Though data has proven itself to be useful to practically every HR process, including recruitment, recruiters usually focus on increasing the number of applicants without taking data-driven decisions or targeting their campaigns.
Do you know how much of your effort translates into measurable outcomes? Are you aware of how much time/effort you are spending per candidate? Could recruitment data analytics be the answer, improving hiring efficiency in 2020? Yes, it can.
To help you get started with recruitment analytics, we have compiled a list of 10 tools you could leverage to your advantage.
Table of Contents
- Are You Taking Data-Driven Recruitment Decisions?
- 10 Recruitment Analytics Solutions That You Need in 2020
- Need More Features? Consider A Business Intelligence Dashboard for Recruitment
Are You Taking Data-Driven Recruitment Decisions?
Despite competition for top talent heating up, research suggests that several organizations still struggle with inefficient recruitment processes. For instance, recruiters often end up spending time attracting passive candidates, who are not actively job-hunting, and they spend $4,129 per hire, as per the Society of Human Resource Management (SHRM).
This indicates how inefficient the recruitment pipeline is and demonstrates a lack of informed decision-making. This is where recruitment analytics comes into play, offering several benefits:
- Data analytics in recruitment can provide valuable insights on which talent sources are performing the best, the effectiveness of internal versus external hiring, and any preventable costs incurred.
- Recruitment analytics can also help to redefine the candidate experience by pinpointing problem areas and high-performing touchpoints along the way.
- Finally, it can help you refine your talent acquisitionOpens a new window and recruitment strategy to the point where each recruitment effort is productive and optimized for measurable results.
Its no surprise, therefore, that most recruitment software today comes with a basic analytics module. Analytics provides a degree of visibility into recruitment data, helping to monitor key performance indicators (KPIs) over a period of time. And if youre looking for more advanced capabilities, there are dedicated data analytics tools available for recruitment which integrate with your HR systems to help create an end-to-end picture.
So, what are the top tools to use as you go from recruiter to smart recruitment specialist outline your recruitment strategy for 2020? In a crowded digital landscape, how do you decide which recruitment data analytics tool is best suited for your company?
To make the decision easier, weve curated a list of the best recruitment analytics platforms, with a detailed explanation of their features and capabilities. Lets dive right in.
10 Recruitment Analytics Solutions That You Need in 2020
Recruitment analytics is defined as the use of statistical models to make sense of the vast amount of data collected across the hiring process, enabling meaningful data-driven recruitment.
You could have historical analytics (generating insights from past data), real-time analytics (in the moment notifications and alerts), predictive analytics (measuring future possibilities), and prescriptive analytics (suggesting the way forward).
No matter which one you choose, your data analytics tool for recruitment must come with easy collaboration so that stakeholders across the company can log in, view insights relevant to their business problem, and share comments/queries.
We surveyed the HR technology landscape and identified ten solutions for recruitment data analytics that are intelligently designed, easy to use, and extremely powerful.
1. erecruit: A comprehensive search and analytics tool
erecruits innovantage is a recruitment analytics platform that plugs into a variety of popular job boards. The software is designed specifically for staffing agencies and third-party recruiters looking to find a job match for their available talent pool. Instead of a manual search process, innovantage processes data from thousands of job boards and companies to share vacancies right into employees inbox.
innovantages real-time recruitment analytics feature helps to assess job demand versus supply. The company claims that it drives placement by up to 30%, thanks to automated reporting and extensive customization.
2. Phenom People: End-to-end recruitment experience management with robust analytics
Phenom People has one of the most standout recruitment analytics tools, with data on candidate, employee, recruiter, and manager experience. It reimagines the entire recruitment pipeline from this experience-centric perspective, ensuring the highest possible impact.
It also has native artificial intelligence capabilities, including a bot for assisted hiring, that help to personalize the experience of all users at every step of the way.
Apart from its built-in talent analytics feature, Phenom Peoples Management Experience portal offers in-depth recruitment insights real-time data, drilldown capabilities, and ROI evaluation make this a great option for any organization.
3. Yello: Data analytics to help understand candidate expectations
Yello has a range of tools to optimize recruitment processes at the candidate sourcing, engagement, and completion stages. It also offers solutions specific to different business use cases, such as hiring for diversity, high-volume recruitment, and hiring fresh graduates.
The company’s recruitment analytics tool is focused on essential KPIs such as candidate engagement trends, sourcing platform performance, evaluation by internal staff, and other areas. Using this data analytics platform, you can build a centralized repository of recruitment-related information, offering every stakeholder at-a-glance access to business dashboards.
We liked that Yello is optimized for mobile operations, given the current need for HR to leverage mobile analytics immediately. Yello lets you track recruitment performance, anytime, anywhere. Finally, you can create feedback loops where a KPI is assigned to a particular owner and measure progress/improvements right from the dashboard.
4. Saba: Recruitment analytics for your unique industry
Saba offers people solutions to a variety of industry types, including healthcare, retail, manufacturing, and the public sector. You can use the company’s recruitment analytics platform to gain real-time insights into people processes. The dashboards are fully configurable so that you can customize data sources and reporting fields as per your requirements.
The potential of data analytics in recruitment is evident with Saba, with accurate trend identification, multi-device access, third-party connectivity, and automated reporting features.
5. IBM Watson Recruitment: The power of AI meets recruitment analytics
When it comes to AI and data analytics, IBM Watson needs no introduction. It is widely recognized as an industry leader in its space, and IBM is focused on extending Watsons reach to common business problems such as boosting recruitment efficiency
Interestingly, IBM approaches this from a diversity & inclusion (D&I) vantage point, applying analytics to detect any bias in your hiring process. The company mentions that D&I-friendly companies are 6X more likely to be innovative, and 2X more likely to achieve their financial targets.
