Until recently, the adoption of big data by the recruitment industry has been rather slow; a substantial missed opportunity when you consider that talent is one of – if not the – sector’s most valuable assets. In order to attract top talent in today’s competitive hiring market, next-generation tools, technologies and tactics are a vital supplement to recruiters’ fundamental skills.
Although nearly a third of recruitment professionals aren’t taking full advantage of the data insights into the skills of the wider workforce now available, those that do are twice as likely to improve their recruiting efforts and are three times as likely to reduce costs and gain efficiency.
The growing importance of data in recruitment is underlined by the fact that more than half of those surveyed by LinkedIn believe the use of data insights will increasingly shape business strategy over the next three to five years.
Why now? Tighter budgets, reductions in hiring time, and the need to rectify lost opportunities are forcing recruiters to be in fierce competition to attract and hire the best candidates.
The new focus for recruiters is therefore on real-time metrics that let managers know what’s happening today, and predictive metrics, which alert everyone about upcoming recruiting problems and opportunities, so that they can react appropriately.
Big data has been shown to assist with everything from predicting hiring needs in real-time, to improving the quality and retention of new candidates, and even connecting recruiting performance with business performance. However, you can’t just ‘data mine’ your way to the right candidate; recruiters need to know how to analyse and utilise it to their best advantage if they are to stay ahead of the game.
With recruiting being very much a numbers driven profession, it’s vital that you know the figures that really matter. As a result, many recruitment firms struggle with the idea of big data because they are unable to streamline it into the few key pieces of information that they need. This is where technology is indispensable. Recruiting analytics dashboards cut out the excess information and focus on the relevant data, helping recruiters make the shift to data-driven decision making and increase productivity by bringing more transparency to key performance indicators (KPIs) and processes.
Data-driven recruiting can be a significant source of competitive differentiation and business advantage. We’ve split its advantages into six distinct areas:
1. Single, real-time view of data: Recruitment agencies have specific challenges in that they tend to operate a network of branches that use a centralised CRM platform and also have multiple social media channels through which to reach candidates. Having a dashboard is critical to ensure agencies can gain an immediate, real-time view of operations with which to map performance, identify trends and help predict future opportunities or the need to change priorities.
2. Flexibility Dashboards: These provide a holistic view of current performance with the ability to drill down into any chosen area of the business and the flexibility allows for customisation. This allows team leaders and individual recruiters to decide on the KPIs most relevant to their specific areas of work rather than overloading them with irrelevant data.
3. The ability to highlight workload priorities: Dashboards clearly show bottom line revenue. This gives recruiters an objective method to improve their performance and work smarter as it provides the ability to drill down into specific stages in the job pipeline and prioritise workload based on how close job orders are to completion.
4. Social media: Given the pace at which Millennials turn to their mobile devices for information and communication, recruitment agencies now have multiple social media channels through which to reach candidates.
Over a quarter of the recruiters surveyed in The Chartered Institute of Personnel and Development’s (CIPD) Resourcing and Talent Planning Survey 2015 cited professional networking sites such as LinkedIn now amongst their top four methods for attracting higher-level candidates.
However, there are still recruiters who are wary of social media: harnessing its data requires them to put in time that they simply don’t have. Having a dashboard to ensure agencies can gain a single view of operations to map performance, identify trends and to help predict future opportunities or requirements to change priorities.
5. Provide insight into talent pipeline: Dashboards also enable recruiters to quickly and easily understand the candidate pipeline; monitor candidate throughput, conversion and fill rates and identify the proportion of active to inactive candidates to uncover additional revenue opportunities fast.
Geographical mapping allows recruiters to see, in real-time, where current jobs and candidates are and where they need to acquire new talent. This highlights where the focused action will produce results, and increases the efficiency of candidate recruitment by specific sourcing for live roles. It also enables recruiters to quickly canvas prospective clients by location.
6. Analysing performance to increase motivation: Employee motivation is important to sustain revenue growth. By delivering an instant and complete picture of team performance, team leaders can investigate an individual’s performance by dynamically interrogating their activities and drill down into the detail to identify where to focus attention for improved results. When the best performer has a good quarter, dashboards enable colleagues to see what activity lies behind the win, creating a competitive environment. Dashboards have been shown to increase collaboration and knowledge and best-practice sharing too.
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Dynistics is an award-winning company that provides dashboard software licensing, consultancy and training to recruitment sector customers. Its Active Dashboard product enables everybody at all levels of the organisation to make quick, informed decisions.