10 Key Takeaways From the 2023 Hiring Insights Report

Two hiring leaders reading the 2023 Hiring Insights Report.

For today’s hiring leaders, the talent landscape can feel a lot like the wild, wild west: untamed, unpredictable, and downright lawless. Now in 2023, talent acquisition teams once again face new hiring challenges and economic obstacles. But don’t get lost in the dust just yet: to help teams make sense of all this uncertainty, we’ve released our 2023 Hiring Insights Report.

The report features data on 500+ surveyed hiring leaders and explores how they’re attracting and retaining talent amid today’s obstacles. If your talent team wants to thrive now and for years to come, consider it required reading.

For the TL;DR of the report, here’s a roundup of the 10 key takeaways your team must know to successfully weather 2023’s hiring storm.

1. Hiring Goal Attainment Fell Short

Our previous Hiring Insights Report found that organizations hit an average of 50% of their hiring goals in 2021. Unfortunately, their luck hasn’t turned around. Since then, hiring goal performance has declined by two percentage points, dropping to 48% in 2022.

In the past year, U.S. job openings declined while the number of Americans seeking employment remained steady. Based on this context, one might expect that hiring would’ve become easier with fewer jobs to fill. So, where did this 48% come from? Other factors, like increased candidate demands and a deficit of desired skills, can pose significant challenges to hiring goal attainment.

Charts showing hiring teams' goal attainment.

2. Top Previous Challenges: Resume Padding and Hiring Policy Shifts 

The biggest challenge faced by hiring teams in the past 12 months? A disconnect between real skills and what’s on applicants’ resumes. The prevalence of candidates padding their resumes only further emphasizes the importance of rigorously screening applicants.

Ranking in second place, 25% of surveyed talent leaders said they faced difficulties with ever-evolving company hiring policies. A range of factors triggered these policy updates, including remote work, return-to-office mandates, and a shortage of qualified talent. 

Bar chart showing what hiring challenges TA teams experienced in the past.

3. Layoffs Thrashed the Hiring Landscape

Overall, layoffs impacted 65% of companies last year. The tech sector’s waves of layoffs dominated the news; 57% of surveyed tech companies reported going through layoffs in the past 12 months.

However, tech wasn’t the only sector that conducted widespread workforce reductions. In fact, the financial services and retail sectors led the pack with the most dismissals at a staggering 71% and 70%, respectively.

Charts showing the impact of layoffs on companies across sectors.

4. Turnover Rocked Hiring Leaders

Nearly half of hiring leaders (44%) were impacted by increased recruitment team turnover, making this the biggest change that hiring teams experienced last year. Fewer talent acquisition professionals means fewer people that can move the hiring process along—and slower operations.

While the majority of talent leaders agreed that turnover dealt a heavy blow to their teams, they were split on whether the landscape has become more or less competitive, underscoring the turbulent nature of last year’s hiring landscape.

Bar chart showing how the hiring landscape has changed.

5. Top Expected Challenges: Limiting Hiring Tech and Hiring Policy Shifts

In the year ahead, hiring teams expect to confront two major hurdles. For one, teams predict that their hiring technology, which needs to adapt to their ever-changing needs, will fall short of expectations (27%). The right hiring technology can unlock a level of productivity and efficiency that teams didn’t even know was possible—yet most teams don’t have the tech needed to attain success.

Teams also anticipate facing difficulties in adjusting to alterations in their company’s hiring policies (26%). Sound familiar? This was also one of the top challenges that teams faced in the past few months. Talent acquisition and retention become all the more challenging when your efforts are hindered by the need to constantly adjust policies to stay aligned with the landscape’s evolutions.

Bar chart showing what challenges talent teams expect in the future.

6. Competitive or Uncompetitive Landscape? You Decide

Once again, talent acquisition leaders can’t reach a consensus on the state of the landscape. While 45% say the hiring landscape will become more competitive due to an increased demand for talent, 41% say it will become less competitive due to an increase in available remote talent.

Drilling down the data by sector, respondents were still at odds—except for the financial services sector. The majority of financial services hiring leaders (53%) believe that competition will intensify in the landscape. Burnout and high turnover in frontline retail banking roles could be contributing to these results.

Bar chart showing how hiring teams expect hiring to change.

7. Efficiency and Automation Reign Supreme

Amid an unstable economy and numerous hiring obstacles, teams plan on weathering the storm through the power of efficiency and automation. For the second year in a row, efficiency (39%) and automation (37%) came out on top as talent teams’ biggest focus areas for the future.

Streamlining the hiring process and automating manual tasks is a win-win for everyone involved in the process. Talent teams get to reap better hiring outcomes, such as increased offer acceptance rates and improved time-to-hire. Meanwhile, candidates get to enjoy an impeccable hiring experience that demonstrates genuine care and interest in what they can bring to the table.

Bar chart showing what TA leaders plan on improving in the future.

8. Quality of Hire Comes Out on Top

As hiring teams traverse 2023’s rough waters, they’ll be doing so while closely monitoring quality of hire. The majority of talent leaders ranked it as their number one most important metric (25%). This result is fitting; one of the core objectives of recruiting is to not only hire quickly but to hire the best talent possible.

However, teams will have to contend with the difficulties of measuring quality of hire. Measuring this metric is notoriously challenging, as it carries its own subjectivity and qualitative nuances.

Bar chart showing the most important hiring metrics.

9. Winning Candidates With Flexibility

What do top candidates want? If you ask our respondents, more than half (54%) will say that candidates seek flexibility above all else. Prospective new hires want to feel reassured that their desired roles will grant them enough flexibility to lead fulfilling and healthy lives amid their professional responsibilities.

Companies might consider allowing employees to work from anywhere within (or outside) the office, take lunch breaks whenever they’d like, or skip lunch altogether to head home early. Yet still, there’s no one-size-fits-all for flexible work policies; companies must assess their own circumstances to determine the best approach.

Bar chart showing what TA teams communicate to win candidates.

