5 Key Metrics To Grade Your Hiring Process

If you are revamping the way you hire – and most of us are because of the Great Resignation, seasonal hiring, and even Beyonce – you need to seriously consider grading your hiring process. HR leaders and recruiters face problems with speed-to-hire, pipelines, applicant ghosting, and so much more. Even worse, applicants are taking their time making choices, they have plenty of opportunities open to them, and some people have decided to leave their workforce completely. Applicant flight impacts industries like healthcare, construction, and education, among others.

It’s on HR leaders and recruiters to get back to applicants quickly, post the best job openings, and be on top of everything. It’s hard! With everything HR has to do, it can be daunting to take on yet another challenge. Unfortunately, there aren’t many options. 

To help streamline your HR processes so you can deal with the ebbs and flows of your industry, be sure to schedule a demo of the Trakstar Platform. We’ll talk more about how our talent development software can help you meet your goals, attract the best talent, and keep them in your workforce. We can also help you grade your hiring process.

How To Use Analytics To Grade Your Hiring Process

People analytics and HR analytics are essential, though often overlooked and misunderstood, tools for HR leaders. These analytics are used to measure, collect, and analyze all of the hiring process data to help streamline efforts, make better decisions, and improve the overall candidate experience.

HR leaders need all the tools they can get right now to help them make data-driven decisions about everything to do with attracting, engaging, and retaining their workforces. Most of us can’t continue in this cyclical hire-train-fire pipeline many workplaces are experiencing. It costs time, effort, and drive. Grading your hiring process will help you not only attract better candidates but keep them and attract more like them.

Companies have long used predictive analytics in other operational activities, but few use it for HR needs. Now, there’s the opportunity to run more successful hiring blitzes, use historical data to predict what’s next for them, and identify opportunities in quieter moments – because even when you aren’t hiring, you are.

By grading your hiring process, you have more accountability and empowerment. You’ll be able to show your managers what you’re working on and how your efforts are paying off, allowing you to write your own story.

5 Key Metrics You Need To Grade Your Hiring Process

Haven’t been collecting metrics about your recruiting and hiring processes? Don’t sweat it; many people aren’t. However, the sooner you gather information and get your hiring data, the better you will be. This isn’t meant to make you more work; it is supposed to make your work more purposeful. Depending on the solutions you use to gather and analyze data, it can even eliminate work.

Of course, we suggest using Trakstar Insights. Trakstar Insights is built into the Trakstar Hire dashboard to collect data as you use it and then analyze it, giving you data visualizations you can use to make better decisions.

Most Likely To Succeed: Speed-To-Hire

Do you have a specific timeline you like to follow for hiring? How long does it take you from the moment you post a job opening on a specific site, your site, or internally to the moment you fill that position? Hiring someone quickly is imperative in today’s revolving door of hiring. People who have a faster speed-to-hire rate are more likely to secure the top talent they’ve been looking for and want. If you are above the average speed (which varies by industry), you may be able to take more time on specific job openings where you need someone extraordinary. If you are below average on the speed-to-hire track, you might want to trim the fat from your processes or fall behind.

With a better speed-to-hire, your hiring process will be the most likely to succeed. You can watch our webinar on the Turnover Tsunami to learn more about today’s average speed-to-hire.

Most Popular: Hire Quality

Another metric you want to track is the quality of your hires. Do you hire quality employees that add value to your company, or are you simply hiring to have a body in the position? How much of an impact do your hires have? Are they helping you reach your goals and OKRs? How long did your new hire stay with your company before moving to another company? How long were they in a specific role before being promoted to another position? These are longer-term grades for your hiring process but are still important. You want to start grading these things ASAP as more and more companies jump into people analytics and PeopleOps.

One great thing about hiring quality metrics is that you can pull them from performance appraisals and metrics. With a solution such as the Trakstar Platform, you can make direct connections between hiring and performance, as well as training and development that takes those new hires and makes them superstars. 

To learn more about the Trakstar platform, hiring and recruiting metrics, and so much more, you can schedule a personalized demo with the Trakstar team today.

Class President: Onboarding

Hiring doesn’t truly stop when someone signs on the line. You need to grade your onboarding process as well. Did a specific hiring class have a better onboarding experience? Is that onboarding what led to success, or was it where you sourced your hires? Before hiring analytics, there weren’t many ways to say definitively what was going on with hiring and onboarding, but hiring and learning metrics can help you show what works and what doesn’t.

To most people, onboarding goes back to training and learning analytics more than hiring, but it doesn’t always have to. How long did your onboarding process take for a specific role? Did it also take you a while to hire for that role? Time-to-hire and onboarding might have a connection that would go unnoticed if you weren’t paying attention to the analytics.

The Trakstar platform, particularly Trakstar Insights, helps you link hiring to your learning initiatives by bringing everything together and showing analytics you might not have expected.

Don’t have an onboarding process? We’ve got you covered! Be sure to download our onboarding checklist to start with great bones.

Life of the Party: Job Boards

What job boards are you posting on? Do they give you great results, or are you just posting there hoping you’ll find the best talent? With the right hiring analytics tools, you’ll be able to track job boards and see which ones give you the best results. This can save you time and help you understand where you need to post your jobs. Combine that with automatic job posting; you’ll be able to save yourself a lot of time and effort.

Usually, you’ll even be able to get deeper into the weeds by sorting job boards by openings, departments, speed-top-hire, and so much more. 

Then, you can choose which job boards to post to get a better result every time.

Best Smile: Job Descriptions

Your job description is the first introduction you have to your potential employees. If you have a job description that doesn’t perform well, you aren’t going to get the types of resumes that you want. When you start grading your job descriptions, you’ll be able to identify:

• Keyword phrases that work
• Headlines that attract attention
• Whether or not you should include salary or benefits discussions
• So much more!

This is just the start! You can figure out what works for your job descriptions and what is potentially holding you back.

By tracking what job descriptions work best for specific roles, you can easily duplicate that success moving into the future and get even better results with small changes that don’t require you to rewrite the entire job description.

Don’t Have Time To Grade Your Hiring Process? Think Again

Hiring analytics will become even more critical for companies of all sizes and scopes in the near future. We don’t have enough employees to cover the openings we create. These analytics help you make better decisions around hiring and attracting top talent.

Tracking and evaluating these analytics can seem daunting and take a lot of time. With the help of Trakstar Hire and Trakstar Insights, you have a new and exciting way to grade your hiring process and see what your changes do.  You can schedule a demo with our team if you’d like to learn more about the Trakstar platform. We’ll walk you through how we help you attract, retain, and engage top talent, no matter the market.