Unlike most other recruitment analytics platforms on this list, Watson doesnt stop at the measurement of KPIs. You can use this tool to predict the success rate for a candidate profile, analyze for unconscious bias in hiring, and prioritize job requisitions based on estimated urgency.
6. Bullhorn Canvas: An advanced reporting and insight generation tool for recruiters
Bullhorn has a host of solutions for recruitment, including applicant tracking, executive search, candidate relationship management, and onboardingOpens a new window .
Canvas is Bullhorns advanced reporting tool that lets you build any report/dashboard you need for operational efficiency. Reports are easy to share in Excel, CSV, and PDF formats, making this recruitment analytics software conducive to collaboration. Alternatively, you can also schedule automated reports to be sent to your inbox.
Canvas can work well for staffing agencies eager to streamline the management of key accounts. Job performance, projected demand, and historical margins are easy to monitor with the tools powerful visualization capabilities.
7. Talismatic: Competitor hiring analysis to gain a market advantage
A key aspect thats frequently overlooked when deploying data analytics for recruitment is what your competitors are doing. Trending cities, hiring cycles, and the quality of candidates hired by your industry peers can provide valuable insights into where your organization stands on the hiring efficiency curve. Uncovering these insights is made possible using the Talismatic recruitment analytics solution.
Interestingly, Talismatic is a dedicated data analytics solution for recruitment and not an add-on to 360-degree hiring software.
In addition to competitive analytics, you can also plan data-driven hiring and assess historical recruitment performance. The data-driven hiring feature helps identify the right cities, job boards, and universities most likely to deliver high-quality talent. And the recruitment performance dashboard gives historical insights on past hiring cycles, zeroing in on underachieving posts and overlong closing times.
8. Kallidus Recruit: Recruitment software with analytics at every step
Kallidus Recruit is designed squarely for in-house recruitment teams, giving you full visibility of the recruitment journey from application to onboarding. Like any robust recruitment software, Kallidus automates the admin-heavy parts of the journey, leaving you free to focus on more strategic areas.
The ATS dashboard, for instance, shows data on active requisitions, available candidates, and closed requests. Theres also a pretty useful data analytics module for recruitment so you can generate reports on any segment of the hiring journey.
Kallidus USP is the expansiveness of its landscape. Not only does it provide analytics insights on recruitment, but theres also succession planning, targeted content, learning management, and performance reviews. We would recommend Kallidus for any mid-to-large-sized business looking to digitize their people processes backed by a set of powerful analytics capabilities.
Learn More: Top 10 Applicant Tracking Systems (ATS) Software for 2020Opens a new window
9. SmashFly Recruitment Analytics: Data analytics for business users
One of the most important parameters to keep in mind when implementing data analytics for recruitment is the level of data literacy available at your company. For instance, complicated drill-downs and excessive customization may not be feasible for everyday users. Thats why SmashFly stands out in this competitive analytics software landscape.
Its minimalist dashboards with clear insights help to drive better recruitment decisions, without requiring any data science expertise.
With SmashFly, you can view the return on an investment after every candidate journey. Theres predictive analytics to measure the health of your talent pipeline. Also, you can spot direct correlations between candidate personas and specific job boards.
10. TalentLyft: Deeper insights on recruiting campaign performance
TalentLyft Analytics is focused on identifying which campaigns and recruitment marketing tactics are the most successful when it comes to attracting talent.
Theres support for inbound and outbound channels, making this solution for recruitment data analytics like digital marketing platforms. On the same lines, it offers performance metrics on email campaigns, conversion tracking, and historical data analytics.
Talentlyft pays special attention to the careers page the one digital asset that acts as the first point of interaction for most candidates. You can view top-performing pages, call-to-action effectiveness, and other website analytics data. Simply put, TalentLyft is useful for you to analyze your hiring pipeline for any bottlenecks and to optimize the candidate experience.
Need More Features? Consider A Business Intelligence Dashboard for Recruitment
If youre still looking for a data analytics solution custom-designed for your recruitment function, a standalone business intelligence tool might be the way to go. This is particularly true if your organization has its own people analytics team.
With so many talent sources and digital touchpoints forming your hiring experience, it can be hard to find an off-the-shelf solution that has it all. For large-scale organizations and fast-growing businesses that require advanced analytics, a business intelligence tool could be a smarter alternative.
Fortunately, there are several vendors out there who can develop and deploy a best-fit recruitment data analytics dashboard with minimal configuration effort on your part:
- Tableau: One of the world’s most prominent analytics vendors, Tableau offers dedicated solutions for human resources.
- Google Data Studio: This lets you build recruitment analytics dashboards for free, but you will require basic data literacy levels here. [Learn More: How Recruiters Can Get More Out of Google Analytics]
- Qlik: Qlik is an AI-powered analytics solution, which has already built a recruitment-specific data analytics solution. It requires a little bit of customization to get started.
- Toucan Toco: A relatively young company, Toucan offers data visualization capabilities and has worked with several HR clients. It was rated 5/5 on Gartner Peer insights.
With a little bit of market research and a deeper understanding of what’s best for your business, you can select the most appropriate and useful tool for your company.
Without a robust data analytics solution for recruitment function, most recruiters end up taking “a shot in the dark†about hiring decisions. In addition, incremental improvements become a challenge, as you have no historical insights to build upon.
So, no matter which tool you choose or even if you build instead of buy recruitment data analytics that goes beyond the basics is imperative for any modern enterprise.
Do you measure recruitment performance? If yes, what is your recruitment data analytics tool of choice? Tell us on FacebookOpens a new window , LinkedInOpens a new window , or TwitterOpens a new window