Enterprises spend an average of more than $4,000 each year on recruiting, but lack strong data to measure how well they are hiring. On Wednesday, HackerRank launched the Tech Talent Matrix, a machine learning-based tool that gives businesses access to data to help them understand the effectiveness of their technical recruiting efforts, and increase the chances of finding the best developers to fill roles.
Businesses typically rely on basic metrics such as the number of hires, the time it takes to hire, and employee retention rates to evaluate the success of their recruiters, hiring managers, and the hiring process, according to a HackerRank press release. However, these numbers fail to show companies exactly what parts of the process need improvement.
With the Tech Talent Matrix, enterprises are evaluated on all aspects of their technical recruiting process, including the type of developers they attract, how well candidates are assessed, and how aligned hiring managers are with recruiters, the release noted. The tool also allows companies to benchmark themselves against their peers based on the industry they're in and the size, while also highlighting places where they can improve.
SEE: IT Hiring Kit: Programmer (Tech Pro Research)
A company is scored based on a combination of its candidate response score (which measures the performance of a company's candidate outreach by tracking candidates' journeys from when they are invited to take a technical assessment onward), and an assessment quality score (which measures the quality of companies' assessments, and how well these tests are designed for the role to evaluate candidates).
Based on where they rank on the matrix, companies are offered actionable insights on how to make changes and improve their score. For example, the release said, if a company's candidate response score is low, they will receive tailored advice on how to strengthen their tech talent brand.
The goal is to help recruiters and hiring managers make needed changes to better attract, hire, and retain the proper talent for their organization, the release said.
"Companies lack basic visibility into their developer hiring process, which is now just as big a priority as revenue and customer retention for executives across every industry," Vivek Ravisankar, CEO and co-founder of HackerRank, said in the release. "We power one assessment every eight seconds on our platform, and have built a deep, unparalleled data set on what makes for a great candidate experience. Pairing machine learning with our experience and data, we're arming businesses with the actionable intelligence they need to make smarter technical hiring decisions and ultimately transform into tech companies."
The big takeaways for tech leaders:
- HackerRank's Tech Talent Matrix evaluates enterprises on all aspects of their technical recruiting process, including the type of developers they attract, how well candidates are assessed, and how aligned hiring managers are with recruiters.
- The goal is to help recruiters and hiring managers make needed changes to better attract and hire the necessary tech talent.
- Special report: IT jobs in 2020: A leader's guide (free PDF) (TechRepublic)
- How to become a developer: A cheat sheet (TechRepublic)
- Tech jobs: Why the enterprise architect is your new secret weapon (ZDNet)
- Top IT jobs and hiring trends for 2018 listed in Tech Pro Research survey (ZDNet)
- 10 questions developers should ask employers during a job interview (TechRepublic)
Alison DeNisco Rayome has nothing to disclose. She does not hold investments in the technology companies she covers.
Alison DeNisco Rayome is a Senior Editor for TechRepublic. She covers CXO, cybersecurity, and the convergence of tech and the workplace.