics also enable this.
Ok, I guess this is not a metric… but it is nonetheless an important thing to factor in for your recruitment analytics. It is likely that for your recruitment marketing, you are going to have to define your target audience for each job. You can assume your target audience, but you can also use data to aid you. With remote hiring on the rise, the target audience may be subject to change. The norm in your local area is not necessarily the norm globally, and furthermore recruiters might need to deduce from which cities or countries most of their global candidates are coming from.
Automating Your Metrics and Other Analytics
We can conclude that the source of hire, time-to-hire and the demographics of your candidates can be considered as the key analytics to look after in 2021. The question is, how can you best acquire and analyze this data? Well, all the aforementioned analytics can be automatically reported with HireBee. HireBee is a recruiting software solution which can help businesses enhance their recruitment by enabling automation, team collaboration and centralization.
Leveraging reports and analytics with HireBee, and getting your hands on these powerful reports may just be what you need to easily gain insights to all the key recruitment metrics and data that matter in 2021.