Most companies today are giving due importance to their hiring metrics and statistics. It is now important for them to know what’s working for them and what is not, status of candidates in the interview pipeline, number of hires, etc. These, majorly, in order to find loopholes in their hiring processes and fix them. Loopholes in the recruitment processes can lead to a great amount of financial loss for corporates. It is, therefore, essential that these be identified as soon as possible so that steps can be taken to rectify them.
Analyzing your hiring metrics though recruiter generated reports will only give you reports and status that have been manipulated and could also be incorrect. So that you have a clear picture of your recruitment pipeline and to know what’s working for and what’s not, you need a system that would give accurate reports and hiring status.
An applicant tracking system or recruitment software can help you get a clear picture of all your recruitment related processes. Here are a few of the features of applicant tracking systems that would help you weigh your hiring metrics right.
Ø With applicant tracking system you can generate extensive reports to analyze your sourcing effectiveness. These reports help you analyze what's working and what's not in your recruitment process. These instant reports can also be generated in multiple formats.
Ø You can know the status of the candidates in the recruitment funnel from anywhere at any time by just logging into the system. This way, you do not have to rely on reports sent to you by recruiters or hiring managers.
Ø The system can be streamlined to suit your time tested processes and client based workflow can also be specified so that you are able to bag more deals easily.
Ø Manage all your recruitment sources such as vendors, employees and candidates using a single applicant tracking system. The vendor portal helps vendors upload and follow their resumes through the entire hiring cycle without bothering with recruiters. Similarly employees can also upload their referrals through employee portal. You can also integrate your career website with the system. So you know if your employee referral strategies work effectively or no. You can also analyze vendor effectiveness and the effectiveness of your corporate website in attracting candidate profiles.
Ø You can get a daily, weekly and monthly report of the processes so that you know what’s going wrong where. You can then implement strategies to improve the sourcing and hiring effectiveness of your HR team.
Ø The applicant tracking system also helps you analyze recruitment related expenditures, through which you where and how to cut down on unnecessary recruitment related costs. You can also allot hiring budgets for different positions and vacancies based upon the financial analysis provided by the system.
Having an applicant tracking system in place is the best solution for companies where hiring analysis is important. The system can go a long way in recruitment cost cutting and reducing time-to-hire. Your HR team will definitely see a marked improvement in their performance; they will be able to meet hiring targets and will stay ahead of competition, always.
Nitman’s flagship product, Talentpool is a recruitment software, made specifically to address the needs of corporates. Talentscout, the latest product caters to the needs of staffing firms and placement consultants.
To know more visit us at “www.nitman.co.in