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Blog Talent Acquisition Strategies

Talent Analytics Part 2: Efficiency

Today, I am joining Eric Sydell, EVP of Innovation at Modern Hire, on a webinar to discuss our latest research on talent analytics. We will be sharing the challenges with data and how companies can use a framework to turn goals and metrics into actions.

One of the topics we will cover is efficiency. Sixty-two percent (62%) of companies state that they are facing pressure to fill positions quickly. Talent acquisition professionals are recruiting, but with limited resources and, in many cases, limited staff. Forty-six (46%) of companies are experiencing layoffs within their talent acquisition teams. Some companies have eliminated specialist roles that may include candidate experience managers and data scientists, while others have reduced the number of coordinators to help with administrative tasks.

Goals

Talent acquisition professionals are under pressure to balance a heavy workload without support, and they must remain flexible. One in four companies stated that it still takes over three months to fill positions.

Metrics

Efficiency metrics are the most common and straightforward metrics that organizations track. Yet, they can vary greatly throughout the organization. Some metrics include:

  • Time to apply: The time it takes from when candidates learn about an opportunity to when they apply for a job.
  • Time to interview: The time it takes from when candidates apply to when they get interviewed.
  • Time to fill: The time it takes from when a job is posted to when it is filled by a candidate.
  • Conversion rates: The rate at which candidates convert from different stages in talent acquisition, from learning about a company to applying for a job, scheduling an interview, and accepting an offer.
  • Recruiter Productivity: The productivity of recruiting teams and time spent on administrative tasks, including finding candidates and scheduling calls and interviews.

Insights

Once companies collect metrics on efficiency, they must understand what impact this has on talent acquisition efforts and why efficiency is a challenge. Below are some considerations to gain better insights on efficiency gaps.

  • Identifying where talent acquisition slows down: Companies should look closely at where inefficiencies occur and if hiring managers or other key stakeholders are involved. Are there delays with scheduling calls and interviews or with communication between recruiters and hiring managers? Understanding where and why talent acquisition is slowing down can help companies improve efficiency.
  • Understanding decision-making: Talent decisions are made differently at every organization. Companies should look at the data they have on hiring decisions and determine how these decisions are made and based on intuition or accurate data.
  • Communicating with candidates more effectively: Inefficiency is often the result of poor communication with candidates. By improving candidate engagement and outreach throughout the process, companies can shorten hiring times.

Action Steps

Companies that gain insight into their efficiency gaps can take the following actions:

  • Invest in candidate-first solutions: Candidates want simple and intuitive solutions that provide better engagement and efficiency. Companies that consider solutions designed with the candidate in mind will see overall improvements to efficiency gaps.
  • Create a seamless experience: Companies must ensure that their hiring solutions are seamless, integrate with the ATS, and not make candidates go from place to place to click links, enter information, or re-enter information to complete stages. Companies must ask for is job-relevant or otherwise necessary and predictive of job success and provides results and recommendations to hiring teams in a cohesive, logical way.
  • Invest in scheduling: Interview scheduling takes recruiters, on average, sixteen hours a week to complete. Companies need a more strategic approach to scheduling and should consider solutions that automate the scheduling process to save time and improve recruiter productivity.

The research report covers candidate experience, DEI, efficiency, and quality of hire. I hope you can join us today!

Categories
Blog Talent Acquisition Strategies

Talent Analytics Part 1: Candidate Experience

We published our latest research today, Redefining Success: Talent Analytics for the Future, sponsored by Modern Hire. Talent analytics is not a new topic in HR but I have been spending a lot of time thinking about why science doesn’t play more of a role in our talent acquisition decisions. Even with increased pressure and more accountability, we still make decisions based on guy rather than data.

One of the reasons that I am excited about this report is because it includes a framework for taking goals and turning them into actions for efficiency, candidate experience, quality of hire, and DEI.

Here are recommendations for companies looking to improve the candidate experience this year using this framework.

Goals

The candidate experience is a priority for companies looking to compete for talent, enhance their brand and strengthen customer retention. Despite an increased focus on experience, companies still struggle with understanding how to improve it. Companies need to create a candidate-first approach to better engage candidates and ensure quality of hire.

