How to hire right with a hiring dashboard?
Nowadays, the hiring process is complex and new tools are here to help the recruiters. But you probably have fair questions concerning how to use it correctly to hire more efficiently. Don’t worry, once again Whire team is here to help you… 😉
But first things first …
What is a hiring dashboard? 🤔
🎤A dashboard is a technology that will help HR visualize reports and analytics more efficiently. A dashboard will make HR’s life easier by giving them a good sense of all the data and insights useful to improve 💪 their teams and performances with the help of key performance indicators, aka KPIs🤩.
Why can it help to have a hiring dashboard? 🖥
72,8 % of companies declare having issues recruiting says ManpowerGroup.
Having an overview of the issues faced during the hiring process as well, as what is happening when you hire helps spot specific trends.
- We already talk about it in a previous article, but attracting new talent has become very challenging nowadays and it’s a growing trend that will stay in 2023. Here’s the link, if you are interested to know more ➡️https://www.whire.net/post/blog-post-on-2023-hr-recruitment-trends! 🥳
The secret is to target the best of the best, so you may have understood:✨talent✨which will allow you to keep them (and in this manner prevent them from leaving your company).
- It can be an effective way to save money💸, by identifying where money is spent and finding means to not waste too much on unnecessary activities.
- Dashboards can optimize how the team is hiring in terms of time spent. It can benefit the entire team by allowing the team to hire faster.
What are the important ✨metrics✨ that you should not forget to add?
- Time to hire🕰: This will help you to measure the time spent between the moment you will contact the candidate and the moment he/she accepts the position you are offering.
- Cost per hire💸: Hiring definitely has a cost, it’s usually around $4,000 but it depends on the job. These expenses include internal costs like compliance costs, administrative costs, training & development costs, recruitment/sourcing costs, and hiring manager costs. But that’s not all !! You also need to consider external costs such as background checks, pre-screening expenses, sourcing expenses, technological expenses, marketing expenses, employee referral expenses, signing bonus, third-party expenses, or job fair expenses. Thus, it will be crucial for you to know exactly where you spend your money, to be able to better figure out where you can save money. Speaking of which! 🥳Whire is an external platform of referrals that can help your business quickly source new talents.
- Time to fill: This metric will help you understand how well your hiring process is working.
- Source of hire: This would be about spotting the job boards that work best for you and focusing your efforts on this specific campaign.
- Offer acceptance rate: It will determine if your job offers are aligned with the needs of your potential future employees.
- Candidate Satisfaction rate 👩❤️👩: This will prevent you to lose employees and have a better work environment. Even if the candidate will not be part of your company it’s always a clever idea to treat them well since it will give you a good brand image. 👑
- Recruitment funnel: This one is about tracking the time a candidate will spend on each of the application, interview, assessment, and the hire stages. Having a good knowledge of the different actions taken will help you know what works and what needs to be improved.
- Adverse impact🌐: Again, we mention it in other articles, but it will never be repeated enough since this issue is still remaining: DIVERSITY! Indeed, HR teams need to take special care of the Fourth-Fifths rule. Long story short, this rule is a rate that will compare the proportion of protected groups and the proportion of the most-represented group engaged in the hiring process.
- Quality of hire: It helps you assess your new employee's performance within their first year with you. The better their performance is, the higher the quality of your hire is. It will measure how well you did your job as a recruiter and the benefit you bring to your employers/company. Yes, it tracks your performances as well… 😁
What’s more, it’s a useful insight to understand which source of recruitment works best.
➡️Here was a quick recap of what the Whire team found to help you create efficient hiring dashboards to hire right! Congratulation! You are now all set!
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The Whire Manifesto
February 1, 2023