Leveraging Analytics To Help HR Make Stronger Data-Driven Decisions
Analytics fuel the hefty, evolving strategies organizations need as they plan for and approach the future of work. Accurately interpreting analytics has the potential to unlock everything from increasing the ROI of your recruitment marketing efforts to reducing time to fill and boosting employee retention.
Especially now, supporting strategies with data is more vital than ever for quick, reactive execution, as well as long-term predictions and trends. It also ensures teams glean insights about the experiences of their candidates, employees, recruiters, and managers to improve their experiences.
Here are key ways Phenom Talent Analytics adds an additional layer of confidence when making big decisions that impact departments across your organization, setting teams up for continued success.
How can analytics impact the recruiter-hiring manager relationship?
A candidate's experience is directly impacted by the relationship between hiring managers and recruiters in the background, which means that it's the foundation for successfully hiring top talent.
Faulty communication between hiring managers and recruiters, for example, will often send top candidates to the competition. As companies navigate today's hiring needs and plan for the future, a solid hiring manager-recruiter relationship sets the stage for a better candidate experience, ensuring top talent to chooses your company over others.
It's critical to ensure that strong processes are in place, and that clear communication and expectations are in tact. Using metrics to define strategies, as well as governing the process of both candidate and employee feedback is crucial.
Here’s how: Recruiters can take initial feedback from a hiring manager and use it to update AI tools within the Phenom CRM for any of their jobs.
Update what, exactly?
Let’s say a candidate is served up via Phenom AI in the CRM during the same time a recruiter is online, sourcing for a particular role. The recruiter believes the candidate is a good fit for the job, so they send the candidate's details to the hiring manager. Depending on the hiring manager's response, the recruiter can select, or pass on the candidate, which simultaneously in the background trains the AI to suggest candidates with similar qualification, skills, or matching criteria.
Those important actions add new, relevant information to Phenom’s platform to accurately cultivate candidate leads that already exist in the recruiter’s network, and provide feedback on how many of the positions’ crucial criteria are met.
The CRM also provides recruiters with tools to create custom criteria to hyperfocus on specific types of candidates that will appeal to the needs of the hiring manager, making the hiring process and qualification of quality candidates faster. No specific set of data and metrics are tracked every time; that depends on what information the hiring manager wants to keep an eye on. They can build out custom fields in the CRM setting that can be filtered according to their preferences using Spotlights and Advanced filters.
Recruiters are also able to easily capture and share a candidate profile and any accompanying documentation with the hiring manager in one easy step within the CRM. From there, the hiring manager will be prompted to view the candidate in the hiring manager dashboard.
Job-specific analytics are a useful presentation tool for recruiters to update hiring managers. Part of a recruiter's responsibility includes showing hiring managers the level of engagement each job post gets and updating them accordingly. Analytics reveal so much about each job post: its activity, engagement, time candidates spend reading the description, if a candidate applies and if not, where they exited and why. Job-specific analytics also track new job seekers and compares that data to information on returning candidates.
What analytics can equip recruiters to fill roles faster?
The candidate experience starts the very moment a job seeker (active or passive) lands on your career site.
Phenom can quickly help recruiters determine where candidates are coming from, whether that be the collective candidate base or individual candidates for a specific position. If an HR team shares an open job on social media for a short time, and the position is filled, data on the candidate profile can indicate whether the hire came from job post sharing, a targeted marketing campaign, or found the site on their own. Sourcing data allows recruiters to be strategic with their posts — and dedicate effort toward what’s working —freeing up more time for candidate engagement and evaluation.
To do so, recruiters should monitor Traffic Channels (where candidates are coming from) to determine the effectiveness of their marketing efforts, and if there are other sources where they can have more of an impact. Traffic channels include:
- Direct Traffic: One of the more common sources, this includes visitors that come from direct links or saved bookmarks.
- Job Boards: This covers websites such as Indeed or LinkedIn that are sending candidates to your career site.
- Organic: This includes visitors who find your website after using search engines such as Google, Bing, or Yahoo.
- Social Media: Platforms like Facebook have also become great avenues for job sharing.
Analyzing candidate volume, applicant conversion rates, and hires from these sources help organizations determine ROI from their marketing spend. For customers using Phenom, they can also find metrics like cost per lead and cost per Apply, along with the rest of their traffic channel data.
