Let’s be honest. There is a lot of information out in the recruiting industry right now on Recruiting Data. Between all the new data tools that are available to us and varying opinions on the subject…it can be a bit overwhelming to determine how to adopt a go-to strategy. As Talent acquisition practitioners, we are already extremely busy between managing full req loads, coordinating interviews (in some cases), managing recruiting programs, and chasing down hiring managers. Running your weekly data reports can seem like one more thing on your to-do list that can wait. I am here to build the case today that it is something that definitely CAN’T wait.
Recruiting Data is not just some report that needs to be sent to your boss. Once you understand what you should track, it will be the differentiator of what will empower you to be more than a recruiter, but a talent advisor and asset to the business. As a Recruiting best practices trainer who has had brainstormed with some industry thought leaders on the topic of what recruiting data is most important to track and more importantly, how to analyze and put it to use to benefit the business. Here is my top list.
Closely track candidates presented to interview conversions. This may seem simple, but it will tell you not only how well you know the role you are hiring for, but also a lot about your hiring manager. If you are presenting candidates who meet all the tangible qualifications and you have a hiring manager with personal bias to certain companies, lacking particular educational pedigree, or is just flat out looking for a unicorn, this will become clear pretty quickly. Alternatively, if the hiring manager is rejecting the majority of candidates being presented and they don’t seem to be overly picky, you may need to sit down and recalibrate to ensure you are on the same page in regards to what they are looking for.
Total Addressable Market. Do you ever work with those hiring managers who seem to think that Machine Learning Engineers with a PhD in the bay area are a dime a dozen to come by? If you are a recruiter with access to the right tools, you’ll know they are much more rare and difficult to attract (roughly 16,000 for anyone interested!) Sitting down with your founders, hiring managers, or whoever you work with day to day and running a through, specific LinkedIn or Google x-ray search can be eye-opening to those who do not sit on LinkedIn day to day and help them connect the dots of the collective available talent pool. Maybe they wanted to keep seeing more candidates because they assume it’s a never-ending talent pool? This can be particularly helpful for more niche searches as well and can help hiring managers take the plunge to finally hire someone when they suffer from “the next best candidate” mindset.
Quality of Hire. This is a more long-term metric that you will want to work on collaboratively with your people operations HR friends, but certainly has been a recurring metric gaining more importance over the years. The duration on how long an employee stays with a company should play into this metric, as well as how efficiently they performed in their role from year to year. There are a few different ways to track this data, and is something I will elaborate on further in a future post of it’s own.
For anyone who is interested in continuing the conversation of what recruiting metrics are the most important to track and how to implement them into your day to day role, The Silicon Valley Recruiters Association (SVRA) will be hosting our fall event on 11/17 @ Lever. We have industry thought-leading panelists attending who have experience partnering with ERE Media, HotelTonight, Dropbox, and more! Hope to see some of you there!