HackerRank, a platform that helps companies evaluate technical talent based on skills, launched the Tech Talent Matrix today, a machine learning-based matrix that gives companies the data they need to hire the right software developers. The Tech Talent Matrix draws from an analysis of over 150 million assessments and candidate data points. For the first time, enterprises have the data and insights to understand the effectiveness of their technical recruiting efforts and increase their chances of finding the right developer for the right role.
Technical hiring has become a C-suite priority as every business from Goldman Sachs to Walmart is becoming a software company. Enterprises spend over $4,000 per hire, and yet they lack sophisticated data to measure how well they are doing. This is compounded by the fact that the lack of alignment between recruiters and hiring managers is the biggest obstacle standing in their path of winning talent. Businesses today rely on basic metrics like number of hires, time to hire, and employee retention rate to evaluate the success of their recruiters, hiring managers and their overall hiring organization. None of these metrics tell companies what parts of their recruiting process needs improvement and how to move forward.
“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,” said Vivek Ravisankar, CEO & co-founder of HackerRank. “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.”
Using the Tech Talent Matrix, recruiters and hiring managers are empowered to deliver the right experience and quality assessments to successfully hire the technical talent they seek. Enterprises are evaluated on critical parts of their technical recruiting process, including the type of developers businesses are able to attract, how well candidates are being assessed and how aligned hiring managers are with recruiters. They can also benchmark themselves against peers based on industry and size, and identify what they are doing well and where to improve.
A company’s position on the Matrix is the graphical representation of the Candidate Response Score and the Assessment Quality Score:
- Candidate Response Score: Measures the performance of organizations’ candidate outreach by tracking candidate journeys from the stage they are invited to take technical assessments and measures the conversion of those invitations to test attempts.
- Assessment Quality Score: Measures the quality of companies’ assessments and how well their assessments are designed for the role to evaluate candidates. The inputs focus on factors such as test design and candidate feedback.
Based on how they rank on the Tech Talent Matrix, companies are given actionable insights on how to actually move the needle and improve their scores. For example, if a company’s Candidate Response Score is low, they are given tailored advice on how to strengthen their tech talent brand. If a company’s Assessment Quality Score is low, companies receive guidance on how to ensure their technical evaluations are relevant for the roles. With this intelligence, recruiters and hiring managers are empowered to make changes that help them better align on goals and strategy to ultimately attract and hire the tech talent they need.
For more information, check out the Tech Talent Matrix.
HackerRank is a technical hiring platform that helps businesses evaluate software developers based on skill. Over 1,100 customers across all industries, including 5 out of the largest 8 commercial bank institutions in the U.S. and 4 of the top 7 retail companies, rely on HackerRank’s automated skills assessments to evaluate and hire technical talent from around the world. More than 4 million developers (over 15 percent of the global developer population) trust HackerRank to learn and practice coding. On average, HackerRank powers 1 assessment every 8 seconds in over 35 programming languages. For more information, visit www.hackerrank.com.