Big Data and Analytics have also found their way into the talent landscape.
The fact that you receive 100 applications for a position, with no offer accepted in three months, provides zero benefits to optimizing the hiring process.
However, formulating RATIOS and correlations between total applications received, total interviews conducted and total offers extended will identify the root cause causing offer declines. Drawing ratios from the matrix of hiring data allows for proper conclusions (not mere assumptions), that pinpoint directly to the gremlins in your hiring process.
1. High Application to Interview Ratio - Receiving too many unsuitable applications which indicates a problem with the job description being too generic, or shows that the platform advertised on is not targeting the correct candidate audience.
2. High Offer to Acceptance Ratio - Extending multiple offers for the same role suggests that the remuneration offered is not on par with market standards.
Regardless of the recruitment metrics you choose to track, the real value in hiring data is revealed by the ratios calculated from these data sets.