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Fundamentals of Recruitment Analytics Outline

Mid August 2015 - Recruitment Analytics

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Fundamentals of Recruitment Analytics Outline

  1. 1. Fundamentals of Recruitment Analytics Class Outline Prepared by Daniel Meyer President & Founder of DMAI – Decision Making, Analytics & Intelligence
  2. 2. Agenda Topics covered in the training include: • What is Recruitment Analytics? • Recruitment Analytics in the Philippines • Self-Assessment of your Recruitment Analytics • Finding the Right Data at the Right Time • Applicant Tracking Systems • Big Data and Recruiting • Business Intelligence and Data Visualization • Making Data-Driven Decisions
  3. 3. What is Recruitment Analytics?
  4. 4. Recruitment Analytics A definition of recruitment analytics is simply the metrics and analysis that relates to recruiting. However, we all know its actually a lot more challenging in practice. When did you start first thinking about analytics in your recruitment process?
  5. 5. Recruitment Analytics So where do we start? Some of the typical questions we all start out with when we think about analytics and recruitment include: • What metrics are important to my organization? • What are the metrics which enable me to measure my team’s effectiveness? • Which tool should I use to have better analytics? • How can I understand the ROI (return on investment) of my recruiting efforts? Today we will use analytics to learn how to make data-driven decisions in our recruitment efforts!
  6. 6. Top Recruiting Trends Job Hoppers – The number of people who just walk away from one job and sign up for another is quickening at a terrifying rate. Fully half of call center agents hired here in the Philippines in 2015 have already left their jobs. This trend is similar across most industries here. Skills Mismatch – 95% of applicants for call center jobs do not make it past the first interview. The mismatch goes well beyond BPOs as more and more jobs stay open longer due to lack of qualified applicants. Are you looking at the demographic data of your applicants to look for patterns in who does/doesn’t hop and who you hire and who you turn away?
  7. 7. Top Recruiting Trends Compelling Brands – In this buyer’s talent market, candidates are looking for compelling brands. They want to work somewhere they fell valued and appreciated. Analyzing employee data on morale and satisfaction should give you plenty of good marketing points to make your brand stand out. Focus on Retention – Knowing why people leave has never been more important. Identifying and correcting the causes is as an important analytics exercise as knowing where to attract new talent. Are you sourcing data on why people decide to come to work with you as well as why they leave?
  8. 8. Top Recruiting Trends Social Media – All of us are trying hard to use social media to attract candidates attention, but how many of us are looking at the data to see how effective we are? There are numerous analytics tools available to us to help us understand the effectiveness of our social media efforts and most of them are free. Mobile – An ever increasing percentage of candidates hear about us via social media. However very few of us have a mobile application for recruitment. We still require them to send an email. That’s a dinosaur plan. How many of us effectively integrate social media and mobile applications into our recruitment efforts?
  9. 9. Top Recruiting Trends Big Data – Everyday we add significant amounts of data to the our business. The data come faster, more frequently and in bigger amounts. Companies that are successful are the ones who know how to use this Big Data to drive their recruitment efforts. Analytics – A good analytics solution is a key indicator of how serious recruitment is to your business. If you have an ATS that allows your identify data you need to make decisions then you have more then most. There are so many recruitment analytics tools out there, knowing what works best for you is super important. Do we have the Big Data and Analytics we need?
  10. 10. The Current State of Recruitment Analytics in the Philippines
  11. 11. Talented Philippines One of the few books I have seen that is specifically designed for the Filipino market. Talented Philippines provides readers with insights into challenges facing HR and Recruitment teams today. And it also offers a lot of suggestions and solutions as well.
  12. 12. Talented Philippines “Filipinos have lofty expectations of their employers. Beyond providing great jobs and working environments, Filipino talent is attracted to organizations that (1) embody the spirit of community values (2) including a social conscience and (3) a familial atmosphere and (4) that create opportunities for their careers (5) to flourish and grow.“ This is a tall order to fill and helps us understand the challenges we all face.
