Recruitment metrics play a pivotal role by providing organisations with invaluable insights to make informed decisions and monitor their progress in sourcing and hiring top talent. These metrics enable businesses to assess the efficiency and effectiveness of their hiring efforts. They help gauge what works and what does not, allowing businesses to fine-tune their recruitment processes. Additionally, these metrics offer a clear and precise picture of the recruitment funnel, enabling companies to identify bottlenecks and areas of improvement, ultimately leading to the implementation of data-driven recruitment strategies.
The significance of recruitment data in contemporary hiring has been widely acknowledged. As articulated by IBM, harnessing data and AI can confer a competitive edge to companies by offering enhanced insights into the specific workforce requirements and more effective strategies for attracting the right talent.
With inploi, brands can monitor a range of essential metrics, enabling them to get a complete view of the recruitment funnel and quantify the return on investment (ROI) in hiring.
Here are some key metrics that inploi helps you track:
Cost per Hire and Cost per Application: Recruitment is a vital investment for companies, yet it can be costly and time-consuming. As a recession approaches and inflation impacts budgets, businesses seek cost-efficiency without compromising hiring quality.
However, the lack of precise data on recruitment spending can lead to resource misallocation. inploi allows you to analyse the expenses of each hire and application meticulously. By understanding your cost-to-hire metrics, you can make data-driven talent acquisition decisions to optimise your recruitment budget and improve your ROI.
End-to-End Candidate Journey Tracking: According to a survey by Sterling, seven in 10 recent job seekers considered or did drop out of their recent hiring experiences, highlighting the need for employers to pinpoint where talent is lost in the hiring process. inploi enables you to monitor the entire candidate journey, from the initial contact to the final hiring stage, giving you access to precise candidate experience data.
You can segment this data by channels, locations, and job positions, giving you insights into the sources of successful hires and identifying areas where candidates tend to drop off.
Channel Performance Comparison: inploi centralises data on media spending, website conversions, and Applicant Tracking System (ATS) placements. This comprehensive view allows you to assess the performance of different recruitment channels, helping you allocate resources more effectively, especially for high volume hiring.
Advanced Reporting Features: inploi offers features like campaign performance reporting, automated spend tracking and attribution, in-depth analysis of application flow performance, and tracking candidate suitability, quality, and diversity. These tools provide a holistic view of your recruitment efforts.
Market Intelligence and Benchmarking: Besides tracking internal recruitment metrics, inploi provides valuable industry benchmarking and insights. This enables organisations to gauge their performance against industry standards and adapt their talent attraction program and strategies accordingly.
inploi’s HR tech empowers businesses to harness the power of recruitment metrics to streamline their hiring processes, reduce costs, and make data-driven decisions that lead to better hires and improved ROI. Contact us today to leverage these essential metrics and gain a competitive edge in the talent acquisition landscape.