10. Better Scheduling, Better Connections

One in two companies (50%) identified improving scheduling efficiency as their primary strategy for giving candidates a faster and simpler hiring experience. A streamlined, bottleneck-free process not only helps hiring teams smash their goals, but also cultivates a positive candidate experience that can blossom into stronger, more memorable candidate relationships.

Rounding out the top three are candidate-driven scheduling (46%) and a fast interview process (45%). These capabilities closely align with the preferences of today’s consumers. Half of consumers would rather live chat than pick up the phone; evidently, people want immediate help in their time of need without having to reach out to someone.

Bar chart showing what hiring teams do to win candidates with a streamlined process.

Hey, Hiring Leaders: Want More Insights?

2022 brought an uncertain economy, sweeping reductions in force, and increased candidate demands, creating a perfect storm for hiring teams this year. The pressure is on to find and attract qualified candidates, deliver an efficient hiring process, and leverage hiring tools that drive teams toward success. Are you ready to conquer 2023? 

To dive deeper into these insights and much, much more, get the full report today.

Looking for Healthcare Recruiting Software? Use This Checklist

Employees that were recruited via healthcare recruiting software.

If you’re like most recruitment teams in healthcare, you’re feeling the pressures of the industry. Few recruiters, an abundance of open roles, and a major talent shortage create a perfect storm for today’s talent teams. And the secret to successfully navigating the rough waters? Enlisting the help of healthcare recruiting software.

The right technology allows healthcare recruiters to streamline their processes for efficiency and scale their interview volume—even when facing limited resources. But with a variety of software options out there, how can you ensure you’re investing in the right one? 

Use our 10-point checklist to help you choose the best healthcare recruiting software:

1. Compatibility With Your Existing Systems

First things first: the software that you choose should be compatible with your existing systems. You’ll want to ensure that the software can seamlessly integrate with your ATS and any other critical systems that help you move your recruitment process along. The last thing you want is the inability to use your current systems or to transfer your data between your old and new tech; that’s simply an unnecessary headache. 

2. Ease of Use

Software that’s intuitive and easy to use is a must-have.  This will help get your talent team up and running to use the tech quickly without intensive training. Scheduling conversations with the sales team to get a live demo and understand the product’s interface is a great way to gauge how user-friendly it is.

3. High-volume Features

Many healthcare recruiters find themselves faced with a revolving door of vacancies and endless roles to fill. Overcoming the challenges of high-volume hiring requires recruiting software with specific features. This includes bulk communication and scheduling, self-scheduling, and SMS recruiting, all designed to handle a high level of reqs and a large candidate pool.

4. Recruiting Process Automation

72% of employers predict that parts of their talent acquisition will be automated within the next decade—and we believe them. Automation is a recruiter’s best friend. It cuts down time-to-hire by reducing the time spent on tedious tasks, and when you’re an overburdened healthcare recruiter, an increase in bandwidth is always appreciated.

Look for tech that can automatically load balance interviews and select interviewers, schedule interviews, generate communications, and send out calendar invites and reminders to candidates and interviewers.

5. Reporting and Analytics

Your healthcare recruiting software should give you visibility into the metrics that you need to succeed. For starters, you’ll want to have access to a robust analytics dashboard to reference the status of candidates and see where they’re at in the talent acquisition funnel. Software that also allows you to view data on your hiring team, such as each RC’s total schedules, provides your team with even more valuable insights to use when refining your operations.

6. Customization and Personalization Options

It’s also wise to look for software that offers customization and personalization options. Note: your new software should automate all customizing and personalizing to avoid creating more work for yourself. Even when sending out quick text messages to healthcare applicants, adding a bit of personalization to your messages via custom communication templates goes a long way in uplifting the candidate experience. 

7. Branding Abilities

Want to maintain a consistent brand image throughout your recruitment process? Then you’ll want to look for software that allows you to customize the branding and appearance of the platform. This may include adding your company logo, choosing your own color scheme, and adding company photos.

8. Security

Security is a top concern regarding software, and it’s especially important for an industry as scrutinized as healthcare. You’ll want to do thorough research to ensure that the software you choose has robust measures in place to protect user information and maintain data security. Look for information on how your team can manage users, permissions, and login to the software, and what access users get with regard to sensitive information and calendars. 

9. Customer Support and Services

It’s a good idea to consider the level of customer support offered by the software vendor. Onboarding new tech isn’t always a cakewalk; you’ll want access to experts that can guide your success from day one and help you maximize your ROI. Access to an appointed customer success professional and technical support will help you ramp up your team quickly and resolve any issues that arise.

10. Pricing

And then there’s the elephant in the room: pricing. Yet conversations on pricing should go beyond discussing what your team is willing to spend. You don’t just want software that fits within your budget; you want software that gives you the highest ROI possible. But how do you determine this? It’s time to research.

Sift through customer testimonials and reviews on popular software review sites, such as G2, that illustrate the output that a particular software generated for other talent teams. Pay careful attention to companies that also fall under the healthcare umbrella to more closely predict how your own team might fare if you invested in the software. 

Heal Your Hiring Process With Healthcare Recruiting Software

 By taking the time to carefully evaluate each of these factors, you’ll ensure that you choose the right software for your organization’s specific needs and goals. But we get it—it’s hard to feel confident in investing in a software when there’s so many elements to consider and so many options on the market. 

With GoodTime Hire, healthcare companies feel confident that they can meet their business needs. Hire helps healthcare recruitment teams schedule interviews for roles up to 67% faster. 

Want to see how Hire can help your team crush their hiring goals, boost efficiency, and win top talent? Learn more here. 

10 Recruiting Statistics You Must Know to Succeed in Hiring

Keeping up with the latest hiring trends is the key to success. Lucky for you, we’ve compiled several crucial recruiting statistics that you must know to win candidates and optimize your hiring process.

Our 2022 Hiring Insights Report surveyed 560 HR and talent decision makers to understand the most pressing challenges facing their teams, and what should be done to reel in top talent. Read on for ten of the report’s most revealing recruiting statistics.

