In a world of information and data, it has become necessary for HR managers to focus on how they can create, collect and store recruitment data that would help them do better. Considering that most HR teams have to look into various aspects of human resources, having the correct reports and documents would help them enhance the recruitment process and assess the overall success of their current recruiting management.
In addition, various businesses today rely on their HR teams to attract, evaluate and acquire the best talent in the market while keeping the recruitment cost low.
A recruitment report, in simple terms, is an analysis document that allows HR teams and managers to look into the overall aspects of their recruiting process. This would include evaluating various factors like:
- Tracking the progress of their current recruitment process
- Determining ROI on their marketing and recruitment efforts
- Evaluating various recruitment activities
- Understanding how to allocate resources more effectively
- Getting a snapshot of the total budget vs. total expenditure
- Knowing challenges that impacted the recruiting process
- Suggestions on how to improve the overall recruitment process
6 Important Reports You Should Be Running
Different businesses and organizations have different recruiting processes. Hence, these recruitment analytics and documents would differ from one company to another. However, on a basic level, most HR managers and professionals want to make choices based on accurate data rather than assumptions. Hence, these basic recruiting reports can help you to keep tabs on your recruitment process, strategies, and budget.
#1 Time to Hire Report
HR teams must be on their toes in a candidate-driven market to assess and acquire the best talent. Hence, the entire hiring process must be streamlined and quick. Time to hire is the number of days between recruiters’ first contact with a candidate and the day they accept an offer. Simply put, the time-to-hire report will evaluate how long it takes to hire a candidate once they submit their resume and application.
Tracking this time would help HR teams to understand how efficient their recruiting process is. Also, it contributes immensely to a better candidate experience. With a better time-to-hire report, HR managers can better utilize their resources to ensure speedy hiring and quicker and clear communication with the best-fit candidate.
#2 Time to Fill Report
Also, when handling HR recruiting metrics, you must focus on time to fill reports. This report would measure the total number of days it would take to fill an open position from the date of job requisition to the date when a new hire accepts the position. Hence, in this case, the metrics would focus on an average number of days divided by the total number of posts filled or hired.
One of the reasons why HR teams and managers have to focus on time to fill reports is that they can evaluate how long it takes them to fill a vacant position. Also, the report would provide a key indicator to decide the efficiency of their recruitment channels and talent acquisition strategy.
Combined with the Time to Hire report, you can have a clear view of how long it takes your HR team to fill a vacant position and the efficiency of your hiring process.
#3 Hiring Cost Report
When it comes to hiring, you must also focus on your cost of hire and budget. Most companies have an allocated budget for talent acquisition and recruitment activities. With hiring cost reports, HR teams can evaluate how much they spent on every single candidate and employee and know the cost per hire.
This report would include all the expenses you paid for placing advertisements in newspapers and setting up and maintaining social media accounts on Twitter, LinkedIn, Facebook, and even Instagram.
Also, it would include the time you spent interviewing a pool of candidates. Similarly, this report would also focus on payments you made for various contracts and health benefits for these qualified candidates and employees.
#4 Employee Turnover Report
The role of an HR today focuses on the entire lifecycle of an employee. Hence, HR managers must also focus on how many employees prefer to stay in the company. This can be measured with an employee turnover report. A high employee turnover rate can make things tough for the company, including more recruitment and training costs. This can also indicate a poor recruiting and hiring process, poorly written job descriptions, or bad candidate experience.
Apart from these factors, you would also want to evaluate and find out information like:
- The number of new hire turnover
- Rate of turnover by position
- Rate of turnover by department
- Turnover by retirement
- Voluntary retirement turnover
#5 Sourcing Report
Many HR teams today have sourcing channels that allow them to find qualified candidates. However, it is also important to know what source of hire consistently provides you with high-quality candidates. This would allow you to streamline your recruiting process and ensure that you can focus on channels that offer better candidates and replace or evaluate channels that do not offer the right candidates.
For this, you can use the Applicant Tracking System (ATS), which would help you capture the source data and help you know what channels produce the most qualified candidates and successful new hires.
Candidate sourcing can cost your company; therefore, HR teams and managers must evaluate which channels are more effective and underperforming to make informed business decisions.
#6 Position Report
Recruitment teams today have to work hard to fill up vacant positions within the organization in a stipulated time. However, making a position report would provide you with a better picture of the roles within the company. This report will help you measure the percentage of vacant positions compared to the total number of posts within a given department or the entire company.
With this report, recruiters and HR teams have a clear idea of how under-staffed the company is and what kind of candidates they need to look for, and how quickly they can fill up those empty positions. With the help of an efficient ATS, you can get a clear picture of the positions within your company.
Recruiters and HR teams today are responsible for attracting, assessing, and acquiring the best talent.
However, to ensure that they are on the right track, recruiters need to measure and analyze various recruiting and hiring metrics. This would provide a clear picture of where they stand and how they can make their recruitment process and talent acquisition strategy better.
These metrics would also provide actionable insights to help them smoothen their hiring process and eliminate any hiccups and issues that can lead to bad candidate experience and loss of talent.
FAQs on Recruiting Reports
Do all businesses have to make these recruiting reports?
Recruitment reports provide real data into the current status of your business’s hiring process and a lot more. With these reports, you can identify any bottlenecks present in the current recruitment process and smoothen it.
Can ATS help me improve my recruitment report?
Yes. Applicant Tracking System (ATS) integrated with your other recruitment programs can help you access high-quality real data that would help you get a clear picture of the situation.
Can recruiting reports make the hiring process more efficient?
The data you receive through these recruiting reports will provide you with key insights to help you make your hiring process more efficient.
How do recruitment reports help in improving candidate experience?
Recruitment reports can help you analyze why potential candidates are dropping in the middle of the recruiting process. This would also provide you with comprehensive insight into your communication with candidates and minor details on how you treat them.
Can I improve the hiring team’s performance through these reports?
The recruitment report also focuses on the efficiency of the HR team and how they manage the hiring process.