Yesterday, we wrapped up the second session of our Summer of Sourcing Virtual Slam, a 3-day live video summit all about proactive recruiting. Our Day 2 session was titled, Mastering the Analytics of Sourcing, and our panelists came ready to tackle this tough topic in their finest summery getups with fruity cocktails in hand.
With or without the help of a piña colada, analytics is a difficult area to master for most talent professionals. But as recruiting becomes a more strategic initiative tied to planning, executing and achieving business goals, talent teams must have access to the reporting they need to make data-driven decisions and feel equipped to present that data at an executive level.
After introducing our speakers, Kiersten Sattler, Staffing Services Lead at Google, Ryan Leary, Innovation Lead at RecruitingDaily, and Nicole Dessain, Chief Talent Experience Designer at talent.imperative, our Lever host and VP of People, Mike Bailen, dove right into the weeds of recruiting analytics.
Which recruiting and candidate sourcing metrics should matter to your team?
Kiersten started us off by listing a number of metrics you should track, including:
- Candidate conversion rate (and where drop-offs are happening)
- Source of hire (and where your best hires are coming from)
- Candidate response rates to outreach (in a sourcing CRM like Nurture)
- Optimal number of messages sent to garner a response
Nicole added that each metric needs to have a clear purpose and should become a benchmark you can use to improve your hiring process over time. Other things to measure include:
- Quality of hire
- Time to hire
- Recruiting productivity
- Candidate experience
But if most of this data is available in your ATS, why aren’t recruiters using these metrics?
This is when Ryan came in with a controversial answer: “Recruiters are lazy.”
“Laziness is in the nature of the (recruiting) job because there isn’t much learning involved, particularly around data.”
But wait — why not?
Kiersten defends the modern recruiter by saying, “Recruiters are shifting from a ‘sales’ kind of operation to a heavy reporting culture.” In turn, they may not have expected this kind of analytical responsibility in their career and may need some help adapting to the change.
The bottom line: As a manager or talent leader in today’s modern hiring environment, it is your responsibility to teach your recruiters the importance of data and help them understand how to use it. Don’t feel savvy yourself? Take a course on analytics, or find a mentor in TA who you can learn from. Technology is helping us gather the data we need, but it cannot replace the human ability to understand how to leverage the data to improve processes and outcomes.
So when it comes to reporting and analytics, what do executives care about?
Nicole jumped in to say that leadership doesn’t care about all the same metrics your team should be focusing on. Simply put, they’re too granular.
The reality is, executives need you to define your data and contextualize why it matters for the overall business.
So what does matter at an executive level?
“Spend and speed,” said Kiersten.
For spend: What’s the cost of a bad hire? The cost of an unfilled role over time?
For speed: What’s your time to hire? How efficient is your recruiting process?
These are some of the areas your team is likely already tracking, but they may need to be reframed for your leadership team to understand their true impact. Take a look at your data and ask yourself, “How could this impact the overall business if we let this slip?” That’s the lens to use when sharing the numbers at an executive level.
It’s tough to cover analytics in just one 60-minute session, but we did tackle quite a bit more with the help of our amazing panelists. The final recording of “Mastering the Analytics of Sourcing,” along with our other two Summer of Sourcing Virtual Slam sessions, will be available on demand this Friday. Sign up here to get the videos sent directly to your inbox!