1. Less than 35% of companies give candidates office tours and free lunches

One-sided hiring practices are now relics of the past. When asked what they do to build connections with candidates, talent leaders selected “giving a tour of the office” and “free lunch during the interview” the least.

The highest ranked responses were candidate-focused hiring practices, such as “scheduling flexibility,” “demonstration of company culture, mission & values,” and “candidate interview personalization.” Companies recognize that superficial hiring tactics no longer win candidates.

2. 32% of HR leaders say “retaining top talent” will be their No. 1 challenge in the future

When asked which hiring challenges they expect to face in the coming months, the majority of HR leaders ranked “retaining top talent” as the biggest challenge. Tied for second (28%) was “a lack of qualified candidates” and “hybrid work challenges.” 

Considering the Great Resignation’s long-lasting effects in 2021, concerns regarding talent retention come as no surprise. If talent teams want to overcome this challenge, they must know this: retaining talent starts from the first moment that a candidate speaks to a recruiter. Teams must optimize their processes to exceed each candidate’s expectations.

3. 60% of companies saw their time-to-hire increase in 2021

The more efficient your hiring process is, the shorter your time-to-hire will be. However, 60% of companies saw their time-to-hire increase in 2021. Only 8% of companies saw their time-to-hire decrease.

The best candidates disappear from the market in just 10 days. If you don’t hire swiftly and efficiently (while still maintaining a high level of quality), you can bid top candidates good-bye.

4. 36% of HR leaders agree that communication is most valuable to candidates

When asked what is most valuable to candidates, 36% of talent leaders said that delivering “prompt, clear communication” would be most important to the candidate experience. HR leaders ranked “transparency in the interview process” (16%) as the second most valuable element.

Nobody likes being ghosted in the interview process. Sustaining consistent communication with candidates, such as emailing them updates on next steps, conveys a clear message that their time is valued.

5. 46% of HR leaders say that the value of candidate relationships is the No. 1 anticipated hiring change

When looking to the future, talent teams agree that forming genuine connections with candidates will be more important than ever. This is completely true; to win the best talent, investing energy into candidate relationships is non-negotiable.

Candidates are interviewing you as much as you’re interviewing them. Cultivating a connection with them throughout the hiring process maintains their interest amid a variety of other companies and job offers.

6. Three weeks is the average time-to-hire for companies

No matter the size or industry of their organization, all companies from our report experienced the same average time-to-hire: three weeks. 

During a time where the fastest companies often win the best candidates, keeping time-to-hire low is mission-critical. Talent teams should reassess their hiring processes, tools, and people to optimize themselves for speed. 

7. Just 33% of talent teams plan on prioritizing DE&I in the next 12 months

“Making DE&I a measurable priority” was the least-selected answer to the question, “Over the next 12 months, what areas will you look to improve in your hiring process?” Companies aren’t rolling up their sleeves to amplify DE&I, yet they should be.

Diverse teams produce 19% higher revenue. But besides that, focusing on DE&I simply makes sense. Today’s diverse candidates don’t just want to see an emphasis on DE&I in the hiring process—they expect it.

8. 45% of talent teams say that improving efficiency is their biggest focus

Improving DE&I might not be on the minds of talent teams, but improving efficiency certainly is. Boosting overall efficiency is the No. 1 focus area for talent teams in the future. In second place (41%) was “increasing personalization throughout the hiring process.”

This is a good sign. In today’s competitive job market, efficiency is everything and hiring fast is critical. A clunky, slow hiring process is sure to cause candidates to turn down an otherwise desirable job offer. 

9. 59% of hiring leaders communicate employee well-being to candidates

We asked respondents, “Which of the following do you communicate to candidates during the hiring process to attract top talent?” Hiring leaders selected “employee well-being” as the top response, with “company culture” coming in at second place (53%).

Employees innately seek belonging and psychological safety in their workplace; they want to see that their employer takes their well-being into consideration. Likewise, candidates want to feel confident that a potential employer would care for their well-being.

10. 37% of HR teams’ time is spent scheduling interviews

Talent acquisition professionals spend more than one-third of their time scheduling interviews. It’s clear why improving hiring efficiency is a top priority for talent teams. When a hiring process is optimized for efficiency, recruiting coordinators spend less time scheduling and more time on high-value tasks.

Enlisting the help of your HR tech stack (and adding the latest tech tools into the mix) is one surefire way to decrease the amount of time that you have your head stuck in calendars.

Want the Latest Insights? Read the 2023 Hiring Insights Report

One of the best ways to improve your hiring is by using researched insights to inform your process. Want to catch up on the latest hiring trends? Get excited: our 2023 Hiring Insights Report is now available. 500+ HR leaders, 1,000s of real findings, 1 industry-leading report. Read the report today.

Hiring More Recruiting Coordinators? Buy Recruitment Tech Instead.

Recruiting coordinator using recruitment tech.

Picture this: you’re struggling to secure quality candidates for your team’s open reqs, and getting candidates to a “yes” takes too long. You’re contemplating hiring more recruiting coordinators to optimize your talent acquisition process—’cus that’s the logical fix, right? Not so fast. Consider investing in recruitment tech instead.

You can hire all the recruiting coordinators that you want, but if you’re bogged down by inefficient operations and processes, your problems are sure to persist.

Instead of funneling more employees into a broken system, get to the root of the problem and patch up the holes in your hiring process. Establishing the right recruitment tech is the solution.

Why Recruitment Tech Is a Worthwhile Investment

1. Modern-day Hiring Requires Automation

Think you can succeed in hiring without the help of automation? Think again. Automation is an absolute necessity in the fast-paced hiring landscape. The competition for quality candidates isn’t going anywhere. That means that companies must act quickly to secure the best talent. 

But repetitive tasks like interview scheduling can lengthen a hiring process—and cause teams to miss out on candidates. That’s why using tech to automate interview scheduling is the way to go.

