small data big impact and hiring success

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Little Data Big Impact Hiring Success

Little DataBig Impact Hiring SuccessHRTech WorldMarch 2016Matt Buckland, Jerome TernynckWe Know a Thing or Two About Recruiting Data

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Measurement is fabulous. Unless you're busy measuring what's easy to measure as opposed to what's important.Seth Godin

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Acquiring top talent is strategic to a businesss success.

Recruiting should be run - and measured - like Sales & Marketing. Here are 7 metrics your VP Talent Acquisition should track to achieve Hiring Success.

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#1 Reliability of Recruiting OrgWhat percentage of your hires are just on time?

Can your recruiting org scale together with your business needs?

THEORYLyst tracks business units growth to predict hiring trends; uses time-to-hire and hiring planning to forecast percent of hires that will be closed in time.PRACTICE

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#2 Candidate ExperienceWould your candidates recommend your company to their friends?

If you dont track it, you have no idea how process looks to your customers

THEORYLyst follows up with all candidates we engaged with, successfully or not. We ask about overall feedback, hiring team comms, interviewers and speed.PRACTICE

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#3 Source OptimizationWhat is your cost of a good candidate?

Tracking hires by source helps identify black holes, promising underrated sources, benchmark your past performanceTHEORYLyst constantly analyzes our sourcing portfolio. A combination of headhunting, advertising and referrals works best for us, with referrals helping drive costs down, quality up.PRACTICE

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#4 Recruiting FunnelIs your candidate funnel healthy?

Conversion rates between hiring stages and time-in-stage metrics speak to efficiency of your processTHEORYLyst pays attention to our recruiting funnel, as we strive to understand efficiency of each hiring team, recruiter and company as a whole - we also track trends in key funnel steps like offer acceptance.PRACTICE

#Theory notes: Do you really need that second interview if conversion rate after it is 97%? At which stage do you candidates fall out of the process most often?

#5 Brand AttractionAre paid or free sources your primary candidate suppliers?

Relying on paid candidate traffic too much, too often may get you lose focus of building recruitment brand.THEORYLyst learned the value of referrals early on: it takes us 7 referral candidates to make 1 hire, as opposed to 92 candidate-to-hire average ratio.PRACTICE

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#6 Interview CollaborationDoes your hiring team review and interview candidates in the same way?

Structured interview feedback helps you provide better candidate experience, drive better decisions.

THEORYPRACTICELyst measures average scores of candidates that got hired to make sure we maximize the percentage of hires to whom we said Hell Yes!.

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#7 Quality of HireWould you hire this person again?THEORY + PRACTICE Would you take this job again?60 Days Hiring Score

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7 Key Metrics for Hiring Success

Just in time RecruitingCandidate Experience NPSCost of a good candidatePipe CoverageBrand AttractionInterview Collaboration

Quality of Hire

#Can't share the source (it was a very large high tech Silicon Valley firm), but the results were astounding, whereby 65% of employees and 67% of managers stated that they would have made different decisions 60-days post hire.

Thank You. Questions?

[email protected] | @ElSatanico [email protected] | @jerometernynck

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