  13. 13. The BPO Industry “The world is currently witnessing a fundamental reorganization in the way services are delivered to customers. This is what is behind the movement to outsource. It’s a lot more than just saving money by shipping jobs overseas.” - Harvard Professor Robert E. Kennedy
  14. 14. The BPO Industry The globalization of services, in which different tasks are being carried out by different individuals in different locations, is about gaining access to the best combination of talent, resources and markets. • Technological Innovations like easy access to the internet and stored data. • Emerging Market Growth in traditionally closed markets • Global Macroeconomic Liberalization of government polices toward trade • The Corporate Imperative to both reduce costs and improve quality • The Convergence of a Global Business Culture based on the English language and American business models.
  15. 15. Self-Assessment of Recruitment Analytics In Your Business
  16. 16. The next step is to assess the analytics culture of your organization. Which of the following best describes the way analytics is utilized where you work. • Level 1 – No analytics at all. • Level 2 – Only a few people use analytics and most key management decisions are not made based on data, but on experience • Level 3 – Some people use some analytics to make some decisions, but its generally inconsistent across the organization. • Level 4 – Most decision makers have access and generally use analytics. Several key team members have strong analyst backgrounds. • Level 5 – Every team member from top down knows analytics, has access to the data they need and are empowered to take action on it. Analytics Assessment
  17. 17. Recruitment Metrics Cost-per-hire Cost-per-hire, only looks at the initial cost associated with hiring. Focusing purely on initial cost will drive recruiters to place a ‘butt in a seat’ without regard to the quality of hire or the long-term production the candidate will or will not deliver. How do you track this metric? How important is in your current reporting?
  18. 18. Recruitment Metrics Time-to-fill Time-to-fill measurements look at the cost associated with positions remaining unfilled. Although this cost can be significant, this metric does not take into consideration the long-term cost associated with greater turnover percentages and additional recruitment costs for hiring the wrong candidates. How do you track this metric? How important is in your current reporting?
  19. 19. Recruitment Metrics Cutting-edge recruitment efforts focus much more on the ”metrics of the now”. Manager Satisfaction: % of managers who are satisfied with the hiring process. Provides important, easily tracked data to determine a hiring manager’s preferences before recruiting begins, and then to evaluate staffing performance post-hire.
  20. 20. Recruitment Metrics Source of Hire: % of new hires from each defined candidate source. Tracking source of data information allows management to better understand the quality of their sourcing strategy. This metric also helps recruiting managers see sourcing channels in terms of outcomes, not just sheer numbers.
  21. 21. Recruitment Metrics Referral Rates: % of hires from referrals generated by the recruiter. Referrals generated by recruiters directly soliciting them from prospective candidates and new employees will have a measurable and positive impact on the quality of hire (studies show referrals make better performing hires), cost-per-hire (little to no cost for these referrals), and time-to-fill ratios.
  22. 22. Recruitment Metrics Candidate Satisfaction: % of new hires who are satisfied with the hiring process as judged by a candidate survey. Candidate satisfaction surveys drive recruiting organizations to have a greater focus on the quality, which has a positive impact on the branding of the company. Additional candidate metrics may also be valuable from candidates who were not selected, and candidates who declined offers. These last two groups are often overlooked, but they can provide valuable information about your recruiting operations.
  23. 23. Finding the Right Data at the Right Time
  24. 24. Finding Data Step #1 . Identify. Finding the Data or Writing Requirements. - Raw numbers have to be filtered for the most part the data. Take numerous pieces of data and extract what you need. Solid requirements help maximize the time to focus on analysis. In recruiting this really means knowing the data elements you have available and creating a process of analysis to keep your reporting actionable.
  25. 25. Finding Data Step #2 Inventory > Analyzing the Data or Crunching the Numbers. You started with a problem or a question in your recruitment process, you compiled candidate data, now you need to find the answer and come up with potential solutions. There is not sure fire way to do this. It’s a combination of training, knowing the data, understanding the recruitment business and most importantly knowing what your audience is looking for.