Automation accelerates the time it takes to schedule, choose interviewers, and communicate with candidates. Combine all of these advantages, and you have a decreasing time-to-hire. 

2. Enhance Recruiting Coordinators’ Candidate Relationships 

We’re still in the middle of a candidate’s market. There are two jobs for every available worker—a number that’s in the range of historic highs. Since candidates have the upper hand, talent teams must deliver a hiring experience that exceeds expectations. 

One of the best ways to stand out from other companies is by prioritizing candidate relationships. If a candidate doesn’t feel a bond with your team and your brand, it’ll be difficult to get an offer acceptance. That’s where recruitment tech comes in. 

Tech unlocks a multitude of ways to create personal candidate relationships. From identifying the most convenient interview time for a candidate’s schedule, to adding personalization to automated messages, a tech platform’s functionalities can do wonders in enhancing your bonds.

3. Data-driven Hiring Processes Succeed

The best talent acquisition teams keep tabs on their hiring data. Without a sense of your past and present metrics, it’s difficult to effectively optimize your process and spot issues.

Data-driven recruiting is viewed as an approach to recruiting, but here’s the truth: all recruiting should be data-driven. Luckily, many talent acquisition teams already know this. Our 2022 Hiring Insights Report shows that 35% of TA professionals reference their hiring data on a weekly basis, and 32% reference their data monthly.

How are they accessing this stream of data? More likely than not, they’re leveraging their tech stack. Robust HR tech can help you keep tabs on the number of RC schedules, interviewer declines, and the time that it takes to interview for a role.

4. Free Up Bandwidth for Recruiting Coordinators

No matter the industry or company size, recruiting coordinators know the pain of manual interview scheduling. When you have your head stuck in calendars, it’s difficult to make time for high-value projects that will make real improvements to your process.

That’s the beauty of recruitment tech. It takes care of the tedious tasks—like finding calendar availability and selecting interviewers—so that RC’s can focus on what really matters. With this newfound bandwidth, recruiting coordinators can connect with candidates, dive into their data, and give DEIB initiatives a facelift. 

And No, Tech Can’t Replace Recruiting Coordinators

Don’t worry, we’re not advocating for robots to replace recruiting coordinators (that’d be a bit jarring to say the least). There are many elements that recruiting coordinators can deliver that technology can’t—like empathy and trust, which are both so important to candidates. 

Talent teams need a marriage between technology and recruiting coordinators so that they can reap the benefits of both. Without skilled RC’s, a hiring process feels robotic and impersonal. Yet without technology, tasks become tedious and a hiring process becomes inefficient.

The way forward is clear: leverage technology and equip your recruiting coordinators with the knowledge that they need to use it to its full potential. Then, watch the quality of your hiring process soar.

Amp Up Your Recruitment Tech Stack Today

Continuously increasing your talent team’s headcount isn’t a sustainable way to fix your problems. The right tech stack can enhance your process and enable a talent team of five to operate like a team of 50. So, you’re probably wondering: “Which recruitment tech is right for me?”

For starters, you need an ATS in your arsenal. The ATS that you choose depends on the needs and size of your talent team and company. If you find it difficult to decide on one, we recommend the following: Greenhouse, iCIMS, Jobvite, SmartRecruiters, Workday, and Lever. 

But while an ATS is essential, an ATS just can’t deliver on all of the features that you need for success. GoodTime Hire fills those gaps.

Hire automates coordination, improves your relationships with candidates, and provides actionable insights to continuously optimize the entire hiring process.

Schedule a demo to learn more about how Hire can transform your talent acquisition process.

60% Of Companies Say Their Time-to-Hire Increased. Here’s Why.

Talent team discussing their time-to-hire.

Seeing time-to-hire decrease warms the heart of every talent acquisition professional out there. Sadly, our data shows that few TA teams experienced this joy in the past year.

Our 2022 Hiring Insights Report surveyed 560 HR and talent decision makers to understand the most pressing challenges facing their teams, and what should be done to reel in top candidates.

Out of the companies surveyed, 60% said their time-to-hire increased in 2021. If alarms aren’t going off inside your head, they should be.

Even within less competitive hiring markets, time-to-hire is a critical KPI. The competition for the best candidates will stay consistent, no matter the current hiring volume. This makes maintaining hiring efficiency crucial.

So, why have talent teams seen their time-to-hire skyrocket? Let’s dive into the data and examine how teams can attain success.

Burdened by Interview Scheduling

HR teams from our report spend more than one-third (37.3%) of their total work hours scheduling interviews. It’s no wonder that companies saw their time-to-hire rise; a time-consuming scheduling process deals a major blow to hiring efficiency. 

This statistic was consistent regardless of company size. The smallest companies (50-100 employees) spent 33.5% of their time scheduling interviews, and the largest companies (1,001-5,000 employees) spent 35.1% of their time doing so.

How To Fix This

Recruiting coordinators in companies of all shapes and sizes know the pain of manual interview scheduling. When you have your head stuck in calendars, you can expect an influx of hiring delays and bottlenecks.

Automating your interview scheduling logistics is the way forward. You’ll fill roles at the speed of light and no longer lose precious time to juggling schedules and drafting emails.

Mismanaged Connections With Candidates

Even though 46% of respondents agreed that creating relationships with candidates has become more important than ever, just 36% looked to build better relationships in the past year.

When you neglect your relationships with candidates, the holistic quality of your hiring process goes downhill—and that includes your time-to-hire. 

If a candidate doesn’t feel a notable bond with your talent team, it’ll be much harder to get them to a “yes” in a timely manner when you extend an offer. You can say bye-bye to any chance of shortening your time-to-hire.

How To Fix This

Healthy candidate relationships consist of four key pillars. Check off these pillars, and you have yourself some quality connections.