Recruiters should also examine geographic locations of candidates, called Job Seekers by Location. This data shows where in the world candidates are applying from, which can help steer talent acquisition efforts — especially when hiring for non-remote roles. By studying where volumes of talent are based, you can let data show you where to search.
The Apply Funnel informs TA professionals where candidates drop off in the application process, and it signals how to improve your apply flow. Apply Funnel can indicate whether your apply flow is too long or complicated, could be better optimized for mobile devices, and more. As this allows you to better identify This enables you to better at way, you're more likely to identify and undo knots in the system, applicants are enabled to get further in the application process. resulting in applicants getting further to finishing the process.
Additionally, Hiring Dashboards break down information in your talent funnel by hiring status. The dashboard, powered by a real-time integration with your ATS, shows where each candidate stands based on their status.
Candidates use multiple devices for job searching and applying. Phenom breaks down device use for visits, page views, time to apply, and completed applications, indicating where there may be gaps in the candidate experience for each device type. Using this data to optimize an apply flow or determine how to streamline a landing page can lead to more apply clicks and fewer incomplete applications.
Search analytics answer a very important engagement question in recruitment: Are candidates finding what they’re looking for on your site?
Here’s how reviewing search data can help: candidates may look for the benefits your company offers, or information on DEI. If information like this is missing, candidates might not apply simply because it isn't there. Search analytics reveal information gaps, signaling areas where your team can add more details to help people find what they’re looking for. It also empowers you to strengthen your employer brand on your career site by adding or changing content that helps people get a better sense of your organization.
What can data reveal about candidate feedback?
Information has infinite value when it comes to recruiting, but finding the right insight is often a challenge. While many of the analytics mentioned earlier reveal a candidate’s behavior on a career site, information can also be collected directly from job seekers to gain more qualitative details.
For instance, Phenom's Net Promoter Score (NPS) widget provides recruiters with direct feedback from candidates on their experience with the career site. NPS surveys can be conducted to gain general feedback about the site, or targeted to specific pages and flows. TA teams can use this information to identify issues that cause applicants to leave the site, stop the apply process, or disengage completely.
Adding the NPS widget to apply pages, for example, will generate information specifically on the candidate's application experience. Adding it to content pages or job pages will help TA teams gain insight into the performance of specific features and functions on your career site.
The feedback, along with career site visitors' rating (1-5 stars), will be collected, tracked and analyzed throughout the talent acquisition process. Recruiters and managers don't have to conduct a thorough analysis from scratch, as Phenom AI will refine your data, but there will need to be active engagement from the TA team to accurately interpret the data.
What metrics can empower management to optimize strategies?
Management should use certain metrics to focus on and develop best practices. Phenom provides the Metrics That Matter program, a tool to help build effective practices. This analysis is performed in partnership with your Phenom Customer Success Manager, and provides insightful benchmarking for expectations on career site performance, candidate engagement, and CRM usage. This data is key for identifying best practice gaps early on, or ensuring continued success as your organization grows with the tool.
The Recruiter Profiles Report, CRM Usage Report and Hiring Pipeline Report are standard reports in TA that CSMs use to help customers maximize adoption:
- The Recruiter Profiles Report provides information from which hiring managers can track requisitions and jobs filled by each recruiter. From there, they're positioned to call out exceptional recruiters as examples to follow, and that recognition can motivate other team members to get some beneficial, extra education and mentoring.
- Next, managers can combine that with the CRM Usage Report to see what actions are being taken by the company's top-performing recruiters. Think of this as a roadmap to success when it comes to seeing what tools are most effective for your team. Being able to pinpoint efficiencies in the platform that are most impactful for your organization can lead to reductions in both time to hire and cost to hire.
For instance, when looking at your CRM usage, are your recruiters sending large volumes of campaigns, and has that tactic translated into more hires? From there, you can learn whether TA management should shift efforts from something like events planning to campaigning.
- The Hiring Pipeline Report grants access to information and data so managers can focus on training and best practices.
The report breaks down your candidate flow into stages, such as which candidates are hired, rejected, who withdrew, who's currently being screened, being interviewed, the number of job offers your company extended, the total number of candidates you had for each role, and more.
Once managers analyze this key data and utilize metrics, they're ready to determine which strategies work best for their team and from there, increase efficiency and maximize performance.
By leveraging data and analytics, recruiters, hiring managers, and management can make stronger, data-driven decisions, improve talent acquisition strategies, and build better teams faster.
To learn more about leveraging analytics to maximize your talent experience, reach out to your Account Manager today!