  26. 26. Finding Data Step #3 Integrate > Adding Narrative and Visuals or Telling the Story. This is where being an analyst takes science and turns it into art. Now that you have the data and your analysis is complete and you have answered the original question, you need to turn the data into something that tells a story. Leaders, Owners and Managers will make decisions based on your data based on how you present it.
  27. 27. Management Reporting Another critical factor in the success of a recruitment process is how well they are able to communicate successes to management. • According to eHow.com, management reporting has evolved along with technology. What traditionally occurred as verbal reports to leadership within companies has grown into ever- more sophisticated analysis and statistical work product prepared to dig deeper into business operations. • Providing your management team with the information they need to drive business strategy is crucial as recruiters are often on the front lines so to speak. What technology and communication methods are involved in your management reporting?
  28. 28. Management Reporting • Typically, Excel and PowerPoint are the primary tools used to provide management reporting to a company's leadership. In the past few years there have been major technology innovations in business intelligence applications and data visualization software that have taken management reporting to a whole new level. • Recruiting has seen a huge increase in number and types of reporting tools available to deliver very fast and very detailed recruitment analytics. • This leads up to the concept of a business dashboard… which we will get to later.
  29. 29. Applicant Tracking Systems
  30. 30. Applicant Tracking Systems Per Wikipedia, applicant tracking systems (ATS), are software systems used by recruiters and talent acquisition professionals to keep track of candidates. What are some of the ATS’s you are using now or have worked with in the past?
  31. 31. Bullhorn and Bullhorn Reach Bullhorn provides cloud-based CRM solutions for companies in business services industries. Its data capture and customer insight technology puts the most up-to-date and powerful information at users' fingertips to give them everything they need to win customers and keep them happy. Video >>>
  32. 32. Bullhorn and Bullhorn Reach Bullhorn Reach is the social recruiting platform of Bullhorn, an industry leading provider of web-based recruiting software and applicant tracking system technologies. Video >>>
  33. 33. Applicant Tracking Systems Here are something's to consider when choosing an ATS solution. If your company is looking to upgrade to a new ATS or looking to use an ATS for the first time, there are several things to consider. • Number of users • User-friendly • In-house data storage or off-site data storage • Support features • End to end or just applicant tracking • IT Development requirements • Management reporting • Total $ Cost (upfront and annual)
  34. 34. Big Data & Recruiting
  35. 35. Big Data & Recruiting Big Data is the buzzword of the year. Every leader — whether they’re managing a small team or are at the helm of a multinational corporation with thousands of employees — is wondering how they can use Big Data to better get to know their people, to create a setting that better suits their needs and, in turn, drive recruitment and retention. What do you know about Big Data and how its being used in recruitment?
  36. 36. Every company has untapped analytical resources. Every company has the potential to be Decoded. Data has become such a plentiful resource that many companies are producing many streams of data already without capturing any useful insights. In that respect, identifying data sources and analytical resources can provide guidance in understanding your organization’s needs and capability to adopt a talent-centric data-driven approach. Big Data & Recruiting
  37. 37. The types of data that recruiters are using to identify the best candidates and talent include: • Social Media • In-House Data • Tests and Games • Consumer Data • Demographic Data • Competitor Data Big Data & Recruiting
  38. 38. Challenges Recent discussions about Big Data are showing that about 80-90% of data currently being captured by businesses is unstructured. Just two year ago it was 50% and five years ago about 20%. The boom is unstructured data storage is fundamentally changing recruitment analytics as we know it.
