July 22, 2024
Recruiters have a lot on their plate, from posting job vacancies, engagement, and screening, to a lot more than it seems. Whether it is the slow hiring season or boom season, HR professionals are busy maintaining a healthy work environment and providing a pleasant workplace.
Data can be one of the weak points for HR professionals since there are so many touchpoints, and it can become complex to derive insights. However, it is critical to make data-driven decisions to improve the hiring quality and tap the top talent in the firm. Hence, a dedicated hiring dashboard can make recruiters' life easy.
But what is a hiring dashboard? Today's blog will cover all about hiring dashboards and how you can build one for your business in 5-easy steps!
The hiring dashboard is a system that presents all the hiring data in a visual format. It displays hiring metrics, KPIs, and reports in an easy-to-understand graphic manner.
Businesses use a hiring dashboard to reflect the performance of the hiring process, assessing the budget allocation, applicant quality, campaign success, etc. It helps HR professionals to visualize the hiring process and get insights into the health of the talent pipeline.
Using a hiring dashboard positively impacts business in terms of employee performance and resource utilization.
Here are the top 6 reasons you need to invest in a hiring dashboard.
Human resources can reach their goals faster and without struggle. They can track the loopholes and effectively devise strategies to provide results. The hiring dashboard revolves around data visualization. However, the HR team must pick the data they wish to work around. Only some metrics are valuable for the HR team!
The main aim of the dashboard is to visualize the data and track metrics to improve the hiring process. However, amongst hundreds of metrics which one should you prioritize? Here is a list of the top 12 metrics to track on your hiring dashboard.
How much time does it take to hire a new employee, from application to hiring?
Time to hire measures the number of days required to hire a new employee. It indicates the efficiency of the hiring process. A short time-to-hire period helps companies tap the top talent without leaving any time for switching or leaving. The average time to hire ranges between 7 to 30 days.
How many days does it take to begin recruiting and fill a vacant role?
This metric measures the days required to fill a vacant role. A short period is good for a company as it helps to tap qualified talent without disrupting workflow. Moreover, it reflects the effectiveness of the hiring process. The average time to fill is 41 days.
Is the new hire effective and performing well?
Quality of hire measures the efficiency of the new hire. This indicates the effectiveness of the hiring process and if the HR team could hire the most qualified candidate for the role. Recruiters must measure the performance over one year to give sufficient time to each candidate.
How much does each hire cost the company in terms of advertisement, hiring process, training, etc.?
Hiring is not a free process where the company posts about vacancies and fills the role. It costs a lot to post ads to reach the masses, conduct screening processes, and train the candidates to ensure performance. All this comprises the hiring cost. The HR team should reduce the cost by devising cost-cutting strategies.
How many applications do you get on job postings?
Applicants per opening measure the number of applications you receive on each job opening. It reflects the job popularity and the value of the employer brand. A company with a good employer brand tends to welcome more applications. However, more applicants don't mean a large pool of qualified candidates. The recruiters must curate specific JDs to ensure qualified candidates.
Is the manager satisfied with the new hire's performance?
Hiring manager satisfaction measures if the manager is satisfied with the new employee. This requires surveys and performance reports from the managers to gauge their satisfaction. Generally, a low satisfaction rate requires amends in the hiring process to attract qualified candidates.
Is your new candidate satisfied with the job?
Candidate satisfaction uses surveys and other feedback systems to measure candidates' satisfaction rates. Candidates must be motivated and enthusiastic about working daily. It is critical to make candidates feel valued, engaged, and motivated. Recruiters must ensure that candidates get a pleasant working environment to ensure high-performance levels.
How many employees leave the job within a specific period?
Employee turnover measures how the staff retention strategies are performing. It highlights a comparison between voluntary and involuntary employee loss. The HR team must create effective replacement plans if there are high voluntary resignations. The company must aim to reduce employee turnover to save resources.
What is the organization's ratio/ percentage distribution of male and female employees?
The female-to-male ratio reflects gender diversity in the workplace which is still a pressing issue. The recruiters must deploy tools and other tactics to mitigate bias and hire qualified candidates. Moreover, they must aim to bring a female-to-male ratio closest to 1:1.
This can further measure the diversity ratio to provide a work environment for underrepresented candidates!
How many candidates accept the offer letter after clearing the interview?
Often companies select candidates who don't accept the offer letter and opt for other opportunities. It is critical to measure this metric as it shows the effectiveness of JDs. Transparent JDs tend to have high OAR.
Additionally, it is also crucial to look into the offer decline reasons. The company must track down why candidates are not accepting the offer letters. Knowing the root cause will guide recruiters in improving the hiring process or any other shortcomings.
Which candidate in the pipeline is at what stage of hiring?
At a particular time, each candidate is in a specific hiring phase. It is critical to visualize how many candidates are at each stage to measure hiring effectiveness and priority areas. For instance, if many applications are in the pipeline, the recruiters must automate the screening process to improve efficiency.
