Your recruitment process is only as good as your data. And regularly updating your data-driven recruitment strategies will make the lives of your recruitment team much easier. You see, recruiters spend the day in and day out on their ATS and recruitment CRM. This is their source of truth, and you only get out what you put in. So ensuring that there is quality, accurate, and up-to-date data in the system could determine the success or failure of your efforts. 

Maybe you’re wondering how you can use rock-solid data to make better hiring decisions. Read more to learn some data-driven recruitment tips:

The Importance of Data-driven Recruitment

The more you put quality data into your hiring process and technology stack, the faster you will get to the perfect fit candidate you have been hoping to find. Why?

  • Better budget allocation
  • Increased efficiency and productivity
  • Pinpoint recruitment problems
  • Benchmark and forecast the recruitment process
  • Attain more objective decisions
  • Defend improvement suggestions

Optimizing Recruitment Process Using Data

You desire those benefits. Here is how to get them:

Select the correct data to track

The data to consider include quality of hire, time-to-hire, job offer acceptance rate, source of hire, cost per hire, and candidate experience score. Should you include all of them? Not so fast. Avoid choosing every hiring metric that comes screaming to your face. While the decision depends on the type of your company, be sure to discuss with the hiring managers the metrics they care most about. Ensure you’ve unearthed the:

  • Bottlenecks they face in the process
  • Data that can be useful in creating executive reports 
  • Views about a successful recruiting process
  • Desired data for increased productivity 
  • Hiring methods and sources they consider trustworthy but can’t prove their usefulness using metrics
  • Strategies they don’t trust but lack metrics to prove 

Gather Data Efficiently

You don’t have the luxury of time to collect all the pieces of data. So injecting efficiency into this step will save you a lot of your precious time. 

The first thing is to put your applicant tracking system (ATS) into use. This software comes with excellent reporting capabilities to take the game a notch higher. 

Then identify various ways to gather data. Google Analytics will quickly come through for you for some data (like application page conversion rate). Simple surveys can also be impactful.

Track and Act on the Metrics

It’s now time to put the data to use and watch as it solves even the most notorious hiring problems. Here are just a few use cases:

  1. Prolonged time-to-hire

Do you take too long to hire the right person for the job most of the time? Check all your hiring stages to see where you lag and act accordingly. Some of the common challenges include:

  • Sourcing: diversify your sources and include social recruiting. A robust sourcing tool can also help you target more candidates quickly.
  • Screening: use more effective qualifying questions in the application forms
  • Interviews: schedule interviews effortlessly using the right software
  • Job offers: make the offer letters more impactful to entice candidates.
  1. Reduced job offer acceptance

One of the worst nightmares that hiring managers face occurs when suitable candidates turn down their offers. You end up losing money, and the position can go unoccupied for weeks, months, or even years. Here are some fixes:

  • Design more enticing offers: use sites like PayScale and Glassdoor to research their benefits and salaries thoroughly 
  • Gauge candidate interest: when screening your candidates, discuss their concerns and motivations as early as possible
  • Be sure the candidate gets favorable treatment
  • Make sure that the offer letter meets the candidate’s expectations. 

Wrap Up

It’s time to make decisions based on rock-solid data instead of blind intuitions. You can finally know what works and what doesn’t work based on past data. Data-driven recruitment is a sure-fire way of chopping down your hiring costs and forecasting better methods. 

But you need a reliable Talent Intelligence Platform to make this dream become a reality in your company. That’s where Loxo comes in to automate your hiring processes using artificial intelligence. Learn more and visit our website, or request a product demo now.