Hiring can be improved only if we measure them accurately in the first place. And assembling the right metrics, tools, and data within Excel/Google Sheets to derive insights can be a daunting task.
But in the spirit of curiosity, let's explore how data-driven hiring can empower us to optimize our recruitment processes and build teams that will reach for the stars.
The Art of Data-Driven Hiring
The universe of hiring, much like the cosmos, is vast and ever-changing. Data-driven hiring allows hiring teams to navigate these complexities by providing a compass—one that illuminates patterns, trends, and insights. With these tools at our disposal, recruiters can make better decisions, save time, and secure the best possible talent for our organizations.
The Magic of Key Metrics
Metrics are the building blocks of any successful recruiting dashboard. Let's discuss seven essential metrics that will enlighten your data-driven hiring journey:
- Total Open Positions: The total number of job vacancies within your organization.
- Total Applicants: The sum of all candidates applying for open positions.
- Time to Hire: The duration between a candidate's application and their acceptance of a job offer.
- Time to Fill: The period from when a job opening is posted to when an offer is accepted.
- Assessment Completion Rate: The proportion of applicants who complete your assessment process.
- Interview to Hire Ratio: The number of interviews conducted for each successful hire.
- Offer Acceptance Percentage: The percentage of candidates who accept your job offers.
Since you've read the metrics and reached here, here's a bonus from us to you:
A Ready-Made Applicant Tracking Dashboard!
To make your life easier, we've prepared a treasure trove – a ready-made tracking system.
With this interactive dashboard, you can effortlessly track your recruitment metrics and uncover valuable insights.
Access the free Applicant Tracking Dashboard Template
Follow these three simple steps to set it up:
. Make a copy of this Google Sheet, save it with a different name
Head over to this link and copy this dashboard view and ignore the data source selection and click 'Copy Report' button on the pop-up
Once your dashboard copy is done, select all the data tiles and tables. And click on 'Data source' option on the top-right and select the Google Sheet you copied from Step 1
Now your update data in the Google Sheet you copied and don't change the data format and your tracker will showcase your hiring stats.
All you need to do is change the values in the sheet and the dashboard will update and show the latest value on its own.
Should you encounter any questions or difficulties while setting up your recruiting dashboard, worry not!
Reach out to us and book a slot with us on this link and we can custom-fit the dashboard for your hiring needs.
In case you need help creating Robust Assessments...
While embarking on your data-driven hiring quest, don't forget the importance of skill assessments. Equip can help you create tailored assessments that will ensure you hire candidates with the perfect balance of knowledge, skill, and experience.
Explore further: How Equip Helps Recruiters Automate Their Screening Process
There you have it, my friends! A peek into the wondrous world of recruiting dashboards and the key to unlocking their potential. By embracing data-driven hiring and crafting your own recruiting dashboard, you'll not only optimize your hiring process but also create a team of exceptional individuals that can conquer any challenge.