Are you an asset manager or business looking for better ways to understand today’s workforce? As you search for workforce data options, look to those that provide you with the best insights. By making factors like these a priority, you’ll stand to gain an edge over your competitors.
With the right data solutions, you’ll gain a better picture of the workforce of each company. You’ll also have the tools to help you get ahead of the fast-evolving workforce trends.
Today, we’ll discuss some of the best ways you can benefit from tracking hiring trends.
Keeping Track Of Hiring Trends Helps You Know How Long It Takes A Company To Hire Talent
As you watch for hiring trends, keep an eye out on the Time To Hire (TTH) metric. The TTH metric measures how long it takes to move through the hiring process after someone applies to a position. These metrics can be a great indicator of how a company is performing.
With a shorter TTH, you’ll have the ability to hire the best quality candidates. You’ll also be able to improve the candidate experience at each step of the hiring process.
For example, data may show a lengthy time frame between a phone screen and a video interview. Scenarios like these can indicate scheduling issues companies can solve with automated scheduling tools.
When using workforce data tools, keep an eye on whether companies are working to improve the hiring process. Metrics like TTH can provide you with ideas on how you can gain an advantage over the competition.
Keeping Track Of Hiring Trends Helps Make The Process More Diverse
Many people wonder whether companies are hitting their diversity targets and ensuring equity at each stage of the hiring process. With workforce data tools, you can constantly keep an eye out on the hiring funnel of other companies.
Here are some of the top metric focuses that can help you assess whether or not companies are meeting their goals:
- Veteran status
Tools like these can help give you a better picture of how to track diversity. As you gain more knowledge about hires, you’ll be able to create programs that help make your process more diverse. With a more diverse workforce, your company will be on track towards gaining a more competitive advantage.
Keeping Track Of Hiring Trends Can Help You Balance Out Your Recruiting Capacity
Another challenge that some people face is finding ways to balance out their recruiting efforts. Bringing in excess talent can bring cost burdens for your business. As for under-hiring talent, it can make your business less productive.
The best way to address these challenges is to create fact-based hiring plans. As you plan out your strategy, make sure that it reflects the most current state of your company.
Here are some types of forecasts to keep in mind as you put together your plan for success:
- Movement between company teams
- Success of hires
- Turnover of employees
These forecasts come from a history of companies similar to yours and can provide you with the best picture. When you add workforce data to your plan, you’ll know if you’re spending too much or not spending enough. With these tools, you’ll be able to compare the total cost of activities like internal processing and recruiting.
With workforce data tools, you can hire the right amount of talent at a cost that works best for you. These measures will help keep you ahead of the competition in the long run.
Keeping Track Of Hiring Trends Helps You Increase The Quality Of Your Hires
The Quality of Hire (QOH) provides you with a clear picture of a hire’s performance in their first year. Those with high ratings can mean that they will most likely thrive in the role. These metrics tend to be one of the most common and complex. There are many ways you can measure the QOH to give you the best idea of a potential hire.
Below are some of the ways you can measure the QOH of each of your candidates:
- Applicants by request
- Performance of new hire by lead source
- Resignation or force turnover for less than three months on the job
- Time since promotion
- Hours of training
- Years of experience
- Level of performance
- Span of control
- Compa ratio
- Job type
The QOH also derives from the input of the Success Ratio. The SR divides the number of hires who perform well by the number of people who get the job. A high SR means that most hires did perform well. If the SR is low, it usually means that a company needs to adjust its selection process.
With such workforce data tools, you can gain a great picture of the kind of people they hire. You also will know if their hires are worth the investment in their company’s future.
Keeping Track Of Hiring Trends Gives You The Best Picture Of The Candidate Experience
As we talk about workforce data metrics, the candidate experience also needs to be top of mind. The CE is how job seekers judge a company’s hiring process and counts towards a CE survey. CE surveys use Net Promoter Scores (NPS) to track how candidates view their experience.
NPS metrics help you look for touchpoints of the CE that you can work to improve. As you look to enhance the CE, keep in mind that you can measure it at each recruitment phase.
While you apply this step, work to include those who did not receive a job offer. By accounting for those people alongside those you did hire, you can gain the best judgment of your CE’s state. With these kinds of workforce data tools, you can grow your CE and stay ahead of your competitors.
Keeping Track Of Hiring Trends Helps You Watch For The Offer Acceptance Rate (OAR)
The Offer Acceptance Rate (OAR) compares the number of people who accepted a job offer with those who got an offer. A low rate may mean that there are issues with the compensation. It can also indicate other things that have to do with the overall CE.
With this metric, you can catch problems ahead of time and adjust your recruitment process. For example, you can work to be more transparent about the pay rate early on in the process. You can also use the OAR metric to address any gaps your company may have in the CE process.
These workforce data metrics go a long way in helping you stay ahead of any issues in the hiring process. They also help reduce the likelihood of candidates accepting offers from the competition.
Choose Workforce Data Solutions That Help You Stay Ahead Of Changing Hiring Trends
As you search for workforce data options, look to those that provide you with the best clarity and knowledge. The best workforce data options are those that provide you with the best insights. These methods will help provide you with real-time solutions that help you reach your potential.
With the best solutions, you’ll be able to stay ahead of the latest hiring trends and make your investment worthwhile. To get even more insight, visit this site.