What’s the point of enhancing the candidate experience and boosting your productivity if at the end of the day, you don’t track your progress to see if it’s actually working?
Yet, let’s be real: it can be intimidating, or at least time-consuming, to look at data reports and figure out what it all means. That’s why you need a simple way to view the data that actually matters. Integrating the right platform with Workday can provide actionable insights, revealing details about your candidates and hiring process you didn’t have access to before. Not only does this make your job easier, but it helps your organization make better business decisions.
So what data should you have access to? Here are 3 metrics to look for when searching for the right platform:
1. Traffic Channels
Find out which channels your applicants are coming in from and the rate at which they are converting. If you are paying for job aggregators, you can even track ROI by viewing cost-per-applicant, cost-per-lead, and cost-per-hire. With this information, you’ll be better equipped to identify which job boards and campaigns are worth investing in.
If, for example, one month you see an unexpected drop in your paid job board leads for a job category like marketing, you’ll want to investigate further. It could be a technical issue that can be fixed, or it might indicate the start of a larger drop-off trend because marketers are starting to go to a new job board on the market.
2. Hiring Pipeline
One of the most important dashboards for any recruiter, this is where you’ll track the entire candidate journey: from leads all the way through to hires. You get a quick snapshot of the number of your prospects, and those who were hired, rejected, or withdrew their application. Then, go deeper to see how many candidates you have in each hiring phase for each job category. You’ll also be able to find out where your top quality candidates are coming from, which further fuels your recruiting strategy and allows your team to operate more efficiently.
You might see something like a downward trend in a highly technical job category. This could mean something internal has changed—maybe your best technical recruiter moved to a new role, or there is some other team dynamic that needs to be reworked.
3. Hiring Funnel
Get macro level insights into your hiring funnel, and drill down by date range, location, and job category. Here you can compare one job category to another so you can figure out where you can replicate success in your recruiting strategy. This is a great place to look on a regular basis so you’re not missing opportunities or ignoring any blockers.
For instance, maybe you’re delivering a plethora of leads to your UI Designer hiring manager and an unexpectedly low number are moving to the interview phase. This will let you know something is up, so you can sit down with the hiring manager and discuss whether the screening process needs to be revamped.
Get Smarter Data with Phenom + Workday
Phenom’s Talent Analytics module for Workday provides an end-to-end understanding of what is happening with your existing hiring strategy, including job distribution campaigns and your hiring funnel. More data is captured because both systems are mirroring information in real time—including candidate data from the hosted apply process and status information from your ATS—so you’re able to see the full picture.
Navigating the module is simple. You’ll start with a macro view and then drill down as granularly as needed. Over 30 dashboards are included in the platform summary (including the key three mentioned above), with more dashboards being added all the time. Easily export this information into reports to help socialize these insights, helping your team expand current successes and pause and reflect on any bottlenecks.
Interested in seeing how Workday + Phenom delivers better talent analytics?