Hiring dashboards are essential tools for recruiters, hiring managers and Human Resource (HR) teams to evaluate the hiring process. By examining data-set trends through a dashboard, patterns emerge and turn into actionable insights that can improve your hiring process.
The visualisation of data through the lens of a powerful hiring dashboard interprets the numbers and makes sense of key performance indicators (KPIs). This can empower you to understand how effective your company is in achieving strategic goals and optimising the hiring process.
Using streamlined hiring dashboards to track recruitment performance can only benefit forward-thinking businesses. Take a look at these 12 data-driven insights and recruitment metrics a hiring dashboard could provide to improve talent acquisition.
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What is a hiring dashboard?
As job seekers browse your careers page, fill out application forms, ask questions and chat with your talent acquisition professionals, your ATS and CRM is keeping track of this info and activity and feeding it into your hiring dashboard.
It takes a well-developed hiring dashboard to produce recruitment insights from the raw data gathered throughout the hiring process, which is your ATS and CRM should offer this functionality (super subtle plug: JobAdder has an amazing analytics feature, allowing you to customise your hiring dashboard).
Converting this data to visual aids like bar charts and graphs empowers hiring teams to easily examine results and performance, and make data-driven recruitment decisions to optimise how your hiring team does business.
12 KPIs and metrics you should be tracking throughout the recruitment process
A customisable hiring dashboard automates the analysis of data and the internal dissemination of information. You should aim to have a fully developed hiring dashboard that can easily outline important data and show you any gaps in your current recruitment strategy.
In order to do so, you’ll need to include a few key metrics and KPIs to visualise actionable insights and make changes as necessary. These can come from any point throughout the hiring process, allowing you to analyse things like the efficiency of your hiring strategies, where you can cut costs and the diversity of your organisation.
The key metrics to include in your hiring dashboard are:
- Offer Acceptance Rate: The number of offers sent out versus number of offers accepted
- Time to Fill: Lifecycle length of a job from posting to closing
- Time to Hire: Time spent from first contact to job placement
- Cost of Hire: Overall budgetary considerations per applicant
- Number of Applicants: Total number of applicants per job ad
- Quality of Hire: Based on the candidate’s performance on the job
- Candidate Diversity: Track qualified candidates of varied experiences and backgrounds
- Candidate Experience: Ensuring your candidates have a positive experience with your company
- Recruiting Conversion Rate: Internal motivation for team members
- Source of Hire: Identify legitimate and profitable candidate sources
- Recruitment Funnel Effectiveness: See snapshots of each crucial point in the hiring process.
- New Hire Attrition: Track how long new hires stay in their roles
Take a closer look at the 12 KPIs and metrics that work together to generate valuable insights below.
1. Offer Acceptance Rate
One of the most important metrics to track as a hiring manager is your Offer Acceptance Rate. This metric is calculated by comparing the number of job offers sent out to the number of job offers accepted.
The offer to acceptance ratio demonstrates your team’s ability to manage candidate expectations and give them a superior job-seeking experience.
A high Offer Acceptance Rate indicates your hiring team members have created a well-functioning hiring process, detailed job descriptions that match the role and provided a positive candidate experience.
On the other hand, if your Offer Acceptance Rate is on the lower end, you’ll know that you need to analyse your recruitment efforts and see where you can optimise for success.
2. Time to Fill
Time to Fill is the amount of time it takes to fill an open position. This helps you measure the effectiveness and efficiency of your communication and hiring process as a whole.
Time to Fill may vary depending on the type of vacancy in the job description. For example, it may be harder to find qualified candidates for an executive or senior-level position than to find one for an entry-level open position.
This metric is vital to tracking various recruitment strategies and their efficiency, exploring how quickly you can fill different roles, how quickly each recruiter fills a vacancy and what bottlenecks are holding your team back.
3. Time to Hire
Time to Hire, sometimes called Time to Accept, is about the job-seeker’s experience. Much like Time to Fill, Time to Hire takes into account the entire process from the first time you make contact with a candidate to the moment they accept the position.
Time to Hire represents the number of days a candidate spends in the hiring process. On average, the time to hire a candidate from first contact to placement can take anywhere from six or so days for a temp placement to over 35 days for a perm placement. But this can be cut significantly if you utilise your existing talent pool. Our exclusive global report goes into this in more detail, so check out the free report here.
Time to Hire is a great way to measure the effectiveness of your hiring efforts. The quicker you can get qualified candidates into new roles, the better. This can help save your company time and money in the long run.
4. Cost of Hire
Cost of Hire is an important metric to present in your hiring dashboard, as it outlines how much it costs to hire someone from start to finish. Overall, your recruiting team may be losing money in wasted time, loss of qualified candidates and unnecessary interviews or delays.
There are myriad costs throughout the hiring process like payroll expenses, administrative expenses, advertisements on job boards and any recruiting technology you use.
You can use this recruitment data to drill down into specific cost metrics. Use these as benchmarks for future hires and in budget development. Visualizations help you to see where to cut expenses without affecting the quality of the hiring process.
5. Number of Applicants
Number of Applicants is a crucial metric to use as a recruitment KPI as it shows which job ads attract the most applicants.
