As much as the skills gap has been universally acknowledged as one of the most prevalent challenges facing nearly 80% of global businesses, so too is the lack of understanding of how to solve this problem.
And this is because a vast majority of companies don’t have the insights needed to improve talent acquisition. Those tasked with talent management must be aligned with the business’ objectives, but equally they need to demonstrate the impact they have and the ability to make the critical decisions empowered with the relevant metrics.So what are these metrics?The KPIs used to evaluate effectiveness in the pursuit of talent remain; Source of Hire, Time to Hire, Offer to Acceptance Ratio, Cost of Hire, Number of Hires, Quality of Talent Pool, Diversity and finally, Retention.But these are today’s metrics – as far back as 2013 a Harvard Business Review reported that 48% of businesses surveyed on analytics services expected to be using predictive analytics designed to integrate workforce and financial data to align talent needs with business results in the near future. AndIt comes as no surprise then that technology is being leveraged to play an increasingly important role to help companies tackle acquisition challenges by providing more integrated solutions and as companies recognize the need for more sophisticated recruiting solutions they are looking to RPO vendors to deliver it. The pressure on RPOs is the need to deliver smarter faster recruiting to be able to shorten time to hire and to find those skilled candidates for hard-to-fill roles, and there is no doubt that automated technologies are helping with this.Better metrics does not necessarily mean more metrics.
The key is rather to enable HR to drill down into meaningful segments and to provide them with actionable information that can be communicated to C-level executives. The more specific you can be with your data, the more meaningful your analysis and decision making can become. There are various tools that can provide clients with the drill-down capabilities they are looking for. The best ones will combine relevant data from multiple sources, allow the user to see meaningful cuts of data as well as overall statistics, and provide an at-a-glance summary dashboard customized to the client’s needs. They should also be intuitively designed and capable of presenting information – including trending data – in easy-to-understand graphical forms. Deliver a brand-first experience: Connect with and influence more candidates on your employer brand and value first, jobs second, through an omnichannel marketing approach.
Personalize every candidate touchpoint: Put the right message in front of the right candidates at the right time, from personalized job and content recommendations on the career site homepage and landing pages to valuable content delivered to their email inbox.Increase employer brand awareness: Enable more candidates to find and choose you through SEO, keyword-rich landing pages and content-driven web pages.Gain insight for improved results: Track the performance of your career site, as well as sources of hire.Satisfaction with Key RPO Services Top 2-Box AVG.
Recruitment technology consulting 86% 4.3 Flexibility and scalability 85% 4.1 Requisition management 71% 4.1 Employer branding 69% 3.9 Screening 68% 3.
9 Metrics for reporting and decision making 67% 3.9 Talent acquisition strategy consulting 67% 3.8 Talent pools/communities 67% 3.
8 Interviewing 65% 3.9 Offer management 65% 3.9 Advertisement creation and placement 64% 3.9 Sourcing 63% 3.9 Assessing candidates against best in class profiles 50% 3.6 Building proprietary software is cost prohibitive, and these large investments are quickly becoming redundant as future technology become today’s functionality. Robotic process automation, machine-learning capabilities, automated sourcing and candidate screening are among leading tools RPOs are seeking to integrate at every stage of the recruitment process. With many trying to find out how they can stitch it all together – true transformation will come by finding a technology-driven strategic partner.
Only 30% of our respondents get a self-service application or interface from their provider that they can use to track and review recruiting data. Why is the figure so low? Smaller RPO providers are less likely to offer this kind of application and, in any case, not every client will choose to take advantage of it. As we have seen, the data handoff between ATS and HRIS systems is generally considered to be problematic. Self-service applications can be of enormous value. The best ones not only summarize recruiting data from the RPO but also serve as an online dashboard of KPIs from multiple systems such as the ATS, CRM and internal surveys.
Some applications, such as Futurestep’s Foresight tool, even allow you to benchmark your performance against that of your peers, using anonymized client data.With the right technology partner RPOs can become true talent experts and take on an advisory role with clients – through the integration of more technology offerings that demonstrate their business value, the can become talent partners critical for companies to achieve their business objectives. SummaryMeaningful metrics can only be produced if there is sufficient infrastructure in place. If talent acquisition data is not seamlessly linked, it is difficult to derive real value from it. The data and the input from the RPO need to exist within a single integrated information system that serves as an online dashboard. It should present data in a way that is meaningful for decision making.
Flexibility is a vital component of any application’s success; the employer business should be able to provide input on what they feel is important to measure and on how the data can be presented to them in ways they find meaningful. The system also needs to be flexible enough to integrate and track data to provide real analytic intelligence.Continuous innovation and improvement based on the information and insight that metrics provide is imperative.