Over the previous twenty years, companies have change into exceedingly data-driven. Almost each division of a enterprise, from gross sales and advertising to finance and engineering, has the instruments in place to report on progress towards their objectives, forecast productiveness, and show the ROI of their efforts. 

Whereas Expertise Acquisition (TA) has shared on this data-driven revolution, it has been (and in some instances, nonetheless is) tormented by a disorganized pile of spreadsheets, hours of handbook knowledge entry, and disparate knowledge silos requiring pentagon-level clearance to entry. Fortunately, new applied sciences have emerged in recent times that present the insights wanted to make higher, data-driven selections and strengthen the partnership between TA and all key stakeholders within the Hiring course of. In a world the place data-driven selections are par for the course, making a well-thought-out hiring dashboard will help you visualize developments, collect insights, spot bottlenecks, and optimize your recruiting course of.

However that is all nonetheless comparatively new, and beginning out might be powerful. Whether or not you’ve been tasked with creating the primary hiring dashboard in your group or bettering an current one, it might probably really feel such as you’re being thrown into the deep finish of a pool and not using a life jacket. What do you measure? How do you measure it? Why do sure metrics matter? At this level, you in all probability have extra questions than solutions, however don’t fear; we’re right here to assist. 

On this collection, we’ll stroll you thru the several types of hiring dashboards (sure, there are differing kinds). We’ll present you methods to tailor your dashboard relying on the precise stakeholder you are sharing that data with, the dialog you are trying to have, and what facet of your expertise acquisition funnel you need to look at. As well as, we’ll discuss by means of the recruiting metrics you have to be monitoring and why; and at last, we’ll provide you with some templates you should use at this time to construct the proper hiring dashboard in your wants with out spending hours poring over spreadsheets, manually getting into knowledge into your ATS, or consistently bugging your recruiters. 

Should you’d wish to learn the opposite articles in our Final Information to Hiring Dashboards collection take a look at the hyperlinks under:

Disclaimer: The metrics and dashboards proven under are all based mostly on Gem’s platform. Should you’re not a Gem consumer (but!), we nonetheless suggest you check out these metrics and monitor them as finest you’ll be able to. 

Key metrics to incorporate in your hiring dashboard: 

Right here’s what your hiring dashboard may seem like in Gem: 

Now there’s lots occurring right here. Let’s break these down one after the other. 

Hiring objectives

Whether or not or not your group is assembly its hiring objectives is the last word measure of your TA crew’s success. If your organization isn’t hitting its progress plan, so many different issues can’t occur: the product doesn’t get constructed, income targets are missed, and your organization mission and imaginative and prescient might endure. 

Each firm’s hiring objectives will likely be totally different. Nevertheless, setting a sensible objective based mostly on historic hiring knowledge and present recruiting capability will give your TA crew one thing to work towards and supply a benchmark on which you’ll be able to measure their success. Work with finance and management groups to find out the group’s progress objectives whereas making an allowance for metrics like historic conversion charges, time to fill, present candidate pipeline, and so forth., in addition to potential limitations just like the recruiting capability of your present TA crew. When you’ve received your objectives nailed down, including them to your hiring dashboard will guarantee accountability all through your crew.

Complete hires/Purpose progress

After getting your hiring objective set, monitoring the whole variety of hires your crew has made will clearly point out how you’re progressing towards your objective. Including this metric to your dashboard will let should you’re on monitor at your present hiring tempo or should you’re more likely to fall brief, wherein case chances are you’ll must reevaluate your objective or optimize the expertise acquisition course of itself. 

Job openings

The variety of open roles exhibits you exactly how a lot floor you’ve got left to cowl to fulfill your hiring objective. Trying on the variety of open reqs in relation to your crew’s hiring capability will help you forecast extra precisely whether or not or not your crew will have the ability to meet your hiring objectives. 

Constructing this metric into your hiring dashboard can even assist with useful resource conversations—if the variety of open job reqs has grown quarter-over-quarter however no new TA headcount has been introduced on, you should use this knowledge to make the case for why extra sources are wanted to fulfill your group’s hiring objectives. 

