Recruitment is no different than sales. You need to track everything to make sure you can make intelligent, data-driven decisions. Having an applicant tracking system allows you to track your every movement to have more insights into working and what may not be working for your recruitment team. Here is what to know about the important metrics you should track with your applicant tracking system or ATS tracking.
An ATS usually provides key metrics to best measure the efficiency of your recruitment team and the hiring process. Time to hire is when it takes to fill a position, from when the job is opened to when it is filled. The average time to hire is around 3-4 weeks. If your time is above or below this, it should give you insights into how efficient your recruitment process is and how. If your time to hire metric is high, that means your process is inefficient. And may need some TLC.
Some vacancies might take longer than expected to fill. That is just the name of the game. However, this could probably indicate the recruitment strategies require a review. Moreover, Reducing the hiring time can provide a better experience for your recruitment team and a better experience for your candidates.
ATS tracking helps track what sources your candidates are coming from. If your recruitment team identifies successful candidates coming from the same source, it becomes crucial to put more effort into that source to find more competent candidates. This also helps your organization to discover areas where paid promotion needs to focus on if you have a recruitment marketing strategy. Thus, an ATS allows you to examine hiring data and find out sources that are the best performers.
This metric is vital in understanding the fundamental insights into how your application forms are performing. A valuable benefit of the applicant tracking system is to show you candidates that started an application but didn’t complete it. This helps the recruitment team highlight specific points of the application form where candidates dropped off. Thus, you can quickly determine whether an application process needs to be readjusted.
When evaluating recruitment data, the number of applicants being interviewed is an essential metric for your recruitment team. If you’re interviewing few candidates for a position that should have attracted more talents, then you need to rethink how you approach candidates or where you source for them. Therefore, an applicant tracking system will help you compare the number of applicants against the expected number of candidates and placements. Your recruitment team can then make the necessary changes to correct the variance.
Your recruitment team should be looking for the success rate of your recruits as an essential metric for how well your organization’s efforts are working. Your applicant tracking system helps you assess how well recruits perform on their assigned roles and responsibilities. This makes it possible to know the effectiveness of the recruitment team in identifying quality and loyal talent.
Cost per Hire (CPH) is one of the critical metrics you get from an applicant tracking system. CPH usually helps compare recruitment efforts to cost-saving benefits for an organization. CPH helps ensure recruitment efforts make sense for your business and stay on par with your respective industry, size, and location.
Implementing an effective applicant tracking system to help you win at the recruitment stage is the first step. Learn more about how Loxo can help you keep track of the metrics listed in this article.
making informed decisions about the direction of your team comes from measuring how well your team is doing, what they are doing well, and where they can improve. Information is power, and when you know where you are succeeding and where you need to work, you can fine-tune your process to perfection. Learn more about how Loxo can help in creating the perfect recruitment process.