Recruiting metrics are an essential part of a data-driven hiring and recruitment analytics. By leveraging data throughout the funnel, recruiters position themselves to find better leads – or use existing leads within the talent pool, so they can optimize the hiring process for the future.
The hiring funnel (or funnel) is the series of stages through which a candidate’s consideration for employment progresses. It’s called a “funnel” because of the shape and by analogy with the traditional purchase funnel: many candidates enter the funnel, but few proceed through all the stages and are hired.
The recruitment funnel can be broken down into 7 stages:
- Awareness – the potential candidate gets aware of your company through your employer branding actions.
- Attraction – where you put your best recruitment marketing strategies to use to make your job opening as attractive as possible.
- Interest – you should be prepared to field questions from interested candidates.
- Application – when interested candidates apply for your job.
- Pre-selection – where you assess candidates by targeting specific skill sets.
- Interview – A deeper assessment of the candidate’s skills, experience, traits, and values. where you meet and have conversation with each shortlisted candidate in person, via phone and/or video.
- Hiring – The company has gathered all the information they need to decide whether to extend a job offer and what that offer will look like. where you commit to a candidate and make them an offer.
All in all, there are many numbers and figures involved in the hiring funnel, but by understanding them, you’re able to understand and predict candidate behavior. With so many duties and responsibilities during the recruiting process, you can make your potential and current employee information work for you.