HR-analytics – this is not some sinister spell, but the ability to use the simplest indicators to improve the performance of your company and your company. Hiding is useless – it’s better to arm yourself with data and learn how to work with them. In the text there is a poll – go through it, it’s important.
Job closure rate
This figure, which includes the cost of placing a vacancy on working sites, contacts with recruiters, screening, interviewing – everything that happens during the search for candidates has its value in the form of human and time resources. Over the past year, the cost of closing one vacancy has decreased, and the cost of HR has significantly decreased.
Time to close the vacancy
The time spent on closing one vacancy is almost as important as the cost of this process. Unfortunately, we were unable to find any average value. We know that in the United States about 25 days are required to close one job.
The formula is simple: # days while the vacancy is open / # number of hired candidates
Sources of candidates
Knowing the sources that bring you the greatest number of good candidates makes the recruiting process much easier. Here it is worth considering everything before the acceptance of the offer, the features of the vacancy and all the platforms that are available for response – the developer responded to Facebook and switched to a career site, and the accountant immediately responded to the website. There is a difference. With analytics of this type, you can reduce the cost of closing a job.
Efficiency of the recruiting process
At each stage of the selection you filter out someone, someone disappears by yourself – an analysis of why this happened at this stage will allow you to more effectively build the recruiting process. Ask those questions that screen out not suitable candidates, talk about those principles of the company that may not suit someone, give test tasks before, so that those candidates who do not want to fulfill them, were immediately withdrawn from the selection process.
The formula is as follows: (# candidates who pass to the next stage / total number of candidates that have been selected) X 100
Accepting an offer
Everything is easy – what percentage of candidates who passed all the selection stages, eventually received an offer (and accepted it)? It is important to consider not only information about why you chose these candidates, but why others refused or for some reason did not reach the final stage of selection.
Analytics is needed to improve the selection process: how do you demonstrate corporate culture? What knocks down people during interviews? How do the candidates respond to information about the salary and location of the office?
Flowability should be monitored regularly – to conduct an analysis every few months, every six months or every year. This will allow you to clearly understand why employees leave the company and what needs to be done to prevent this from happening – it’s again about saving on hiring, and also about building a corporate culture with a stable foundation in the form of good specialists.
Formula: # number of resigned employees for the year / total # of employees
Cost of turnover
An underestimated factor is that every employee who leaves the company also costs money. It sounds cynical, but it’s a fact and one more reason to think about why the office is empty and what you are doing is wrong. In addition, if employees leave, this also affects the general mood in the team – others will start to catch up with him, who are simply frightened of the changes, or on the contrary suddenly have the courage to leave. And yet – you need to know how much it will cost for you to lose an employee.
Formula (there may be options): funds paid after the employee’s departure + cost of vacancy + cost of employee replacement + payment for primary education and adaptation.
Average tenure in office
Analyze, how much time on average employees occupy this or that post. So you can understand when the employee will be close to dismissal and at what point it is better to deal with personnel reshuffles.
How correctly to publish in your case vacancies on FB? How many really good candidates came to the position from the work site? Analysis of the effectiveness of the channels will allow you to use only those sites that regularly allow suitable candidates to respond.
Open positions vs. Closed vacancies
This is an actual article for large companies’ analytics – you need to compare the number of just closed vacancies and appeared to again assess the effectiveness of the recruiting process. If the company has a small number of vacancies, it means that you are doing everything right and in the company everything is completely harmonious.
Average age of company employees
Know what age your employees need to make recruiting more effective, and building a corporate culture is easier. The generation gap still makes itself felt in the workplace, but there are much more important features that you should note and regularly analyze in your work.
Involvement and contentment
Two indicators, which are most often measured by surveys. The question of their effectiveness in the world of HR-technologies is acute. Your task is to find the best tool for your company to analyze the involvement and satisfaction of employees. Whether you will conduct anonymous surveys at the same time or just talk with your team is not so important, the main thing is that the answers are close to the truth.