Present hiring pipeline

Your present hiring pipeline is basically a snapshot of what number of candidates are at every stage of your hiring course of. Whereas your pipeline is probably going consistently altering and (hopefully) bettering, it’s nonetheless necessary to incorporate it in your hiring dashboard as it can help you current your TA crew’s efforts to inside stakeholders and reply tactical questions like: What number of candidates are at present in course of? The place are the sticking factors in your hiring course of? What number of provides have your crew prolonged? And so forth. 

Provide acceptance price 

Provide acceptance price (OAR) seems at what number of provides your group is extending and what number of these provides are accepted in a given quarter. OAR signifies that your TA crew has introduced high-quality candidates into your funnel, moved them by means of the method easily, and labored with cross-functional stakeholders to increase attractive provides to these candidates. As well as, in Gem you’ll be able to have a look at business benchmarks for metrics like provide acceptance price to see how related firms’ metrics evaluate to yours.

Time to fill

Time to fill (TTF) is the variety of days between the approval of a job requisition and when a candidate accepts a proposal. Time to fill gives a holistic view of how briskly your group can usher in certified candidates and transfer them by means of the recruiting course of. This consists of the logistics of making and posting job descriptions, sourcing candidates, coordinating interviews, and so forth. Including time to fill in your hiring dashboard gives you a sensible view of how lengthy it can truly take to fill a task and help you forecast extra correct hiring targets and set expectations. 

Time to rent 

Time to rent (TTH) takes away the pre-funnel logistics (job posting, sourcing, and so forth.) and appears particularly at how lengthy it takes for one candidate to go by means of your hiring funnel. Time to rent begins as quickly as a candidate is entered into your applicant monitoring system (ATS) and ends as soon as they settle for a proposal. This illustrates the speed and well being of your hiring course of other than all exterior variables which will influence time to fill. 

Naturally, you’ll need your time to rent to be as brief as potential (for appropriate candidates, in fact). A quicker time to rent means a smaller chance {that a} good candidate will get a competing provide earlier than you’ll be able to convey them on, and it improves candidate expertise (no person needs to spend months caught in a gradual hiring course of). 

You’ll be able to measure time to rent by common or median; nevertheless, we’ve discovered that median time to rent gives extra correct measurement in datasets with important outliers (i.e., if a recruiter forgot to shut a req) which will skew your knowledge a method or one other.

Professional tip: When monitoring metrics like time to fill and time to rent, remember the fact that totally different industries, roles, and seniority ranges can have drastically totally different occasions to rent. For instance, the time to fill a senior-level software program engineer function will probably be a lot higher than the time it takes to fill an entry-level gross sales function. 

Provide decline causes 

Provide declines are powerful. They take a monetary toll on the enterprise as time and sources have been spent on interviews, assessments, and so forth., they usually take an emotional toll on the recruiter who put a lot effort into transferring the candidate by means of the hiring course of. 

Including provide decline causes to your hiring dashboard will help you hold higher monitor of the explanations candidates are rejecting provides and can present perception on how to make sure that fewer rejections happen sooner or later. Inside your Gem dashboard, you can even customise the provide decline causes to supply further granularity in your evaluation. 

For instance, should you see a spike in candidates rejecting provides as a result of compensation, it’s potential that your package deal for a sure function is just not aggressive with the market. It is a highly effective knowledge supply you’ll be able to share with organizational management to petition for a rise in wage or advantages for that function. 

As a RecOps skilled, the worth of excellent knowledge—it informs almost each aspect of your job and empowers you to make higher selections in your TA crew. Creating a sturdy hiring dashboard is the important thing to higher understanding your recruiting knowledge, strengthening your partnership with all inside stakeholders, and implementing constructive adjustments all through your recruiting org.

Should you’d wish to be taught extra about methods to construct your individual hiring dashboard, get in contact with us at this time!