How Recruitment Data and Analytics Supports Talent Acquisition
It’s no surprise that recruitment today primarily takes place online. In fact, over the last 10 years the number of online job seekers has doubled. And while this means recruiters no longer need to rely on sifting through filing cabinets and mountains of CVs to make a hire, it doesn’t necessarily mean that recruitment has gotten easier.
That’s because today, leveraging online job advertisements in your recruitment marketing strategy means making judgement calls — judgement calls on which vendors produce the best candidates, which provide the greatest returns on investment, and which provide the greatest efficiencies in hiring. Recruiters must choose between a number of job boards, job aggregators and their own career sites in order to properly advertise their jobs. With that said, it’s easy to see how the wrong judgements can lead to a far less than optimal ROI.
However, recruitment data and analytics platforms provide recruiters with the opportunity to take a different approach–a more scientific and data-driven approach, rather than one based on judgment calls. To better understand how this works, let’s take a look at three ways recruitment data and analytics bolster talent acquisition:
- Identifying Job Performance Classifications: Recruitment data and analytics platforms help recruiters unearth insights about the performance of their job advertisements on different vendors. If the platform allows recruiters to see campaign- and job-level data–or information down to the most granular levels of recruitment data–then they will be able to identify which jobs are hardest and which are easiest to fill. We break these job advertisements down using the Recruitics Job Performance Classifications in order to group them based on cost and conversion rate. But however a recruiter decides to classify the performance of their job advertisements, the ability to do so helps you better understand where funds need to be allocated (to hard-to-fill jobs) and which jobs can spare or share their budget (over-performers).
- Highlighting Most Successful Vendors: Recruitment data and analytics go beyond helping you identify which jobs are difficult to fill and which are not. They also help highlight which vendors are producing the greatest ROI for you and your organization. In providing data on the efficiency and performance of each job on each vendor, recruiters can easily identify which vendors will allow them to fill certain positions the most effectively and efficiently. For instance, a healthcare provider might find that they hire nurses at a much faster pace, and at a much lower cost, on Monster than they do on LinkedIn. This tells the recruiter to post those jobs on Monster and to not waste budget on recruiting nurses through LinkedIn. Likewise, the recruitment data and analytics might show the exact opposite for pediatric physicians for the two employment websites. In either event, leveraging these important recruitment insights allows recruiters to more wisely spend their budget, and helps them achieve results quicker, ultimately leading to a greater ROI.
- Unlocking the Power of End-to-End Insights: One of the greatest advantages recruitment data and analytics platforms boast is their ability to integrate with powerful Applicant Tracking Systems (ATSs) in order to provide end-to-end (E2E) analytics. E2E recruitment analytics allow recruiters to track a candidate from first click through to the hire. In doing so, recruiters can gain a deep understanding of which employment sites produce the best employees for their own organization, and what cost is associated with finding those employees. Put simply, E2E analytics allow recruiters the most holistic picture of how their recruitment marketing strategy is performing and allows them to quickly identify deficiencies within it, in order to optimize that strategy. The end results is an optimal return on investment from their recruitment efforts.
With recruitment data and analytics, recruiters can stop making judgement calls and begin taking a scientific approach to talent acquisition. Sign up for a demo today to learn how our industry-leading recruitment data and analytics platform, Recruitics Analytics, can provide you with the valuable insights you need to produce a greater ROI.