Metrics

Even with increased unemployment, the candidate experience continues to be a priority for organizations, and the way that companies manage their workforce during this challenging period will impact how candidates view their brand. As a result, the candidate experience needs to focus on safety and communication but also on efficiency.

  • Candidate satisfaction: How satisfied are candidates with various stages of the talent acquisition process?
  • Candidate safety: Are candidates safe, and is their health and wellbeing considered during the screening, interviewing, and hiring phases?
  • Candidate engagement: Are candidates engaged throughout the process?
  • Candidate feedback: Are you collecting data on the candidate experience and asking for feedback through the process?
  • Time-to-fill: Are you moving candidates along through the process?
  • Time-to-respond: Once you decide if a candidate does not move forward, how long does it take to respond?

Insights

Companies can improve candidate experience when they enhance communication and collect feedback. Companies state that the candidate experience is a priority, yet communication with most candidates has remained unchanged. Below are some considerations to gain better insights:

  • Communicate throughout the entire candidate lifecycle: Communication is not an isolated activity and needs to integrate with existing recruitment strategies so that it is frequent and consistent.
  • Interrupt bias early: Certain attributes in a resume can introduce bias into the talent acquisition process early. Companies need to remove those attributes and stop bias early in the process. Blind screening and blind interviews can help companies to apply an equal experience to all candidates.
  • Use objective data: Companies tend to decide on candidates based on the resume or those attributes they recognize. Without objective data, not every candidate is going to get a fair opportunity.

Action Steps

Companies that want to improve the candidate experience should:

  • Understand what candidates want: Companies must consider the unique expectations and experiences of candidates. Collecting feedback and going through the candidate journey can help companies with a candidate-first approach to automation.
  • Use data to build trust: Both employers and candidates need to trust the data and methodologies for the technology they are using. Companies looking at automation should consider providers that will partner with them and provide transparency.

As companies look to improve the candidate experience, they need a better understanding of what data they have and what insights they can gather to drive change. If you are interested in a new approach to talent analytics, this report will help you get started.

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Blog Talent Acquisition Strategies Uncategorized

Jobvite Acquires Talentegy: Improving the Candidate Experience Through Analytics

This week, Jobvite announced the acquisition of Talentegy, a leading talent analytics platform designed to help companies improve the candidate and employee experience. This announcement follows a busy summer for Jobvite with the acquisition of Predictive Partner and launch of AI Innovation Lab, which includes new capabilities for analytics. While many of its competitors have halted investments this year, Jobvite continues its commitment to enhancing capabilities and providing a more comprehensive end-to-end talent acquisition platform.

And, the timing is right. The ATS no longer defines the talent acquisition market. Companies need different capabilities to engage talent, improve the candidate experience, and measure their effectiveness. This acquisition is significant because it represents the future of talent acquisition technology and redefines these platforms through the lens of analytics, technology, and partnership.

What is Talentegy?

Talentegy was created to help companies provide more engaging user experiences. It tracks user activity across all talent systems (CRM, career sites, HRIS, etc.) and enables companies to measure what’s working and what’s not working to maximize these experiences. Some of its differentiators include:

  • Companies do not need IT involvement or in-depth integrations. Talentegy brings multiple systems in one view through its Smart Tag capabilities.
  • Talent acquisition leaders receive automated alerts when candidate and employee engagement is not working. They can then adjust their strategies.
  • Talentegy offers surveys that collect feedback on candidate and employee experiences to inform talent acquisition leaders better.

What Does This Mean for Jobvite?

Jobvite has invested in robust data analytics this year, and Talentegy continues that strategy. It will allow Jobvite to help companies understand what needs to change and how to improve the candidate experience. Customers can leverage the Talentegy solution as a standalone product or purchase it as an add-on to Jobvite’s current Analytics offering. Jobvite will also incorporate Talentegy product capabilities into its existing suite of solutions.

Acquisitions are not easy. They can create new opportunities for customers, but they can also create frustrations or disruptions. Add a pandemic, and they become even more challenging. Jobvite has done well. It has made very strategic decisions around its investments and its impact on its culture. It continues to expand its offerings while maintaining a commitment to its employees and customers. And it is helping to make the TA tech industry as exciting as it was in 2019.

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