  1. Genuine Connection: Candidates want to know if they align with a company’s mission, culture, and DEIB beliefs. To understand an employer’s stance on those elements, candidates want to build a genuine connection with them.
  2. Transparency: Candidates want a transparent hiring process. They won’t tolerate ghosting, that’s for sure. Candidates want open and frequent communication from employers.
  3. Adaptability: Your hiring process must adapt to the needs of your candidates. They want to schedule interviews at times that best fit their schedule, as opposed to sitting through an inconvenient all-day interview. 
  4. Candidate Well-being: On the topic of well-being, candidates want to gain an understanding for where companies stand on mental health support and any other related benefits.

Inefficient Recruitment Data Collection

The best talent acquisition teams are fiercely data-driven. Digging into your hiring process’s data allows you to identify potential blockages that are lengthening your time-to-hire. 

However, problems arise when you don’t have a firm pulse on your analytics. If you go too long without examining your data, you can’t stop bottlenecks before they arise.

The good news is that most of the teams from our report check their analytics frequently. Thirty-five percent utilize their hiring data on a weekly basis. But this wasn’t the case for all  respondents. Seventeen percent use their data quarterly and 7% consult their data yearly. 

How To Fix This

The 35% of companies that leverage their recruitment data every week are on the right track. There’s always something to learn from your metrics. The more often you reference them, the more optimized your hiring process will be. 

If you’re stuck on how exactly to evaluate your hiring data to boost critical KPIs like time-to-hire, we’ve put together a handy guide for you.

Want the Latest Insights? Read the 2023 Hiring Insights Report

History doesn’t have to repeat itself. Talent teams might’ve struggled with their time-to-hire in the past year, but there’s several surefire ways for them to decrease it in the months to come.

Automating interview scheduling, improving candidate relationships, and zeroing in on hiring analytics is the way forward. 

Want to catch up on the latest hiring trends? Get excited: our 2023 Hiring Insights Report is now available. 500+ HR leaders, 1,000s of real findings, 1 industry-leading report. Read the report today.

How To Evaluate Your Hiring Metrics Like a Pro

The key to optimizing your recruiting lies in identifying, measuring, and taking action on the best hiring metrics. If you want to get more out of your metrics, we’ve got you covered. GoodTime joined Checkr and iCIMS to identify the most high-value metrics, and how to best leverage and analyze your hiring data.

Want to watch the watch the webinar in full? Come right this way. For a recap of the conversation, read on.

Choosing the Best Metrics

Vanity metrics have a knack for sweeping up hiring teams. The numbers make your team feel good, and boy do they look attractive in a report. But looks can be deceiving; ultimately, those numbers reveal next to nothing about your business goals.

So, how do you select the metrics that matter? 

Monitor Metrics on Candidate Relationships

With the high expectations of today’s candidates, forming a genuine bond with applicants is more important than ever. Talent teams should keep an eye on metrics that reveal the quality of these bonds.

Jasper Sone, GoodTime’s Co-founder and Head of Product, said that one important metric that’s contingent on your candidate relationships is turnaround time. This measures the average time it takes for a candidate to respond and get confirmed for their next interview. 

Engaged candidates respond faster than disengaged ones. With candidates interviewing at four times as many companies now versus pre-COVID, meaningfully connecting with applicants is crucial to keeping your turnaround time low.

Divide by Primary and Supporting Metrics

Rhea Moss, Director of Data Insights and Customer Intelligence at iCIMS, prefers to choose hiring metrics by distinguishing between primary and supporting metrics. When a primary metric is healthy, the secondary metrics in connection to the primary are likely also healthy.

 For instance, time-to-fill is an important primary metric to measure. If your time-to-fill improves, you’re probably seeing notable supporting metrics like your OAR (offer acceptance rate) and dropout rate improve, too.

Let Hiring Metrics Reveal Themselves

Is starting your projects by selecting the key metrics the best strategy? Maybe not. Scott Jennings, Head of Industry Strategy and Market Development at Checkr, suggests a different method. He believes that teams should start with a business problem that they’re looking to solve, and then work backwards to identify the most suitable metrics.

“What you typically find when you’re delivering a project is that the metrics at the end of it that matter are different than what you thought going in,” Scott noted. “That’s going to be influenced by the different data sets that you bring in and the different philosophies that are brought in.”

Balancing Speed and Quality When Hiring

Candidates don’t want to wait around. A lengthy hiring process means losing talent. Yet at the same time, a rushed hiring process creates disinterested candidates. How should teams balance speed and quality to snag top talent?

Boost Interviewer Availability and Quality

Jasper recommends that organizations take two crucial steps to emphasize speed and quality. The first step involves providing a high level of interviewer availability. For the second step, talent teams should ensure that their interviewers convey an excellent image of their company.

To tackle the first step, organizations should have five alternative interviewers locked and loaded for every interview. “If you provide five alternatives, for any random time that a candidate wants to meet there is a 96% chance that someone on your team could meet with them,” Jasper noted.

The second step involves establishing a robust interviewer training program. This way, you’ll build an interviewing team that’s adept at deeply connecting with candidates.

Ideal Speed Varies by Employment Model

While the average hiring process in the U.S. lasts for about 23.8 days, this length varies across the different employment models. Same day hiring isn’t possible in most traditional hiring spaces, but it is in the contingent labor market.

For this reason, Scott noted that the ideal speed—and the perfect mix of speed and quality—that talent teams should shoot for depends on the team’s employment model. Teams should reflect on the standards and candidate expectations that are unique to their model, and then go from there.

Leveraging Industry and Geographic Benchmarks

Congratulations! You now have a stellar selection of metrics to monitor. Better yet, you’ve crafted a hiring process that emphasizes both speed and quality. But, one question remains: how should you utilize industry and geographic benchmarks when analyzing your own data?

Analyze Benchmarks for Shifts

“Geographic benchmarks are quickly falling to the wayside,” Rhea noted. While these benchmarks are incredibly pertinent to industries like healthcare and retail, it’s unwise for teams to leverage geographic benchmarks in the same way that they have in the past since people are relocating to new geographic locations faster than ever.

