The talent acquisition process takes a lot of time and resources, so it’s crucial to be careful. One bad hire can cost your business up to $240,000 for the recruitment, hiring, and onboarding alone. There are extra costs when that employee turns out to be a poor fit. Plus, there’s the toll that a poor hire takes on colleagues’ morale and the manager’s patience.
Despite the time-consuming and costly consequences of bad hires, it continues to happen. But why? One of the reasons is that hiring managers are in a rush to put someone in a vacant position. Another reason is favoring subjectivity over objectivity in the hiring process, which is common when using conventional hiring methods.
There are ways to minimize the risk of a bad hire, save time and money, and improve your recruitment process. One of them is through the use of talent acquisition analytics. This in-depth guide will cover everything you need to know about it.
What Is Talent Acquisition Analytics?
Talent acquisition (TA) analytics refers to the process of collecting and analyzing valuable data companies can use to make better recruitment decisions. It uses software to collect information and provide insights into the company’s current and potential employees. TA analytics allows hiring managers to get a better understanding of their workers and potential hires.
Talent Acquisition Metrics
Talent acquisition metrics and analytics go hand in hand. You cannot get TA analytics without metrics.
To start with TA analytics, you have to determine the metrics you need to track. But be careful when picking which metrics to use because using the wrong one will only derail the recruitment process. If the option gets overwhelming or you don’t know where to start, consider the following:
Quality of Hire
Quality of hire is considered one of the most significant metrics to track. It measures the value new hires add to your organization. This metric will help you understand the success of your hiring strategies.
Time to Fill
This metric measures the number of working days it takes for your company to find and hire a new talent. It typically begins with the job requisition approval and ends when the candidate accepts your offer.
Time to Hire
This metric measures the number of days it takes for a candidate to move through the entire hiring process. It’s the time between candidates applying for a role and when they accept your job offer.
Source of Hire
The source of hire is another vital metric to track. It will help you determine which hiring channels your best candidates are coming from. So, you can concentrate your resources on channels delivering the most success.
Finding the best talent and getting them to accept your offer is not much use if they will just quit after a few weeks. TA analytics can be useful in determining ways to reduce your staff turnover rate.
Benefits of Talent Acquisition Analytics
Incorporating talent acquisition analytics in your recruitment process offers many benefits. Here are significant ones your company can achieve:
Make better hires
Data analytics allows companies to identify and assess candidates more effectively. It will also eliminate existing biases or discrimination so you can ensure diversity and inclusion in your hiring process. All these lead to better hiring.
Optimize the hiring process
No hiring process is perfect; there is always room for improvement. TA analytics can help you determine what your team needs to improve to make the talent acquisition process faster and more seamless.
Save time and money
Talent acquisition analytics makes the hiring process faster and cheaper in various ways. It can identify which hiring channels you should avoid investing in. It can help you determine which areas of your hiring process need improvement. It can easily pinpoint suitable candidates and even predict the future performance of job applicants.
Enhance a candidate’s experience
Even if you find top-tier candidates, it won’t be much use if they do not accept your job offer. Talent acquisition analytics can provide valuable insights into the most effective ways to create a more positive candidate experience. Candidates with a better overall experience are more likely to accept an offer of employment.
Retain top talents
The demand for top-tier employees continues to surge among employers worldwide. To ensure your top talents will not go to a competitor, you have to determine ways to increase employee retention. Talent acquisition analytics can help you identify what factors contributing to employee satisfaction you should improve.
How Kilpatrick Can Help in the Talent Acquisition Analytics Process
Are you ready to incorporate talent acquisition analytics in your recruitment process? Kilpatrick Executive’sexpert advisors can help.
At Kilpatrick Executive, we understand the power of data and technology in the recruitment process. Our expert team can help your company leverage these tools and bring more talent to your team.
Remember, a well-equipped HR department is crucial for utilizing talent acquisition analytics effectively. Let us work together and elevate your recruitment process to new heights. Contact us today to learn more.