Powering the gig-economy through analytics for a talent platform start-up
Our client empowers exceptional people to build their careers by providing them with a platform to communicate directly with employers they are interested in working with. They are revolutionizing how talent approaches work through their unwavering dedication to driving innovation in the recruitment sector. The platform lacked transparency in the overall recruitment activity, tracking advancement in the recruitment process, and measuring performance.
What problem were we asked to solve?
The platform lacked transparency in the overall recruitment activity, tracking advancement in the recruitment process, and measuring performance. The client wanted to leverage data to ensure prompt and effective employment of the best applicants and enhance value proposition as a recruiting platform to identify areas for cost reductions. Gravitas enabled the client with holistic insights to drive better decision-making. The Laminar dashboards offer consolidated and real-time insights into the hiring process, including but not limited to candidate monitoring, recruitment analytics, budget and cost analysis, offer acceptance rates, contract tracking, and performance analysis. These insights were critical to driving differentiation on the platform, optimizing cost, and providing a better end-customer experience driven by data insights and timely information.
Gravitas brings a team of experienced consultants that have been associated with top-tier global management consulting firms and have advised a diverse array of clients, ranging from Fortune 500 companies to non-profit organizations.
Our first step was to ask questions about the client’s business strategy, operations, and growth. What are the most time-consuming or repetitive tasks in the current recruitment process? What are the key metrics that lack visibility and inhibit informed decision-making? What are the KPIs (indicators) that enable success for the end customer on the platform? How can we help you automate or streamline these tasks to increase efficiency and save time?
Our client’s management had a wish list of data they wanted to monitor, however Gravitas utilized a consultative problem-solving approach to delve deeper into the data and perform correlation analysis. By peeling the layers, we identified the key performance indicators and relevant auxiliary data for the client's business needs. Through this process, we became strategic advisors and helped them answer crucial business questions.
Our consultative approach to building stunning reports and dashboards involves a profound understanding of the client's industry and context, persona-based journey maps, and a sharp focus on unlocking business value from the client's data.
We identified that the client’s platform had three user personas:
The hiring companies that were looking for candidates
The staffing companies that were looking to staff candidates
The candidates that were not affiliated with a recruiting agency or staffing company.
Gravitas helped build key analytics reports for each of the three user personas and the client’s internal use.
To meet the client's objectives, Gravitas established an Agile team that had daily stand-ups to customize analytics that aligned with the client's goals. We ensured that the client understood the significance of different data points and how they could reveal important insights into their recruiting platform’s strategy and operations. With customized analytics, the client had the best data set to help them make effective and prompt decisions.
1. Intelligence Dashboards
We built a leadership dashboard in Power BI to graphically depict important hiring metrics and performance KPIs. Our business dashboards make it easy for the client’s leadership to communicate the business performance to employees, investors, and partners. They enable the client leadership to share compelling stories about their platform across customer behavior and business operations.
We also built a client dashboard that consolidates feedback received during the hiring process and tracks quantitative and qualitative metrics such as the total number of hiring companies, the number of open positions, the number of candidates, the number of candidates per open position, and the progression of every applicant throughout the hiring process, success rate, etc. These dashboards help the customers on the platform to identify potential bottlenecks and improve their chances of success.
2. Recruitment analytics reports
We built recruitment analytics reports that help the customers looking to hire on the client’s platform to follow an applicant's performance throughout the hiring process. These reports also give the customer information about the caliber of potential hires and highlight areas where the hiring procedure needs strengthening. This analytics offering is a strong differentiator for the client compared to its competitors.
We built recruiting parameters like time to hire, cost per hire, and candidate source data for analysis in one place. This report consolidates details from each applicant's CV, cover letter, notes from the interview, and other pertinent data to help compare candidates with the same yardstick. The report summarizes all open opportunities, including job descriptions, locations, salary ranges, prerequisites, the status of each job ad, the number of applications received, and the anticipated closing date. This report assists talent teams in managing the hiring process successfully and ensuring that open positions are marketed adequately.
These reports empower the customers on the client’s platform with visibility into their overall performance, helping them identify areas for improvement in their hiring process, and offering insights into the effectiveness of the recruitment techniques. For instance, a hiring company streamlined the hiring process as they found a correlation between talent rejecting a job offer and a longer time to hire, leading to missed opportunities.
3. Budget and cost analytics
The Power BI app gives customers insight into their spending. It reports trends in budget spent on recruiting initiatives and returns on investment, along with areas of possible cost reduction. It helps them keep track of the budget and costs for hiring new employees and provides information on how much money is being spent on each stage of the hiring process. To maximize their return on investment, hiring companies use this information to improve their recruitment efforts.
The reports also help keep track of job offers by category of accepted and rejected. Additionally, it offers insights into the causes of offer declines, enabling the customers to modify their hiring approach if necessary. As an example, some hiring companies changed their salary range for open positions, as the salary was not competitive, and many candidates were rejecting offers because of wage concerns. This helped them increase success rates and reduce the cost of hiring.
4. Applicant monitoring reports
The BI reports follow the progress of individual candidates for each vacant position and offer insights into the caliber of each application based on elements like certifications, employment history, and skill sets. The staffing companies use this report to find individuals who would be a good fit for open roles. The report keeps track of all employment contracts, including their start and end dates as well as their stipulations. Also, it gives the staffing companies visibility on how many contracts were up for renewal, enabling them to prepare and make sure they have the resources needed to execute renewals.
5. Performance analysis report
Based on variables, the report gives insight into the performance of candidates and reveals areas where the candidates require more assistance and coaching. This study also aids recruiters in sharpening their skills and ultimately achieving better hiring outcomes.
Conclusion and outcomes delivered
In conclusion, we used Microsoft Power BI to create multiple data points which significantly improve the speed and efficacy of the hiring process. The interactive business dashboards offer a visual representation of important hiring metrics. The applicant monitoring reports offer insights into the caliber of applicants and highlighted areas of improvement in the hiring procedure. A budget and cost analysis report gives insight into the company's spending on recruitment activities. Finally, performance analysis reports shed light on how well each recruiter performs as well as pointing out areas for improvement. In the end, these reports help the customers in streamlining their hiring processes and improve hiring outcomes while cutting down on time and expense, leading to overall success on the client’s platform.
months from concept to launch
return on investment in analytics
increase in talent and client engagement on the platform