Her take? Instead of using industry and geographic benchmarks as gold standards, teams should evaluate benchmarks to understand general, directional shifts. Look for seismic changes in behavior based on industry or geographic data, and take that into consideration when identifying changes in your hiring metrics.

Share Your Own Benchmarks

It’s just as important for your organization to share your own benchmarking data as it is to analyze benchmarks that are already available. Jasper added that GoodTime enjoys sharing their benchmarking data to help other organizations set goals for themselves.

“By sharing data, not only does it give us an understanding of where we’re at, but it inspires teams to come up with creative ways to beat some of the geographic or industry standards,” he said.

Optimize Your Recruiting Process Today

When you take action on the most crucial hiring metrics, the sky’s the limit for your talent team’s success. If you want to beef up your knowledge on TA metrics a bit more, you’re in good hands.

Check out our 4 KPIs that Show TA Ops Success infographic to boost your recruiting process with more metrics that matter.

Recruiting KPIs: Top 6 Metrics You Need to Track

Talent team going over recruiting KPIs.

Does your team focus on the recruiting KPIs that really matter? Ignoring the most crucial metrics—or neglecting to track your recruitment process as a whole—is like recruiting with your eyes closed. Without a sense of your past and present success, it’s impossible to optimize your process with data-driven decisions and spot hiring issues.

But don’t stretch yourself thin by monitoring a laundry list of metrics. Track just a handful of recruiting KPIs and leverage the data to evaluate and refine your process and recruiting strategies.

Stuck on which metrics to choose? We recommend for teams to keep a close eye on the following crucial recruiting KPIs.

1. Time-to-Hire

Failing to track your time-to-hire is practically a sin in the TA world. That’s why time-to-hire is one of the most common recruiting KPIs. It measures how long it takes your company to fill an open position. It’s a stellar KPI to use when measuring the efficiency of your hiring methods.

Teams with a low time-to-hire stand a better chance of transforming applicants into new hires in record time. Meanwhile, teams with a high time-to-hire risk losing star candidates to a lengthy process and a poor recruiting experience.

How Do I Measure Time-to-Hire?

Measuring time-to-hire is pretty simple. You just need to calculate the number of days from when an applicant enters your pipeline to when they accept your offer.

What’s a Good Time-to-Hire?

The average hiring process in the U.S. typically lasts for about 23.8 days. However, a “good” time-to-hire varies by factors such as industry and job function. A government role will likely take longer to fill than a role in a restaurant. But know this: candidates don’t want to wait around. With some companies snatching candidates up within 10 days, speed is the name of the game.

The shorter the hiring process, the better—as long as your process provides ample time for candidates to understand the role, and for recruiters to meaningfully connect with applicants. You need to balance speed with quality.

2. Quality of Hire

The challenge of every recruiter is to balance hiring fast with hiring the best candidates possible. That’s where quality of hire comes in. It measures the quality of your new hires and reveals if you succeeded in finding the right person for the role.

It’s one of the most important recruiting KPIs to track; our hiring research reveals that out of several popular metrics, quality of hire is the one that talent teams most commonly measure. Hiring high-quality new hires means that you carried out the recruitment process in an optimal fashion to achieve the ultimate goal: finding the person most suited for the position.

How Do I Measure Quality of Hire?

There’s no golden rule when it comes to measuring quality of hire. Your organization first needs to define what “quality” looks like in a new hire. This definition will be unique to what your organization wants to achieve with this new employee, and whether the employee attained this.

It’s wise to combine several factors to get a holistic view of the quality of each hire. For example, you could measure how well the employee exemplifies your organization’s core values, and/or how quickly and effectively they ramp up to fulfill the duties of their role.

What’s a Good Quality of Hire?

A “good” quality of hire can only be determined in the context of all your organization’s hires. Over time as you continue to measure quality of hire, you’ll be able to determine what caliber of performance makes a person a high-quality new hire and a low-quality new hire.

3. Candidate Net Promoter Score

A handy candidate net promoter score (CNPS) informs you about how candidates experienced your hiring process. A high CNPS shows that you excel at cultivating a process that cultivates a positive candidate experience and creates fans out of applicants. A low CNPS means bad news for your employer brand—and a likelihood that candidates will share their bad experience on company review websites.

By measuring your CNPS, you can get a leg up on the competition by understanding what candidates really think about your process. Then, use this data to identify what does and doesn’t work.

How Do I Measure Candidate Net Promoter Score?

Ask your candidates several candidate experience questions. For instance: “What is the likelihood that you would recommend us to friends or family as a place to work?”  They’ll answer this question using a zero to 10 rating system. 

Divide the responses into three categories: promoters, passives, and detractors. Candidates who respond with nine to 10 are promoters. They’re likely to recommend your company and are loyal. If a candidate responds with seven to eight, they’re passives. They feel neutral towards your company. Candidates responding with six or below are detractors. Don’t count on them to promote your brand.

To calculate your CNPS, subtract the percentage of detractors from the percentage of promoters.

What’s a Good Candidate Net Promoter Score?

Generally, scoring 10 to 30 is good, while a score close to 50 or above is excellent.

4. Offer Acceptance Rate

Your offer acceptance rate (OAR) is the percentage of candidates who accepted your job offer. A strong OAR means that your offer, hiring process, and company seem attractive to candidates. 

Ended up with a high OAR? Pat yourself on the back; you’re a star at filling vacancies and connecting with candidates throughout their hiring journey. Disappointed with your low OAR? Time to spruce up the quality of your hiring process and the competitiveness of your offers.

How Do I Measure Offer Acceptance Rate?

Divide the number of offers accepted by the total number of offers extended. If you extend 100 offers and 50 are accepted, your offer acceptance rate is 50%.

What’s a Good Offer Acceptance Rate?

The average OAR is 65.7%. Use that as a benchmark when determining the quality of your organization’s OAR.

