With millions spent on recruitment every year the importance of good information to guide your recruitment is paramount. Do you know how much you are spending on recruitment, do you know where it is being spent, and do you know if the money spent is getting the results you wanted?
Good management information can tell you all of these things. The aim of management information is to get all of the facts in front of everyone.
What does Management Information tell you?
Good management information can give you all of the facts you need to recruit the right people. For example you have a recruitment process that has been ticking along nicely for several months with an average time to hire of 30 days, suddenly one month it’s doubled to 60 days and continues at this pace for the following month. Where have the extra days come from? Is it the approval process, is it poor advertising response, or are you just busy recruiting for more jobs now than you were before?
With good management information you have immediate access to all of the information you need to find the problem and identify the areas in your process which are causing the delay, without having to spend many hours searching for the problem. You would be able to see how long the job took to be approved before recruitment could commence, which parts of the approval process took the time, how long it then took to advertise the roles, how good the response was for each advert, how long was spent screening all of the applicants, how long was spent interviewing and then how long it took to make the final decision.
Having access to all of this information not only allows you to quickly identify the cause of problems, it can also direct you in your decision making, allowing you to make your decisions based on facts rather than intuition and guess work. If your advertising costs are pushing up the cost of recruitment then you can use the information provided to guide where to advertise. This can be both in general terms and more specific.
HOW YOU CAN OVERCOME PROBLEMS RETRIEVING MANAGEMENT INFORMATION
Any business trying to put this information together themselves can come across a number of barriers. All good management information starts with good data, and if the data is of poor quality then the information will be of poor quality. Many companies use recruitment agencies, and it may not be in a recruitment agencies best interests to let you know where they get their best candidates from because if you knew that, then you wouldn’t need the recruitment agency. Equally there systems are often not well suited to report on cycle times and recruitment ratios.
However if engaging a recruitment process outsourcing supplier, dedicated to improving your processes, you should expect top notch reporting. It is in an RPO’s best interests to not only show you where your best and worst candidates are coming from but also where you are losing potential candidates.
Management Information – your best bet
In the current climate there are many more people looking for work than a few years ago. Being able to target the better candidates can save time and money. Reporting can provide valuable insights in how to save money and improve the quality of candidates you can attract.
Masses of very significant data can be captured throughout the recruitment process, and can be used to gain valuable insights. Make sure that your data is working for you, and that your recruitment efforts are focused appropriately.