What’s the point of recruitment data? After all, recruiters have been recruiting for decades and we never really had a need for this kind of granular insight before. Why now? What’s the point?
We hear this refrain at Broadbean all the time, particularly because we’ve been working in this space for years. The reason we created BDAS to further analyze recruitment data is because today, there is SO. MUCH. MORE of it. Recruiters and their managers are inundated with new platforms, thousands of job boards and a plethora of social and demographic data points from each one of these tools and software entry points. Because we deal, almost exclusively, in data (that’s how candidates find you online and that’s how recruiters find candidates) these data points don’t just add up, they multiply. Hence the apropos term, big data. Even medium data is too much for a full-time recruiting team.
Recruitment directors use platforms like Broadbean’s Big Data Analytics Suite, BDAS, to gain insight into overall recruitment performance, find the best candidates, and even the best methods to advertising their job postings, in effect, harnessing the data they’ve always had, but could never see.
Improve Sourcing Candidates
Recruiters want a candidate that can hit the ground running. Therefore, they either need to already have the aptitude or the skills training to perform successfully in the position. However, if the job posting is sent to a number of irrelevant sources, how will you ever find the best candidate for the role? The truth is, without a robust system to assess the performance of current sources, you’ll never know the true efficiency of the platform.
The growing urgency to reduce time-to-hire and turnover has resulted in a number of organizations adopting big data aggregators to diminish candidate time in the pipeline. Job seekers already spend an average of 25 days waiting while companies try to find the perfect candidate, don’t make them wait longer. By improving the choice of source, recruiters can effectively reduce the time to hire and fill a position faster and more accurately.
Understand Individual and Whole-Team Cohesion
The majority (65%) of organizations already use big data analytics to monitor their equipment and assets to identify operating issues and enable proactive maintenance. While this is advantageous for the company as a whole, what about the recruitment department? There is just as much pressure to streamline budgets as any other department. Organizations can use talent analytics (a facet of big data) as part of a play to making the right business moves.
Any given candidate might have the minimum amount of skills necessary to qualify for the role, but how will they work with the rest of the team? Understanding where high performing employees have been sourced from and more candidates that come from the same sources increases the likelihood of successful recruitment. After all, birds of a feather, right?
Use Predictive Analytics to Create Winning Strategies
A number of companies like Uber have recently gone through some leadership transitions; while that might seem like a ploy for publicity (as these transitions usually involve notable figures), it’s more than just a play on the business front. While it is still rather a smaller percentage 29% of company executives are using big data across the organization for predictive analytics to optimize their business.
Succession planning is a dire need for many companies. The transition to a new leadership chair isn’t a poor call on the part of the business; more often than not, there are strategic forecasting measures these companies are preparing for.
Discern Candidate Behavior to Target Better
Ensure candidate and new hire success from the beginning of the recruitment process to the final stages of their employment lifecycle. Behind the scenes acquisitions are just as important as the on-field plays for any given team. In today’s increasingly modern talent acquisition practices, these two (frontline and behind the scenes) recruitment decision making go hand in hand. Aki Ito (@Akilto7), reporter for the Bloomberg Report in San Francisco, said:
“Algorithms will never replace the interview altogether, but more information about each candidate helps make the hiring process less of a guessing game.”
Use frontline analytics to determine candidate behavior so your company can target the best and most qualified candidates from the beginning. Don’t waste time or money attracting talent from poor sources, as that can decrease team cooperation. Perhaps most important is the predictive aspect to big data because succession planning is necessary for every company.
Are you prepared to lead your team to global victory? Give us a call and see how BDAS can help.