Organisations have long understood the importance and value of utilising the terabytes and petabytes of data they collect and store.
NGOs use big day to help Governments deliver better public and social services. Energy companies use big data to analyse information about power consumption to lower customer costs and extract environmental benefits. The Weather Company monitors 20 terabytes of data every day to produce the most accurate weather forecasts ever known. Today, the access we have to data is unprecedented and the benefits of putting it to best use can be hard to calculate. Recruitment data is no different from information collected by Governments, NGOs and global blue chips, however the industry can be a little slow in realising the benefits to the wealth of data available. As an in-house recruiter, the question you should be asking is “what do I need to know from my recruitment data?”
Where do your candidates come from? Where should you be investing your advertising budget? What’s your advertising spend per hire? If you don’t know the answers you have plenty to work on! Understanding where your employees originate from and how much each costs as a share of your advertising spend helps direct you towards where your precious budget should be allocated. If your candidates come from niche job boards, not generalists, it doesn’t take a data scientist to know that’s where you should be spending your money.
The interview process is not only daunting for prospective employees, it’s also a stage in your recruitment process that can turn candidates off your organisation. A long hiring process is one of the biggest gripes of job seekers. Do you monitor the exact time-to-hire for every role you fill? From application to bums-on-seats, is it a smooth process, seamlessly progressing from interview to testing to offer? Knowing where delays happen and what causes them will enable you to eliminate issues and speed-up the all-important time-to-hire, keeping candidates engaged and showcasing your company as one that appreciates the importance of making good decisions quickly.
According to a recent survey by the Chartered Institute of Personnel and Development (CIPD), 78 percent of companies struggle with employee retention. With the median cost-per-hire of £7,250 in the UK (CIPD), understanding what drives employees into the arms of competitors and knowing what will make them stay will save your organisation considerable costs. Are you benchmarking salaries correctly? Do you track employee engagement and productivity?
Companies, like us at Broadbean, provide software for recruiters that allow better decision making by mapping the hiring landscape. Track where candidates are sourced, place a value on each stage of the hiring process to know where best to spend your recruitment budget, see where historic problems have arisen, how to combat them and how to foresee and prevent bottlenecks in your recruitment process. We allow you to:
- Make conversations between key stakeholders better, quicker and more data-driven.
- Find out how your organization is really doing when it comes to reaching diverse professionals.
- Quickly and effectively measure the performance of individual recruiters on your team.
- Easily discover how long positions have been open and how much each recruiter is spending per job opening.
- Review job partner performance down to the job function level, helping you have more effective conversations around ROI.
- Give recruiters and hiring managers easy access to information they can use to jointly implement effective recruiting strategies based on facts – and not gut feelings.
Bringing recruitment data together is hard, but that’s our core business. We ask what conversation you want to have and pull all the data together based on that. Don’t wait another minute — see how BDAS can bring together the data you need to make strategic decisions right.