Have layoffs in your talent acquisition team left you feeling like a juggler with one hand tied behind your back? You aren’t alone. In a new report by Aptitude Research, nearly half of companies (46%) have seen force reductions in TA in recent months in roles ranging from candidate experience manager to administrative coordinator. You’ve faced this challenge to do more with limited resources before. Now, there are new opportunities to solve it using talent analytics to boost your hiring efficiency.
How slow hiring hurts organizations
According to Aptitude Research, about 25% of companies say their time-to-fill is still more than 90 days despite advances with virtual hiring. The impact of a slow hiring process can manifest as a high applicant drop-off rate, poor new-hire retention, even ghosting. With slow hiring, organizations aren’t likely to engage the most qualified candidates since top talent has already moved on to a faster offer. There’s also the additional cost of rework. Applicant drop-off, new-hire turnover, and ghosting all create extra work and cost for TA teams already strapped for resources.
There’s a cost to the candidate experience, too. Smaller TA teams often have a hard time communicating well with candidates and creating a consistent, fair hiring experience. The cycle of damage to the talent brand and increased inefficiency due to poor candidate communication continues to spiral up. There is a solution: talent analytics. Using talent analytics, TA teams can pinpoint gaps in their efficiency and direct process improvement to the places that need it most.
Turn metrics into insight and action
Putting metrics in place is the first step to improving hiring process efficiency. Most of the metrics organizations typically use to understand efficiency gaps are a measure of time:
- Time to apply: Measured from when candidates learn about the position to when they apply.
- Time to interview: Measured from when candidates apply to when they are interviewed.
- Time to fill: Measured from when a job is posted to when it is filled.
- Recruiter productivity: A measure of the time recruiters spend on finding candidates, scheduling calls and interviews, and other administrative tasks.
Conversion rate is another critical efficiency metric. Conversion rate is the rate at which candidates convert from different stages in talent acquisition, from learning about a company to applying for a job, scheduling an interview, and accepting an offer. By tracking each of these metrics, you can gain insight into where inefficiencies are occurring. You can start to see which key stakeholders may be slowing down your process.
Solve with hiring technology
Once you’ve identified the efficiency gains you’d like to make, explore a technology solution. If interview scheduling is taking valuable time away from your team, consider an automated interview scheduling platform. There are many scheduling platforms on the market with various capabilities, from setting up one-on-one interviews to handling schedules for complex hiring events. You can choose from candidate self-service scheduling options and virtual scheduling assistants powered by artificial intelligence (AI).
Another aspect to consider is the scope of efficiency improvements you’d like to make. Is interview scheduling the main bottleneck for your organization, or could you benefit from an end-to-end hiring platform that creates efficiencies at multiple points in your process? Modern Hire’s science-based virtual hiring platform helps recruiting teams improve efficiencies throughout the hiring process with:
- Text interviews, which enable teams to engage candidates quickly and easily with a few interview questions that will identify those who meet basic qualifications for the job.
- Candidate auto-advance, which automatically invites candidates who qualify with a text interview into an on-demand interview.
- Integrated pre-employment assessments and on-demand interviews, which provide candidates with a seamless, all-in-one experience and recruiters with accurate predictions of candidates’ future on-the-job performance.
- Automated interview scoring, which uses AI tools to score structured and unstructured interview responses quickly and accurately.
- Automated interview scheduling, which increases efficiency using text, email, candidate self-scheduling, or an AI-powered recruiting assistant for getting interviews on the calendar.
As you consider your options, look for candidate-first platforms that are simple and intuitive, and improve their engagement through better communication. Your solution should create seamless hiring experiences for your candidates.
Get proactive with talent analytics
Efficiency is only one of the areas in which talent analytics can make an impact on hiring performance. Organizations are also using analytics to improve quality of hire, increase diversity in hiring, and make more informed hiring decisions. Changes to your TA team are never easy, but you can turn an adverse situation into an opportunity to bring new best practices into your organization. To find out more about using talent analytics to come out ahead with change, download Redefining Success: Talent Analytics for the Future.