Sometimes, a high applicant response may mean that your job description is too vague or far-reaching or that you’re offering an overly-wide salary range. Finding a smaller number of more suitable candidates saves time and effort.
On the other hand, it will give your recruiting team a good idea of how they can narrow down their job descriptions while also finding qualified candidates within the existing talent pool.
6. Quality of Hire
Quality of Hire reflects how well onboarding and training processes are working. A hiring dashboard can show how effectively your recruitment strategy matches the right talent to the perfect job.
To measure this, you should look at a new employee’s performance throughout their first year on the job. Higher performance scores often indicate a quality hiring process and candidate, while lower scores may let you know that you need to put more effort into screening, onboarding and training.
The quality of hire may also inform which candidate sourcing platforms are most helpful to your company. If you consistently get quality hires from one job board over another, it may mean that job board is a better fit for your business.
7. Candidate Diversity
When it comes to hiring, Candidate Diversity is an important metric to measure. Diversity within the workplace can lead to a better work environment and a higher employee retention rate.
A successful team includes members with various backgrounds, different perspectives, work experiences and skills.
Your company should provide equal opportunities to all qualified candidates looking for a new job. Employing highly-skilled candidates from different backgrounds can spark innovation, improve company culture and bring new ideas to the table.
8. Candidate Experience
Candidate Experience is a great metric to measure success. After all, your hiring process is a new employee’s first impression of your company.
Writing clear job descriptions, following up directly with candidates and providing prompt feedback makes the candidate comfortable and can lead to higher retention rates and a better work environment overall.
While you won’t be hiring every candidate you come into contact with, remember that their experience with your team is a reflection of your company as a whole.
9. Recruiting Conversion Rate
Recruiting Conversion Rate is an internal metric measuring the success of individual team members. You will see exactly how your HR professionals perform, converting potential candidates into new employees.
To gain a thorough understanding of your recruitment process, you need to measure the success of your internal team as employees, in addition to other metrics like the Cost of Hire.
Additionally, Recruiting Conversion Rate is how your team members measure their work progress and KPIs. This rate is a marker to help your employees achieve professional success and motivate them to stay productive throughout the day.
10. Source of Hire
Analysing how well a source performs is part of the ongoing process of evaluating employee referrals, job boards and social media.
Gathering these data sources will help provide insights into finding the most effective hiring channels for your business, allowing you to invest more time and effort into those channels.
Data on Source of Hire can help speed up your Time to Fill by quickly finding new candidates. Additionally, you can measure where your most successful new hires are coming from to hopefully identify more top talent in the same place.
11. Recruitment Funnel Effectiveness
Recruitment Funnel Effectiveness is a data point that encompasses your entire recruitment lifecycle – from beginning to end. You can measure the overall effectiveness and see if there is any way to optimise the hiring process.
When measuring the effectiveness of your recruitment funnel, you should take into account every step, from the initial interview process to new employee onboarding.
Track the amount of time that each candidate spends in each part of the hiring process to see if there are any roadblocks you can solve.
12. New Hire Attrition
New Hire Attrition corresponds with the success of your hiring process. Essentially, this metric is a way to track new hire turnover. It can show how many new employees are lasting past the 90-day, 6-month and 1-year mark.
This metric will apply if you need to improve your quality of hire, candidate experience or specs in the job description. Most commonly, low attrition rates illustrate inaccurate job postings or role expectations set throughout the hiring process.
Additionally, track data on whether the turnover was widely voluntary or involuntary. In the case of involuntary attrition, a new employee is terminated by the employer. High involuntary attrition could be a key indicator that your hiring team needs to improve the quality of hires.
Why should you incorporate a hiring dashboard into your hiring process?
Recruitment dashboards are a useful tool to use throughout your hiring process to make improvements and adjust your strategies.
One of the valuable benefits of hiring dashboards is the collection of data visualization functions they offer. You can see your data in real-time with graph styles like bar charts, pie graphs and line graphs.
Additionally, hiring dashboards can help keep recruiters organised by outlining every step of the hiring process. It can also increase efficiency by allowing you to see pinpoint exactly where and how you can save time and money.
Hiring dashboards are the most helpful tool in your corporate toolbelt. Use a dashboard to monitor work throughout your hiring process, make improvements and adjust your strategies accordingly.
Get real-time data insights with recruitment technology by JobAdder
To sum it all up, hiring dashboards are a great data visualisation tool that you can use to continually improve your hiring process.
Recruiting software, like an Applicant Tracking System (ATS), can house and track your hiring data and present it in an easily accessible way through a dedicated analytics platform.
JobAdder Analytics is a business intelligence product that presents insights on recruitment activity through a series of dashboards fed straight from your JobAdder ATS data.
It offers some pretty handy stuff, including:
- Providing visual, interactive dashboards
- Tracking end-to-end recruitment activity in one place
- Slicing and dicing data using filters
- Real-time syncing of data
- Drilling down into numbers to see underlying data
- Downloading, sending, and scheduling reports
- Setting different levels of access for different teams or offices
If you’d like to learn more, we’ve got an on-demand demo of JobAdder Analytics, so you can watch whenever suits you!
