Using data in our decision-making processes is something that we’ve all been doing since the first employer interviewed their first candidate for that front of cave position. Yet as the recruitment industry and our ability to collate data evolved over time, we now find ourselves in a position where we can do so much more than our predecessors ever thought possible. But how do you handle your data? Or to be more precise, are you making intelligent use of it?
Here are a few data-driven decisions that, when used in your talent acquisition strategy, will help you make the most of the data at your disposal.
Decide what your future needs are
Forget the crystal ball; data is all you need to tell the future.
Every company worth their salt these days will collate data from every facet of their business. From customers to employees, sales figures to how many packets of cookies the office gets through in a week, if it’s measurable, then you should have access to figures on it.
For a recruiter, internal data is pure gold, yet it’s an aspect of recruitment that doesn’t get the attention it deserves. And why is it so valuable? Because understanding employees’ working habits, employment trends and turnover can help you estimate how many employees you will need to replace in the near future. In fact, if you’re really good at reading this data, then you can probably even nail down which departments will need new hires.
Internal financial data can also accurately predict the end of year profits giving you an idea of how successful the financial year will be. More success usually means expansion. And yes, that’s right, expansion means new employees.
Like we said, internal data, even that which may seem irrelevant, is pure gold.
Decide on your focus points
Now we get to the data that you as a recruiter will have collected yourself (if you haven’t then you really should start.)
In previous recruitment campaigns, you should have paid very close attention to the channels which produced the most likely candidates to fill any roles. You will also have kept a record of the money spent advertising on each channel. This data allows you to remove the unproductive channels from your next campaign. Simple as that.
Now you really should be doing this already, but if not, then it’s never too late to start. But remember, tracking general information is pointless. You need to go deep and collect data for every single candidate and channel. Costs, effectiveness, even time taken from source to hire. All of this data allows you to make clear and firm decisions on where your focus points should be for future recruitment drives.
Decide how to target the right candidates
Now while this decision is, of course, related to our previous decision on finding your focus points, there’s a little more to it than finding the right channels.
In your current workforce, you have a ton of data on the quality of your previous hires and employees that are with the company long-term. You will have examples of the perfect, the average, and if you’re unlucky enough, the downright terrible. Gather as much information as you can on these employees and try to find if the more successful ones share any particular traits.
Have some of them worked with the same employers prior to their current roles? Did they come from the same schools or have the same level of education? Are those with more experience as opposed to qualifications more likely to do well?
Understanding what makes a successful employee in this company will help you determine who your ideal candidate is. It can also help you craft the perfect application process that will weed out those candidates that you simply know won’t make it.
Decide what software to dump
No matter how attached you might feel to a particular platform or piece of software, don’t stick with it out of habit or loyalty. As technology develops and progresses at a lightning pace, new tools hit the market every day. And if you followed our advice in our post on the big data question, then you will be staying abreast of all the latest developments in recruitment technology. But for this particular decision, we’re going to focus on the tools that you already have.
Your recruiter’s toolbox should be full of high-quality tools and software that deliver results consistently. There should be no room in there for anything that is not performing to optimum levels. In a nutshell, if you’re not getting any value out of it, then it’s time to dump it.
Now we’re going to say it again because it’s really important; you should record and collect data for all of your processes, and that includes data for each individual tool. Once you have the data in front of you, then it’s very easy to decide if a piece of software is offering you enough value. You might even find that while it’s free or inexpensive, a certain tool might slow down your processes. Either way, you know what to do; dump it.
While many of these decisions will come as second nature to the seasoned recruiter, it’s worth making a note to include them as steps in your talent acquisition process.
Data is the fuel that drives the recruitment industry towards its ultimate goal; filling that position. And without it, we’re doing nothing more than throwing everything at the wall to see if something sticks.
Tired of waiting for that something to stick? Why not bring vsource on board to help you find your next hires. Our sourcing consultants live and breathe data (don’t worry we give them coffee too) making them the perfect addition to your recruitment team. Get in touch today, and we’ll get one of our team to give you a call.