When it comes to recruitment, efficiency is key. From looking at the needs of the company to the onboarding of new talent, a hiring dashboard allows HR professionals to have a bird’s-eye-view of the entire process.
The changing events of the past two years have left many HR professionals feeling overwhelmed and burned out. Many are searching for ways to simplify and optimize the process of hiring and managing new talent.
It’s hard to keep track of all of the data involved in acquiring new talent. Rather than trying to keep tabs on information, a hiring dashboard centralizes data, allowing you to make better, more informed hiring decisions.
- What is a Hiring Dashboard?
- The Benefits of a Hiring Dashboard
- Key Recruiting Metrics in a Hiring Dashboard
- Best Tools to Create a Hiring Dashboard
Like other kinds of HR dashboards, a hiring or recruiting dashboard is a space used to organize and keep a visual score of HR reports and analytics. Basically, it is a tool that helps HR professionals to see data and gain insight into their growing team.
Within a hiring dashboard, there are HR key performance indicators (KPIs) related to the recruitment and selection process. Using these performance indicators, HR professionals can make better data-driven decisions for their company.
Being able to see all of the essential metrics at a glance can help to quickly identify problems and trends that occur throughout the hiring process. In a nutshell, a hiring dashboard helps to organize and improve every stage of recruitment. Here are some of the benefits of recruiting dashboards.
- Attract Qualified Talent- Targeting qualified candidates can help employers improve retention and reduce high turnover rates. With a hiring dashboard, recruiters can see which hiring tactics work well. This helps to develop hiring strategies that successfully bring in top talent.
- Reduce Expenses- Generally speaking, all HR dashboards can help to leverage labor costs and see where extra time and money are spent. Hiring dashboards are no different. With a recruitment dashboard, hiring managers can detect excessive spending and take cost-effective, strategic action.
- Meet Goals Faster- Perhaps an Objective and Key Result (OKR) for your company is to reduce the amount of time spent hiring and onboarding new employees. Having a hiring dashboard means that human resources can reach their goals faster and without struggle.
- Improve Brand Image- Reputation is powerful and having a good track record is important for the overall success of the company. Having a smooth recruitment process sends the right message to potential candidates.
To set up a successful hiring dashboard, it’s important to determine which KPIs to include. Let’s take a closer look at key recruitment metrics and how they impact the process of acquiring new talent.
When building a dashboard, it’s important to target the specific data that you need to see. As a general rule of thumb, more is less. The metrics used in hr reports and dashboards should help to answer basic questions. To determine which recruitment metrics are the most important, think about the following questions.
How Long Does it Take to Hire New Employees?
Metric: Time to Hire
This KPI measures the amount of time between the moment of the first contact with a candidate the moment that they accept a position. Like other kinds of workforce analytics, the time to hire can be used to measure the amount of efficiency while moving from point A to point B. In general, the lower the time to hire, the better.
How Much Does it Cost to Hire New Employees?
Metric: Cost Per Hire
The costs of hiring new team members are diverse. There are administrative expenses, compensation for staff involved, job advertisements and interviews, etc. In order to budget for this process, it is important to know exactly how much is needed and keep track of expenses. Careful tracking will help you to see where expenses can be cut.
How Long Does it Take to Fill Positions?
Metric: Time to Fill
The time to fill is a metric that gives insight into the overall stability of the workforce. This metric can indicate the overall efficiency of the hiring process. However, it should be noted that not all time-to-hire rates are created equal! Often, specialized and executive roles require more time to find the right candidate.
Where are Applicants Applying?
Metric: Source of Hire
A good question to ask with every new hire is where did they see the job posting? Which job boards have a higher probability of bringing in top talent? This will help recruiters determine where to post job ads and drive more targeted hiring campaigns.
Metric: Offer Acceptance Rate
Like the candidate satisfaction metric, the OAR reflects how aligned offers are to the needs of prospective hires. Generally, high OARs mean that job specs are what candidates are looking for and the hiring process is running smoothly. IF the OAR is low, it might be time to revisit current trends and take a closer look at your hiring pipeline.
How Satisfied are Candidates?
Metric: Candidate Satisfaction Rate
The candidate experience is always a good aspect to keep in mind while hiring new talent. Along with other people analytics, measuring satisfaction can help to improve retention rates and create a healthy work environment. Although you most likely won’t be hiring all candidates that come in contact, the hiring process will give them a lasting impression of your organization and affect your company’s brand image.
How Effective is the Hiring Funnel?
Metric: Recruitment Funnel
How effective is your recruitment process from beginning to end? Is something that can be done to speed up the interview process? To answer these questions, it is important to have an overview of the overall hiring pipeline or recruitment funnel.
Generally, recruitment funnels consist of the number of applications, interviews, assessments, and hires. By tracking the amount of time that candidates spend in each phase of the recruitment process, it can help to see where there are bumps in the road.
The best way to create a hiring dashboard is with HR Software.
With software, creating dashboards and HR reports is easy! Factorial’s software allows you to generate custom dashboards and HR reports in a way that is visual and intuitive.
Using automated HR reports, Human resources can identify workplace gaps, measure hiring expenses, and target successful candidates. Ultimately, ensuring a more effective and streamlined hiring process.