Audit Reporting Is Killing Your Recruiting: Make Your Hiring 10x's More Effective with Strategic Analytics
You might ask, what is Audit Reporting in recruiting? Well to me, that’s all the EEOC Reporting, Time to Hire, Cost Per Hire reporting and any other reporting you do today that is commonly associated to recruiting. I am here to tell you that kind of reporting is a waste from a strategic recruiting and hiring perspective. You don’t have to agree with me but I suggest you think about looking at some new metrics in order to gain better insight into how effective your team is at recruiting top talent and how effectively you recruit certain skill sets.
A Place For Audit Reporting?
Look, I am not here to tell companies to stop doing some of the reporting they have to do. In many cases, your recruiting software limits your ability to analyze strategic data effectively or your recruiting strategy just isn’t quite there yet. Plus, reporting such as EEO and Cost per Hire are in many cases is a legal and financial need for your own budgeting. What I want to do in this article is introduce you to some concepts and some thought provoking ideas that might change the way you think about the types of reporting you do.
Strategic Reporting as a Whole New Type of Reporting
In order to get your mind right, try to embrace that there are two types of reporting you need to consider. Strategic Reporting is about what if concepts in your recruiting. I want you to forget all the reporting you have to do and think about the different types of recruiting you do and what influences an effective hire. This could be looking at key skills sets and making pools of the most recruited skill sets. This might also be coupling your job types with the sources of applicants. Let me introduce you to five new reports I think will help any recruiter get more effective fast.
New Strategic Reporting
- Key Skill Effectiveness Report – This might be a report that identified your applicant to hire ratio for key skills so that you can identify more costly hiring and potentially measure the value of going outside for this type of hire.
- Applicant Engagement Report – This would be a report that analyzes the time it takes you or your managers to engage potential hires.
- Company/Title Source Report – Many of the best hires today come from specific companies and furthermore specific Job Titles do well within certain companies. What about a report to identify Source Companies and Titles in order to help you plan your proactive job marketing campaign.
- Manager/Client Effectiveness Report – Do you have any idea how many applicants to hires you submit to your clients or managers? You should and you might not even know you are submitting hundreds of applicants to certain managers with no response. Is it because they don’t like the candidates or maybe you haven’t gotten into their requirements fully.
- Hiring Effectiveness Report – This is my personal favorite to replace time to hire. Shouldn’t you track post hire time and performance in job of new hires? This coupled with the above data will tell you what campaigns are yielding top hires that stay on the job.
I have included a screen shot of a report I wrote in about 2 minutes to illustrate just one out of the box thinking report. I wanted to know what days of the week we receive most applicants and by source. This report might mean nothing but it might mean we need to focus ou people on Mondays and Thursdays on applicant intake.
Keep in mind these reports are only concepts to get you thinking out of the box. At BrightMove we have introduced Recruiter Analytics for this type of reporting. We believe that recruiters need to be able to get out of Audit Reporting and into thinking strategically about what is working and what is now. Your recruiters need to be able to slice and dice your key metric data in order to make informed decisions about how they engage their hiring efforts. Now traditionally this type of reporting has been left to reporting teams or IT but it is time to get out of the mindset and into enabling recruiters to spend their time more effectively.