What are the primary sources of hire for the company?
Each company uses multiple sources to hire employees- job boards, referrals, networks, communities, social media, etc. Recruiters must gauge the effectiveness of each hiring channel to pinpoint the most effective source. It helps to identify the primary hiring source, which provides maximum quality candidates.
This metric helps to compare channel efficiency and cost. It can highlight the cost associated with each channel. Recruiters can pick channels cautiously, considering cost and efficiency to get the desired candidate to fill vacant roles.
Now that we have certain metrics to track, let us see how we can curate a dedicated hiring dashboard. This dashboard will help the HR team and other stakeholders to visualize the impact of hiring efforts.
A hiring dashboard is primarily under the supervision of HR professionals but gives insights that impact the entire organization. For instance, if the employee satisfaction rate is low, the company needs to reevaluate the work culture and take steps to boost employee motivation and satisfaction.
A dashboard does more than provide metrics for data-driven decisions. It helps to capture data and provide insights into the complete hiring process. Here is a simple 5-step procedure to set up your hiring dashboard.
Every business has different needs, and each business will have a unique hiring dashboard. The recruiters can take inspiration from other hiring dashboards, but using the same will only help in the short run.
The HR team must start by analyzing and outlining the business goals. For instance, the business might aim at building a diverse team. Choosing specific goals helps prioritize the metrics and bring precise tools to achieve them.
Each business has to face unusual challenges and problems. Hence, it is critical to identify the particular pain points and focus areas in every case. For example, a company might have unequal gender proportions and a high turnover rate. In such a case, the dashboard will reflect the microscopic view of the hiring process and other metrics to tackle such issues.
Without a goal, the HR team will look at numbers without knowing their next step!
A dashboard is a data-visualization tool that helps the HR team to make data-based decisions. However, standalone, it can not serve any purpose if not curated to meet specific business needs.
After deciding on the business goals and focal points, the HR team will choose metrics to align their efforts with the results. For instance, the company wishes to improve operational efficiency. Then, the HR team will pick metrics such as employee performance, manager satisfaction from new hires, employee motivation, absenteeism, quality of talent pipeline, etc.
The HR team must start by asking the following questions to pick the metrics and aligning them to business goals effortlessly:
It is easier to start with questions and assign a dedicated metric to track those. The aim is to personalize the dashboard and leverage it to enhance the hiring process and results.
Where will you set up a dashboard? What will data sources be used to get insights? How will the dashboard generate reports for multiple stakeholders?
After picking on desired metrics, the HR team must choose a tool to accommodate desired dashboard capabilities. We need a tool to capture and visualize data from various sources to provide insightful reports with relevant metrics. Moreover, it should be able to integrate with current hiring tools without third-party applications for a seamless experience.
Nurturebox assists recruiters in setting up their next hiring dashboard. It effortlessly integrates with the entire HR tech stack to capture and present data as a single comprehensive database. It provides analytics about what's working and what's not.
Choosing the right tool is critical. Otherwise, the dashboard will show distorted results and make all the efforts futile.
Once the HR team has metrics and tools, they can finally set up the entire dashboard and start working on it. It will help present all the data in easy-to-understand formats. The HR team can easily get insights into the hiring process and improve the employee experience.
The next step is to share access across the team and let them know how to leverage the dashboard. A standard plan should be distributed amongst the team with all the information about the dashboard. In fact, the team must document the entire dashboard setup and usage. This helps the team to understand their role and improve upon the dashboard.
The final step is to analyze and improve the dashboard.
Is the dashboard helping to achieve business goals? Is it improving data visualization? Does it facilitate data-driven decision-making?
What if the metrics and tools chosen could be more valuable for the HR team? The HR team must look into how the dashboard can be improved and take them closer to achieving business goals.
For instance, your dashboard focuses on primary metrics such as time to hire, cost to hire, and time to fill but doesn't focus on employee satisfaction or performance. Adding more relevant data sources to tap that area will enhance dashboard utility in such cases.
A hiring dashboard must provide complete information about the hiring process to achieve business goals. However, it is essential to opt for a minimal design and keep it simple. Too many metrics and data can overwhelm the team and steal the essence of setting up the dashboard.
The dashboard must remove any data redundancy and be easy to understand for departments across the business. All the stakeholders must get a clear picture of the hiring process with all the jargon dropped!
Nurturebox can help you to access your hiring analytics without having to go through the hassle of setting up a dashboard. It can be your ultimate solution to visualizing hiring data to boost hiring team productivity.
Nurturebox assists HR teams in tracking the effectiveness of their hiring process. It tracks touchpoints and identifies what's working and what's not. Recruiters can easily integrate all the HR tools to capture data from multiple sources and get away with the admin task of reconciling data.
Get started today by downloading our plugin and get insights into your hiring process!
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