Does Your Data Contribute to Sustainable Business Growth?
No matter your business, it all comes down to the bottom line. How do you achieve sustainable business growth? In the recruiting world, this often means making high impact decisions on data. Data isn’t sexy, but it’s a reality of every business move. Marketers live in the world of data, always trying to test and refine what’s working. Recruiters are learning to take a page from their marketing coworkers. Recruiting firms need to focus on increasing their volume of sales and profitability to achieve sustainable business growth. What does this mean? It means attracting more clients, more candidates, and sourcing them at a lower cost.
Big Data and Sustainable Growth
The recruiting industry has changed a lot in the past 20 years. And in the last 5 years, it feels like it’s moved at warp speed. What has emerged is a new form of recruiting, feedback, and monitoring that is driving business. As budgets shrink and demand raises, the following can be helpful to achieve sustainable growth:
Video Interviews. Video interviews are a low cost effective solution that saves both time and money. In the span of time that a recruiter can make a telephone screen, that same recruiter can view 10 on demand recordable video interviews. Many recruiters prefer to choose a set list of questions for consistency and send them to candidates. The onus is on the candidates to then record their responses to these questions and send the video interview to the recruiter. Within this platform, recruiters can share candidate responses, rank candidates and make informed decisions on how to proceed. Advanced reporting tools help inform recruiters how many interviews they’re conducting, their cost per candidate, and more. These tools can help recruiting firms recruit smarter on a tight budget.
Building Talent Pools. Having a bank of resumes is not enough to be able to lower your recruiting costs. Recruiters should be turning these resumes into talent pools. These talent pools should be searchable within narrow search terms, which why many recruiting firms turn to ATS systems. These systems allow recruiters to spend less money on advertising job postings and less time searching for candidates. It’s a cliche that employers say they’ll keep a candidate’s resume on file for future use. But now, recruiters can truly keep all of those resumes and search them at lightening quick speed. The data contained in all of these resumes, references, and attachments can help recruiters source talent at a lower cost, which contributes to sustainable growth over time.
Social Data Tools. Increasingly, social data tools will be able to predict which passive candidates are a good fit for organizations. And most importantly, they’re beginning to predict when a candidate may be ready to make a move. This kind of data will be able to help recruiting firms identify candidates faster and reduce time to hire.
Data is becoming the new buzz word in recruiting. It’s clear that the data that various technologies are offering can help recruiting firms to identify talent faster and engage with them. Overall, a small investment up front is going to save recruiting firms both time and money. And this is where data is going to contribute to sustainable growth. If you’re not yet using data to adjust your hiring process, you could be missing out. Gain the insight your recruiting firm needs.
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