Do you remember Blockbuster, Kodak, or even Nokia?
Let me guess. You haven’t heard these companies in quite some time.
These companies each lacked innovative and creative ideas because they were comfortable with their current status in the market.
We all know where these companies are today.
For Blockbuster, Kodak, and Nokia, this lack of urgency to innovate and update their systems ultimately led to their downfall.
This same concept goes for employer branding. If you are using old-fashioned recruitment processes, there is a high chance you will end up wasting your time and resources, interviewing unqualified candidates. This not only will negatively affect your brand sentiment and employee morale, but it will cost your company time, money, and resources.
It is not too late to make a change. Yes, 2019 is coming to an end, but the shift to implementing data-driven recruiting is still reasonably fresh in the market. Using data on candidates to create recruitment strategies has proven to make the entire hiring process from start to finish remarkably smoother, cost-efficient, and more accurate than the traditional methods.
So let’s get into the juicy details.
What is Data-Driven Recruiting?
Data-driven recruitment is the process of optimizing the candidate’s journey from awareness to consideration by leveraging data on the candidates you want to recruit.
This data-driven recruitment process could take the form of external or internal data collected on candidates. While many Fortune 500 Companies have an abundance of internal data available on their candidate process, that doesn’t necessarily mean they know how to make strategic decisions that will yield better results. When we apply a data-driven mindset to recruiting, identifying which campaigns and channels are producing the best hires becomes much more manageable.
But even if you could understand which channels or campaigns the good hires came from, how would you optimize them? How would you know what content to continue producing on that channel year after year?
As candidates are changing, so is the data! By analyzing that data, you get to know more about your candidates and which ones, in the end, become your employees. Having that data is an essential strategic asset in your recruitment process.
To help you fully understand the benefits of using a data-driven recruiting, we’ve compiled a list of 4 benefits of implementing a data-driven recruitment strategy.
1. Improve Quality of Candidates Applying
The hiring process can become very tedious and overwhelming when you have to handle 100 ́s of job applicants for one position. But what if you could remove the unqualified candidates from the list?
By tailoring your talent communication strategies on all your career channels with data collected on candidates, you can improve your chances of attracting the right candidate the first time around by targeting their needs and preferences.
There is no need for an outside staffing and recruiting agency when you have all the information on what the candidates want. Curating your talent communication strategies on your career channels to appeal to your desired candidates will drastically improve your chances of hiring the right candidate over and over again.
Hiring the very best employees time and time again will significantly improve your company’s performance, both short-term and long-term.
As an employer, if you can understand which channels your desired candidates look for career-related information, then you can create a strategy that guides the very best candidates down your funnel. Data-driven recruiting can make that happen.
Within the HR sector, we also see the rise of ambassador marketing programs. Using your network to find new employees has many benefits. People find job postings from their network more trustworthy, which, in turn, has a positive impact on the number of applications a company receives from their job posting.
2. Reduce New Hire Cost
With the right set of data, you will be able to optimize your best hires by channel. A study by LinkedIn has shown that companies with a stronger brand see a 43% decrease in hiring cost.
To start to reduce new hire costs, focus only on the variables and channels that lead to the best hires. On the flip side, you also need to eliminate as much waste or churn as possible throughout the process.
Once you have collected data on candidates and your hiring process, the next step is to identify which channels are producing the best hires — focusing your recruiting efforts on these channels. By trimming the fat in your traditional hiring process, you will be able to save money on the channels that are not producing quality hires.
After you determine which channels your ideal candidates are on, it is crucial to create customized content that is attractive to them. By providing content that candidates value the most, you will be able to guide and prioritize what changes you need to make on your channels. And, more importantly, how you can position yourself as an employer in the marketplace. If you prioritize and tailor your content to your ideal candidate, you will increase your chances of hiring the right candidate the first time around and ultimately decrease long term costs associated with bad hires.
3. Decrease Hiring Time
From the moment a candidate recognizes your company as a potential employer to the point when they finally click the apply button, is called the candidate’s journey. To optimize your candidate journey, maintain a smooth and time-efficient hiring process.
Awareness – Social Media Channels/Review Platforms
Interest – Career Opportunities/Work Culture
Consideration – Career Website/Offer to Candidate
Application – Mobile/ATS/Applying Online
Once you have defined your funnel, it’s vital to have the right measuring systems in place. Using a data-driven approach in your hiring process will allow your team to create a candidate funnel that optimizes the needs and preferences of your desired candidate during each stage.
Communicating clearly with your ideal candidate allows them to work their way through the funnel more quickly.
Your content from throughout the candidate journey should tell a story that resonates with qualified candidates and leads them further down the funnel. In doing so, hiring the right candidate will occur much quicker.
4. Improved Candidate Experience
Attracting and converting your desired candidate requires a flawless candidate’s experience.
It’s not only important for a company to create the ultimate employee experience, but also a fantastic experience for your recruits. Even those who don’t make the cut should still be treated as if they were one of your employees from the start.
Going back to the candidate funnel of awareness, interest, consideration, and application, there are many steps you can take in each part of the funnel to ensure that candidates have a positive experience.
Social media has become one of the most important ways to attract and nurture candidates. It has changed recruitment for good. To provide guidance in the jungle of channels and where you should focus your efforts, utilizing data and external surveys will assist in making these strategic decisions. By delivering content that showcases your workplace and what being an employee at your company is like, you will give candidates a definite feeling of acceptance and desire to be there.
To properly get a candidate interested, they have to see something they like about the company. By tailoring your strategies to the candidates’ needs/preferences, you are thereby providing appealing content that would spark further curiosity in applying to your company.
The Career Website is the heart of the candidate experience, where you can showcase your organization and really stand out. It’s often the place where decisions for or against an application are taken, and where making an impeccable offer should occur. In this stage, you should hold nothing back about your company and play all your cards.
The application process is crucial, from a job ad to application submission. What causes dropouts and is your ATS provider keeping up with the latest developments are the questions to be asking. Staying updated and current is vital to finalizing the application process. No one wants to apply to a company that looks outdated, boring, and slow.
Still not convinced?
Whatever your company recruiting methods are, the age of data-driven recruiting is already here, and it’s not going anywhere.
Remember, when I mentioned Blockbuster, Kodak, and Nokia? Don’t be them. Be better, and stay on the offense!
Companies will only continue to evolve the hiring process by finding new and innovative ways to hire qualified candidates more efficiently, thus making it harder for companies who lack this to survive. There are plenty of different strategies you could derive from using data on candidates. Remember, you miss 100% of the shots you don’t take.