What is the purpose of a recruiting dashboard?
Data is a game-changer when it comes to recruiting, and more and more companies are relying on it to power their recruitment efforts. Data becomes useless, though, if it isn’t accurate and straightforward. In such a situation, a recruitment dashboard would be useful.
Having all of your recruiting information in one place sounds fantastic, doesn’t it? An area where the aggregated data from all those measures is used to make informed decisions? Half of talent acquisition practitioners had a dedicated dashboard at their company already, and another 38% are either planning to develop one or are in the process of doing so, according to research by the Association of Talent Acquisition Professionals (ATAP).
What follows is some advice on how to build or enhance a recruiting dashboard.
You can see how well your recruitment funnel is doing with the help of a recruitment dashboard, which is a visual compilation of data-driven metrics, KPIs, and reports. Application, hiring, campaign, and financial data is all part of this.
Your company may use this data to find better candidates for open positions, cut down on recruitment expenses, and come up with innovative tactics for acquiring talent that will benefit the whole company.
What are the benefits of using a recruitment dashboard?
In order to assess your company’s recruiting efforts, you should ask yourself the following questions:
- What is the typical time frame for hiring new staff?
- What is the total cost of the hiring process?
- How do you want people to find your job ads?
- How effectively do new hires carry out their responsibilities?
We don’t learn anything from these questions alone. But by combining all this data with recruitment KPIs, we can learn a ton about the recruitment process as a whole.
A recruitment analytics dashboard is worth the investment for the four reasons listed below.
- You are able to see issues
The visual aspect of a recruitment dashboard is one of its main advantages. Data can be a pain to sift through for trends, and making new charts and tables from scratch is a pain every time.
Trends, insights, and possible issues can be quickly and easily seen on a dashboard.
- Evaluate your recruiting process
Gain insight into your recruiting process with the help of a recruitment KPI dashboard. By tracking the number of candidates who move on to the next level, you may identify where your process is inefficient and where you can make improvements.
For instance, if the percentage of applications who actually make it to the interview stage is low, it suggests that you’re getting a lot of unqualified people. On the other hand, you may find a graph that shows you where employees are leaving the company at the highest or lowest rates.
- Simplify your approach to hiring
Imagine you were to examine your recruiting process and find the issue mentioned above.
After you see where the majority of your potential employees are applying, you may redirect your efforts accordingly.
You might, for instance, cut ties with a specific recruitment firm or be pickier about the places you post job openings in the future. In addition to helping you identify more eligible candidates, this will also save you money.
- Make your hiring process more streamlined and productive.
With this wealth of information at your fingertips, you can refine your hiring strategy with confidence.
We can quickly identify and resolve any concerning issues or conduct additional investigations.
You can develop a streamlined hiring procedure that meets your company’s specific requirements with time.
On your recruitment dashboard, what KPIs should you be monitoring?
A recruitment dashboard allows you to monitor numerous metrics, such as:
- Hire-time
- Time to fill
- Hiring quality
- The expense of employing one worker
- Number of entries for each position
- Efficiency of the recruitment funnel
- Satisfaction of candidates
- Candidate source
A few of the most crucial ones to think about are these:
Hiring time (days)
Time to hire, sometimes called time to accept, is the duration between the first contact with an applicant and their official acceptance of the position. The time it takes to go from applying for a job to actually hiring someone is what it basically comes down to.
A lower time to hire rate is preferable since it shows that your recruiting team is doing a good job and your procedure is efficient. This way, you may recruit the best individuals without having to worry about another business with a shorter hiring process snatching them up. And since no one likes a drawn-out hiring process, it improves the experience for your candidates.
The time it takes to hire for a certain position could vary, though. Your time to hire will increase if the process involves multiple stages, such as a phone interview, an evaluation, and then multiple rounds of interviews with various stakeholders. Therefore, remember this as you analyze the data.
Number of days needed to fill
Find and hire a fresh candidate in the time it takes to fill the position. This is typically defined as the number of days it takes for a candidate to finish all required background checks after a job posting goes up.
This indicator is dependent on the efficiency of your recruitment department and the market demand for a specific position. Business planning benefits from it. For instance, if John were to resign from his position today, his manager would have a decent notion of how long it would take to find a suitable replacement. Any organization that wants to foster stability must do this.
Number of entries for each position
You can tell how popular a job is by looking at the number of applications per job (or per hire). However, a large pool of candidates may indicate an oversaturation of the market or an overly generalized job description.
Adding additional specificity and stricter criteria to the job description could help reduce the number of unqualified candidates you receive for a particular position. You can save time reviewing applications by doing this, and you won’t have to worry about lowering the quality of applicants.