5. Career Page Conversion Rate

This metric refers to the number of visitors on your career page who went through the application process to become applicants. If you value a steady flow of applicants, the career page conversion rate is crucial. It informs you on how effective your career page is and what changes should be made to ensure that you’re never scrambling to find viable new hires.

Your career page should speak to your mission, values, and company culture. Think of it like a window into your organization. The page should be compelling enough that people are able to envision themselves working at your company. If your conversion rate is low, you have some work to do to optimize your page.

How Do I Measure Career Page Conversion Rate?

Take the number of applicants and divide it by the number of site visitors. If you have 25 applicants and 100 visitors, your career page has a conversion rate of 25%.

What’s a Good Career Page Conversion Rate?

A conversion rate of 11% or higher is great. If your conversion rate is lower, analyze how you can let the most captivating parts of your employer brand shine through.

6. Interviews With DEIB Exposure

Want to elevate your OAR and CNPS in one fell swoop? Assemble interview panels that champion DEIB.

“Interviews with DEIB exposure” refers to interviews that feature interviewers from a diversity of perspectives and backgrounds. The goal is to avoid crafting homogenous interview panels.

Diverse hiring starts with diverse panels. Interviews with DEIB exposure promote better decision-making and mitigate unconscious bias.

Not only that, but a DEIB-centered interview panel promotes a better experience in the hiring process. About 80% of Black, Hispanic, and LGBTQ candidates report that a diverse workplace is a crucial factor when considering job offers. With increased DEIB exposure in the interviewing stage, underrepresented candidates will feel at ease knowing that your organization celebrates different backgrounds—including their own.

How Do I Measure Interviews With DEIB Exposure?

Measure this KPI by taking the number of interviews with DEIB exposure and dividing it by the total number of interviews. 

What’s a Good Level of DEIB Exposure?

There is no “right” level of DEIB exposure in interviews. The goal is to present candidates with panels that help them comfortably and confidently picture themselves working at your organization. If your diversity hiring goals falter, the DEIB exposure in your interviews likely needs improvement.

Boost Your Recruiting KPIs With Tech

Your hiring process and your talent pipeline won’t improve if you don’t measure them. For now, data-driven recruiting is seen as an approach to recruiting, but let’s be real: all recruiting should be data-driven. 

If you want to make your recruitment process data-driven and connect with candidates like never before, using just your ATS simply won’t cut it. But you know what will? Leveraging GoodTime Hire.

Hire delivers an unparalleled mountain of insights to make your hiring process top-tier. Gain access to robust recruiting and interview dashboards to understand the status of your teams and track the progress of open roles.

Learn more about how Hire’s interview scheduling software can transform your talent acquisition process today.

4 Tools to Modernize Your TA Tech Stack

Feeling overwhelmed by all of the TA software options on the market? You’re not alone. In today’s tech-driven world, the key to standing out from the talent competition is a strong TA tech stack. But with so many solutions available, it’s difficult to assess which tools are necessities and which ones are just nice-to-haves. 

Don’t worry—we’re here to point you in the right direction. With these four tools, you’ll impress candidates and smash your TA goals in one fell swoop.

1. Applicant Tracking Systems

If you don’t already have an applicant tracking system (ATS), this is your sign to invest in one. There’s a reason why over 98% of Fortune 500 companies use an ATS software (that’s all but nine companies). With an ATS in your TA tech stack, you can facilitate the application process without the risk of losing qualified candidates to the “black hole.” 

An ATS also allows you to easily filter applicants through keywords, skills, or previous roles. No need to spend time organizing applicants; an ATS conveniently collects all your applications in one place. 

While an ATS is a must-have, it’s not without limitations. Even though the typical ATS can now do more than just handle applications, their main expertise lies in that area. You’ll need to add additional products to your tech arsenal if you want to robustly tackle performance metrics, load balance, or enhance DEIB.

The ATS that you choose depends on the needs of your talent team and company. Consider your company size, scalability, and additional features that you’d like to use (text recruiting, referral program management, etc). 

Can’t decide which ATS is right for you? We get it—there’s a LOT. Here’s some recommendations:

  • Greenhouse
  • iCIMS
  • Jobvite
  • SmartRecruiters
  • Workday
  • Lever

2. Virtual Interviewing Platforms 

Remote hiring is far from a pandemic-born phase. Just look at the numbers: 93% of employers reportedly plan to conduct virtual interviews well into the future. If one thing’s for sure, getting acquainted with virtual interviewing platforms is non-negotiable. 

From Zoom to BlueJeans, adding virtual interviewing platforms to their TA tech stack enable recruiting teams to connect with applicants from across the world. No longer limited by a candidate’s geographic location, these platforms both widen and diversify your talent pool.

While remote interviewing is here to stay, you’ll need to master several best practices to maximize the potential of virtual interviewing platforms. These platforms are only as helpful as you make them. To give candidates the best impression of your virtual interview process, standardize the virtual interviewing process and troubleshoot your software before diving into an interview. Remember: candidates are assessing you as much as you’re assessing them.

3. Employee Pulse Surveys

Listen: from a talent retention standpoint, we need to change our employee surveys. 74% of companies still use detailed surveys to analyze employee engagement, but large-scale surveys just don’t cut it anymore. They’re time-consuming to both create and orchestrate—and not to mention an absolute pain to analyze. Instead, opt for employee pulse surveys. 

Pulse surveys allow leaders to solicit feedback and benchmark their employee satisfaction “health” by asking the same questions every survey. They’re designed to be short-and-sweet, so you can expect a high response rate with simplified, actionable feedback. 

Similar to virtual interviewing platforms, employee pulse surveys are what you make them. Pulse surveys can measure anything and everything, and the question types are up to you. Most companies use these surveys on a monthly basis, but there’s no one-size-fits-all survey cadence.

4. Candidate Relationship Intelligence

Throwing more candidates into the top of the funnel simply isn’t an effective way to hit your hiring goals and snag the best talent. The real secret to recruitment success lies in forming connections with candidates in the middle of the funnel, all while moving them through the process as quickly as possible. That’s why companies like Slack and Box now use Candidate Relationship Intelligence as the solution to their hiring.

