If you are already using Modern Hire’s intelligent hiring platform, you know that it produces results. Modern Hire provides efficient, effective, ethical and engaging talent acquisition (TA) tools to help employers find the best candidates using pre-hire assessments, video interviews and workflow automation, all powered by validated selection science.
At Modern Hire, we apply science and analytics to gain visibility and transparency in the hiring experience and improve upon it to deliver a seamless and effective candidate interaction. That’s why we’re providing Analytics, a new self-service tool for HR professionals, to use data from their hiring processes to learn from and improve upon workflows to create a more effective and efficient hiring system.
A New Tool from Modern Hire
Most organizations are overwhelmed by data, which is often siloed and difficult to integrate. HR leaders need accessible, valuable data in real time. Recent research from Aberdeen found that 29% of global HR leaders have difficulty gaining actionable insights from HR data, and 32% feel providing higher quality data is an important factor in their decision to evolve or upgrade their HR tech stack.
Analytics from Modern Hire can help you access important data to improve your candidate funnel quickly and efficiently. This easy-to-use reporting system provides actionable insights in real time. With multiple filtering options, you can drill down into all areas of your candidate funnel to easily identify any issues or roadblocks.
For example, Analytics shows candidate throughput, drop-off and median time to complete each piece of their interview workflows. Reviewing these important metrics can help identify bottlenecks or issues in your hiring process. A high dropout in a single part of a workflow may indicate a bad candidate experience or inefficient workflow. Analytics visualizations are filterable based on job and interview characteristics such as requisition, job template, stage, number, location, recruiter and more. This gives HR the ability to easily set benchmarks for time to complete and conversion rates that support the needs of the business.
How Modern Hire Analytics Can Improve Your Outcomes
Here are examples of how Modern Hire’s Analytics can be used to drive real change in a hiring process.
Forecasting hiring workflow. A company needs to hire 200 seasonal workers every winter in various U.S. locations. Using Analytics, the team estimates that they need 2,500 applicants to reach that goal and understands the length of the hiring process at that company. With this information in hand, the team knows they will need to start in September to hire workers before November.
Time to hire in different locations. A large retail company notices that hiring for the same role varies significantly across the country. Using Analytics, they can quantify exactly how much more difficult it is to hire by location. First, the retailer can use Analytics to discover the average hiring baseline across the company, for example, 20 interviews results in one hire. The next step is to determine how far off each location is from the baseline, identifying the order of magnitude from the average by location. Finally, with this data, the company can determine the factors driving that issue and formulate a plan to improve it long term.
Efficiency and a positive candidate experience. A company uses Analytics to compare interview and assessment conversion rates across job templates. This results in process improvement that will strengthen their pipeline without affecting candidate experience. It will lead to an additional 15,000 new applications in two months (90K/year) and shave almost a half hour off the time candidates spend in the workflow.
Identify best practices. How much better would your hiring process be if you could clone your best recruiter? Analytics allows you to drill into time to fill and conversion by recruiter so your top performers can share their practices with the rest of the organization.
Integration with ATS. Analytics can give you a full line of sight, not only to your Modern Hire workflows, but throughout your entire hiring funnel. For organizations that use applicant tracking systems from third-party vendors (e.g., Oracle, SuccessFactors), they can match data from their Analytics to information from their ATS. For instance, an ATS timestamp allows HR to see the candidate journey from the initial application submission all the way through Modern Hire’s screening, assessment and interview, and back into the ATS for offer letters, background checks and more.
Modern Hire’s Analytics self-service tool empowers HR to drive better outcomes and more efficient workflows by helping to define the most important measures across different parts of the business.