You want more efficient processes, less budget spend, quicker and better hires, and lower turnover. It might sound like a tall order, but data-driven recruitment delivers it right to your table.
It’s all because of the keyword: data. Data is information that surrounds everything you, your team and the candidates you want to hire. It’s always there, and there’s always more of it. When you place a job ad, there’s data. When candidates click an ad, more data develops.
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Data equals information, but knowing it’s there and using it effectively are two different things. Now, data-driven recruitment makes it accessible for you and your team as well as for all of the automated processes that your heart desires. Here’s how.
#1: Improved Workflow Efficiency
A higher quality of hires doesn’t equal a heftier workload when data-driven recruitment strategies are part of the equation. With the right technology, recruiters and hiring managers gain access to data that streamlines decision-making without the burden of information overload.
LinkedIn explains that data analytics enable improved recruiting efforts, lower hiring costs, and higher efficiency. Unfortunately, 75 percent of recruiters don’t take advantage of it.
Data helps you find great candidates, reach them in ways that resonate and spend less time in the process. For every decision that hiring managers and recruiters make, access to data reduces guesswork, which saves both time and costly errors.
#2: Ready Access to Vital Metrics
The list of possible hiring metrics is vast, but a few stand out with ”major impact” potential. Problem is, finding and analyzing meaningful metrics consumes resources that your team might not have to spare. With data-driven recruitment, metrics are within reach.
What’s possible? Recruiter.com says identifying these key metrics helps minimize unnecessary time wasters so you can focus on what really makes a difference in quality candidates.
- Time to Present Candidate Slates
- Hiring Manager Feedback Time
- Requisition aging
- Present-to-interview rate
- Interview-to-offer rate
- Offer/acceptance rate
Without data-centric technology, those metrics would require a whole new team. With data on your side, they’re simplified for easier access and analytics that turn metrics into usable information that improves sourcing, candidate and new-hire quality.
#3: Real-Time Job Matching Capabilities
How much time is wasted with ads that never hit the mark? For that matter, how many budget dollars are spent on poor ad placement and missed candidate opportunities? Now imagine that job reqs and top candidates gravitated toward each other like magnets to steel? That’s a top-notch recruitment funnel in action.
A data-driven recruitment process helps reduce the volume of missed opportunities through real-time job matching. It’s complicated on the tech side, but simple and effective for recruiters and hiring managers.
Real-time job matching helps the right set of candidate eyes meet the right job at the right time. If job details or candidate skills change, real-time job matching changed with them. That way, the process continually improves. If the candidate gains a new skill, they stand a better chance of seeing a job ad that matches it. The same thing happens in real time if job requirements change.
#4: Programmatic Job Ad Distribution
The days of all-things-to-all-people classifieds are nearly over. They waste everyone’s time. Even using relevant search terms, ads are difficult enough for job seekers to find. Great applicants are equally buried. For passive candidates, which includes most people, job ads stand almost no chance of finding top talent.
Programmatic job ad distribution technology and real-time job matching work in concert to find the right people where they spend time. They don’t rely on top talent to hopefully search a job and perhaps find it among the rest. They go out and get results.
The best part is that programmatic and job matching work automatically. Hiring teams can tweak the process, but it functions on its own using historical and real-time data to make better and better job ad placement decisions all the time.
#5: Predictive Analytics
How perfect would life be if you only had a crystal ball? Predictive analytics is the next best thing, and it’s part of the data-driven recruitment wave. Artificial intelligence makes it possible.
Using predictive recruiting analytics, data-driven recruitment stays in a state of learning and adapting. Current and future job ad buys are optimized based on data from the past. Not only are the job ads of today poised for the best audience, ad performance and candidate behavioral trends add more data for better results next time.
Predictive data doesn’t just improve ad placement, either. It improves candidate quality by evaluating a broad range of metrics and incorporating them into future processes. You could measure new hire retention and other performance metrics. Combined, data builds a predictive strategy that not only puts ads where they perform best, but also where they will find candidates who are interested, qualified and more likely to stick with the company.
The big days of Big Data are here to stay. What’s changing is accessibility and usability. Everything that you and your target candidates do creates a data trail that you can collect, analyze and put to use.
Through data-driven recruitment, you can enjoy faster process with fewer errors, less budgetary waste and the jewel in the recruitment crown: better quality candidates. So what are you waiting for?
Check out our webinar: The Emergence & Impact of Programmatic Advertising on Recruiting and find out what you’ve been missing.