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Your candidate data can give visibility into what’s working or not working with your hiring process. This valuable insight can help focus your acquisition strategy and your team.
Take a page from the sales & marketing playbook
Sales and marketing teams often struggle to find and progress a pipeline of prospective customers from initial interactions to deal close. They face a constant balancing act to drive both volume and quality from leads. Sound familiar?
Sales and marketing use pipeline analytics to focus efforts on finding quality leads and ultimately closing deals. Pipeline analytics give visibility into each step of the sales process – quickly identifying where there are hurdles/opportunities in finding, qualifying and converting quality prospects into loyal customers.
Consider taking a similar approach with the candidate process. Candidate Pipeline Analytics can provide insight into volume and conversion rates from initial candidate identification through to offers accepted.
Candidate Pipeline Analytics can give you visibility into:
- Your ability to attract high-quality candidates: By analyzing volumes and the conversion rates of the number of initial candidates compared to the number of candidates that have progressed to each of the hiring stages, you can understand if you are attracting enough high-quality candidates to meet your business needs. For example:
- 30% of initial candidates make it to phone screen
- 5% of initial candidates make it to interview
- If these rates are expected, you can quickly understand if you have the right volume to meet hiring needs
- If these rates are low, then you can focus on understanding where to make changes to increase conversion rates.
- 70% of candidates from phone screen make it to 1st round interviews
- 30% of those candidates in 1st round interviews make it to 2nd round interviews
- This seems to indicate that there is an issue in screening for the right candidates. Are adjustments needed in the screening criteria being used by recruiters to better match the needs of the hiring manager?
Candidate Pipeline Analytics are a powerful asset – to focus your evolving talent acquisition strategy, adapt your recruiting process, and communicate with the business.
Click here for a 3-page document for more insight into Candidate Pipeline Analytics.