GoodTime Hire is the only platform that harnesses Candidate Relationship Intelligence to win the best talent. Hire’s success comes from three pillars: automation, relationships, and insights. The magic happens by automating coordination to reduce time to hire, building genuine connections between recruiters and candidates, and gathering actionable insights to continuously optimize the entire process. 

And the results: companies hire up to 70% faster and impress more candidates than ever before.

Ready to learn more about how Hire can transform your recruiting process? Let’s do it.

2021 Wrap Up: Key Takeaways From Top Talent Leaders

A talent leader using GoodTime.

Chief among the concerns of talent leaders in today’s hiring market is, of course, the growing talent shortage. 

With more jobs on the market than there are people looking for work, recruiters and employers are rightfully worried — so much so that most believe the shortage will negatively impact their business in the long run.

The best talent leaders are asking the right questions and rethinking their entire recruitment strategy. GoodTime recently sat down with several of them to discuss three of the hottest topics they face in this new world of work:

  1. Virtual recruitment and the hybrid workplace.
  2. Advancing diversity and equity within the interview process.
  3. Using data to make better hiring decisions.

What emerged from these discussions was an overwhelming agreement that the best hiring decisions start by understanding who candidates are and what they expect from their potential new employer. Here are five takeaways from each key area to help you navigate hiring. 

Virtual Recruitment and the Hybrid Workplace

  1. Competition for the most talented employees has skyrocketed since pre-pandemic times, with the average candidate interviewing at 4x the number of companies as they did before.
  2. The employer who’s first in line to make an offer to a candidate only has a 50% shot of having that offer accepted. And if you’re not first, that percentage goes down dramatically. 
  3. Companies are kicking hiring pipelines into high gear at 2.3x a higher rate to meet current hiring demands.
  4. 77% of employees want more flexibility to work when and where they want.
  5. Candidate searches for remote work have gone up by 460% since 2019.

Advancing DEI Within the Interview Process

  1. An overwhelming majority of job seekers — 70% — want to work for a company that prioritizes DEI.
  2. Failing to demonstrate a commitment to DEI during the interview stage, which lasts an average of five hours with your company for most candidates, is a huge missed opportunity.
  3. At least 63% of interviews do not represent women, which greatly reduces the likelihood that those candidates will accept an offer.
  4. Female candidates are 2x more likely to accept a job when a female interviewer is part of the panel.
  5. Emerging technology, like GoodTime’s Intelligent Interviewer Selection, gathers data and provides insights that continuously refine an inclusive interview process.

Using Data To Make Better Hiring Decisions

  1. Access to candidate data is imperative to understanding who candidates are and what they want.
  2. When there are five or more trained interviewers per role, candidates are 95% more likely to find an interview time that fits into their schedule.
  3. By empowering candidates to self-identify as members of a minority group, they can be matched to interviewers who represent shared commonalities.
  4. The majority of the talent leaders we spoke with emphasized the importance of leveraging data to get approval on spend for strategic hiring initiatives.
  5. Just as important as the interviewee experience is the interviewer experience. Leveraging technology to manage load balance guards against some interviewers carrying a disproportionate amount of the interview load.

The Bottom Line

When hiring teams have the tools they need to listen to candidates, effectively train interviewers, and assess the right data, better and faster hiring decisions are born.

GoodTime lets you do all of this and more.

Want Better Hires? Commit to Diversity Hiring

When it comes to diversity hiring best practices, we can all do better.

That’s why many organizations pledged their support for greater diversity hiring in response to protests and civil unrest that coincided with the COVID-19 pandemic.

And it’s not just employers. At least three of every four job candidates report diversity is an important factor when evaluating businesses and job offers. Likewise, 78% of recruiters state that diversity has an impact on the way they hire.

Companies can no longer afford to neglect diversity, equity, and inclusion in their hiring processes. But how do you turn the ship around? Let’s take a look.

It Starts With the Interview

Diversity hiring requires companies first to back up their commitment to diversity, equity, and inclusion (DEI) with action. And it often starts during the interview stage. In fact, 72% of underrepresented groups say they want to be interviewed by a diverse panel of interviewers with whom they share similar traits. Candidates who do not feel represented by their potential employer are five times more likely to reject an offer than candidates who feel a sense of belonging.

But coordinating interviews is already complicated enough, right? By leveraging technology, hiring teams put together interview teams comprised of members with different backgrounds and demographics. Just by using the right tool, companies have the ability to demonstrate their commitment to different people and perspectives without overcomplicating the interview process.

How does it work? GoodTime Hire allows interviewers to self-tag with specific attributes that represent different groups (i.e. Black, woman, neurodivergent). They can also tag themselves as being qualified to interview for certain job skills. 

Then, candidates who have also self-tagged are automatically connected to interviewers with those traits. As a result, candidates feel more comfortable, and companies have more interviews – which leads to a better hiring experience for all. 

Tracking Results

GoodTime’s recent Candidate Experience survey shows companies with increased DEI exposure in interviews also increase their total number of interviews by 4x. As a result, these companies experience not only a larger talent pool, but also an increase in quality candidates.  

But wait! There’s more. GoodTime Hire empowers companies to track interviews that include DEI exposure, giving them the ability to compare those measured results against overall diversity hiring goals. Armed with the data, hiring leaders can then make strategic decisions about what needs to be done to continue improving results.

The Bottom Line

It’s been proven time and again: companies who commit to DEI in recruiting and hiring increase not only the size of their talent pool, but also the quality of the candidates they hire. Yet, few companies are making real gains when it comes to providing DEI exposure in interviews, and, in turn, improving their candidate experience.

Ready to Level up Your Candidate Experience?    

Time’s up for interviews full of scheduling headaches. It’s time for candidate-centered, connection-driven interviews instead.

To read more about how to make that happen for your team, download 5 Steps to Hiring Top Talent at Scale now.