  39. 39. Business Intelligence and Data Visualization
  40. 40. Business Intelligence Business intelligence (BI) refers to computer- based techniques used in identifying, extracting, and analyzing business data, such as sales revenue, market opportunity or product performance. Some of the BI market leaders include: • IBM-Cognos • Microsoft Objects • Tableau • Qlikview • Yellowfin • Oracle
  41. 41. How DMAI Uses Analytics DMAI uses Tableau Public and Piktochart http://www.tableausoftware.com/public/ Video >>>
  42. 42. How DMAI Uses Analytics Business Need: Working with a client whose small business is located in the same location for 25 years, but the demographics of the community around him has changed. Location Dr. Zylker Pleasant Hill Martinez Concord Concord ZIP Patients 94523 94553 94518 94520 Population 100 33,569 47,065 26,778 37,208 Median Age 45.0 40.7 41.9 40.6 31.1 % Male 50% 48.5% 49.3% 49.4% 51.7% % White 100.0% 74.9% 76.8% 67.7% 53.1% % Black 0% 2.1% 3.4 3.2 5.1 % Asian 0% 13.7% 7.6 12 8.6 % Filipino 0% 3.0% 2.9 4 3.7 % Hispanic 0% 12.0% 16.3 23 52.9 HH's 100 13,881 18,607 10,121 12,494 Avg HH Size 2.50 2.38 2.45 2.61 2.95 % Single Mom 10% 9.9% 12.7% 12.2 14.9 % w/ Child 33% 28.4% 30.2% 31.4 39.3 % w/ Senior 33% 24.3% 22.7% 26.2 17.9 % Renting 25% 38.4% 31.3% 32.2 60.9 % Unemployed 9.2% 9.2% 9.4% 9.8% 9.8% Median HH Income $75,000 $78,999 77,162 64,665 64,665 % w/ SS Income 23.9% 23.9% 21.1% 23.5% 23.0% w/ Health In 91.4% 94.4% 90.8% 85.6% 85.6% Demographic Observations 1. The Median Age of the zip codes around Dr. Zylker's location are younger then his customer base 2. The ethnic makeup of the Dr. Zylker's potential customer base is not reflected in his cliental 3. The population around Dr. Zylker is less likely to have health insurance
  43. 43. How DMAI Uses Analytics Business Need: Show the client the number of other chiropractors and overlay data with household income to show where the clients have moved too.
  44. 44. Data Visualization Data visualization is simply taking data and converting it to visuals like pie charts, line graphs, sales charts, etc. However in the hands of a good analysts you can build systems and processes by turning raw data into a visual tool. That makes the decision making quicker and with less error. Best analysts are the ones who can visualize data and use tools to add a story telling component to their analysis. A picture is worth a 1000 words, just like a good pie chart is worth 1000 rows of excel data.
  45. 45. How DMAI Uses Analytics Let map out the competition for a client who wants to set up a new Call Center. We want to take this address information, load it into Tableau and create a map that shows by location the # of other Call Centers.
  46. 46. How DMAI Uses Analytics Trend #4 – Data Visualization The main goal of data visualization is to communicate information clearly and effectively through graphical means. They say a picture is worth a thousand words.
  47. 47. How DMAI Uses Analytics Wikipedia definition of a business dashboard: "An easy to read, often single page, real-time user interface, showing a graphical presentation of the current status (snapshot) and historical trends of an organization’s Key Performance Indicators (KPIs) to enable instantaneous and informed decisions to be made at a glance." 1. Easy to Read 2. Singe Page 3. Real Time 4. Graphical Presentation 5. Current Status 6. Historical Trends 7. KPIs 8. Make Decisions
  48. 48. Additional Resources Keys to Decision Making Most decision are made in an instant and are often just a choice between two options. In the book the Decisive, the authors list four tips: 1. Widen Your Options. 2. Reality-Test Your Assumptions. 3. Attain Distance Before Deciding. 4. Prepare to be wrong.
  49. 49. Enchantment – The Art of Changing Hearts, Minds and Actions by GUY KAWASAKI ~He was the chief evangelist at Apple and was behind the success of the Macintosh line in the 1980’s ~He defines ENCHANTMENT as the “state of transformation in ones perception of things”. Enchantment is not about manipulating people, but in altering the way they relate to you and whatever it is you are selling. • bring about a voluntary,enduring and delightfulchangein the people you interactwith. • need to do more thanjust relay facts and offer datapoints.