Efficiency of the recruitment funnel
The total efficacy of the recruiting funnel is one of the most important indicators displayed on a recruiting dashboard. This includes both the total number of persons in the funnel and the percentage of those who move on to the next stage.
The number of applicants who made it through each stage of the funnel, or the number of candidates hired, divided by the total number of candidates for that stage, is the basis for this ratio.
You can learn which part of the sales funnel requires more work by analyzing this metric. To get the most out of your recruitment funnel, you need to hone your efforts.
So, you’ve noticed that a small percentage of applicants are making it past the phone interview and into the virtual in-person interview. If the number of applications is too high, it may be time to revise the job description or implement more stringent screening criteria to determine who moves on to the phone interview.
Candidate source
You may keep tabs on where your new hires are coming from by using the candidate source measure, also known as the source of hire metric. As a result, you can see how well various recruitment channels like social media, your careers page, various job sites, and agencies are doing.
There seems to be a trend to the people you hire who have applied for your position after viewing your LinkedIn ad. At the same time, you keep promoting on employment boards, but no one is responding.
You can find the most qualified candidates for open positions at your company with the use of a recruitment dashboard. Just review the numbers, cut back on the things that aren’t producing results, and ramp up the ones that are. You can save money and redirect it to the sources that are producing the best results by reducing expenditure on channels that aren’t attracting top talent.
Guidelines for an Effective Recruitment Dashboard
What follows is a rundown of all the essentials for configuring and optimizing your recruitment dashboard.
- Select appropriate instruments
You can choose from three different types of dashboarding tools.
Data analysis software
You can visualize data in many different programs. Some examples are Google Sheets, Microsoft Excel, and LibreOffice Calc. Plus, you can start your recruitment dashboard out right with one of many free or premium templates. You may see the data visually in the dashboard once you’ve filled out the sheet.
Human resources software
Online applicant tracking systems, time and attendance monitors, and employee engagement software all fall under this category. You can examine data with the built-in analytics tools of these applications.
You can connect the recruitment tools you already have so they can talk to each other and share info. It may be costly to employ third-party integration tools or to commission bespoke programming to accomplish this.
Business dashboard applications
Data analysis and integration tools abound, with options like Datapine, Zoho Analytics, Tableau, and Smartsheet. But, finding a way around them can be time-consuming and costly.
Keep in mind that the tool you use should always allow you to merge diverse data sources.
- Bring it to life via visuals
Your recruitment dashboard will be more user-friendly with the help of charts, graphs, and basic typefaces and color schemes. This dashboard collection by Muzli can serve as a source of inspiration for color schemes and formatting ideas.
Always have a brief overview up top. Each point should build upon the last, resulting in a logical and fuss-free presentation of the material, as you go down the page.
Using the right graphic for the right data is crucial. When displaying gender or ethnic ratios, for instance, a pie chart works wonderfully. When displaying trends, a bar chart works wonderfully. Use a heat map to see how potential employees perceive your career page and/or job ads. The easiest way to show potential employees the steps in your hiring process is with a funnel graphic.
Seek advice from your in-house design team or think about employing a freelancer if you’re stuck on the design.
- Make it easy
It could be counterproductive to add every piece of data that could be relevant to your dashboard, no matter how tempting it is. Pay close attention to the value-adding measures; these are the most important.
Keep it simple. Keep in mind that readers outside of HR should be able to understand it just as well as you do.
- Remember to be precise
Having a large amount of real-time data can make things excessively chaotic and overwhelming. Having an accurate recruitment dashboard is equally critical. You should give some thought to the frequency of updates. At certain points of time, several pieces of data will require updating.
Based on the amount of traffic you’re receiving or the campaigns you’re running, you may choose to update metrics like visitors to your careers page once a month or once a week. It is only appropriate to update metrics for open and hired positions when there is a change.
There are a lot of tools out there that allow you to connect your data with programs (like Google Analytics) and configure how often they update. However, make a note of which ones require human intervention and update them on a regular basis.
- Use what you’ve learned
The world’s most advanced and valuable dashboard could be at your fingertips. However, unless you dedicate some time to peruse it, comprehend the ideas, and implement them appropriately, it will remain meaningless.
For this reason, a recruitment dashboard is useful. Its purpose is to facilitate the development of a more streamlined hiring procedure. Be careful with the information you get.
One last thing
Any modern recruiter worth their salt knows the importance of a solid recruiting dashboard. While the initial investment of time and resources may seem steep, the benefits will be worth it in the end. Plus, it’s essential if you want to save time and money without sacrificing quality while hiring.
For future process and strategy improvements, your recruitment dashboard will serve as your one-stop shop for all things related to your recruitment funnel.
