Analytics for Hire: How Data Impacts the Future of Recruiting
By Matt Singer, Vice President of Marketing, Jobvite
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A few years ago, navigating a competitive job market meant deploying best-of-breed recruiting technology -- applications and features designed specifically for recruiters, based on a deep understanding of their unique and changing issues. Today, that best-of-breed focus is still necessary -- but recruiters are also battling new demands:
* Relationships matter more now. Referrals have truly become the bread and butter of effective recruiters, especially as advanced skills and qualifications are tougher to track down. In fact, 78 percent of quality hires now come from referrals.
* Branding is a key differentiator. Today's top candidates, when they can be located, often receive multiple offers. Beating competitors to the hire means having a winning employer brand that drives loyalty -- and more than a quarter of recruiters are struggling with this right now.
* A full pipeline is imperative. Employees don't stick around like they used to. In fact, 30 percent of recruiters report an average employee tenure of only one-to-three years. Consistently filling critical positions requires a stocked pool of qualified prospects and applicants . . . and that starts the cycle all over again.
The future of recruiting no longer depends on simply having the right technology. Today's most savvy recruiting professionals must be able to use that technology -- and the data it captures -- to its greatest potential.
Data: The Recruiter's Secret Weapon
More than 70 percent of recruiters now believe that data analytics provides critical value in the hiring process. Here's why:
* When relationships are critical to ensuring successful referrals and hires, data can help you forge the right connections. For example, by tracking sourcing and referral efforts, recruiters can better understand where to find candidates with the right qualifications, how those candidates respond to recruiting campaigns, and who delivers the highest-impact referrals to an organization.
* Data can help you strategically align your employment brand to your talent market. The key is to measure which facets of your branding deliver the greatest results -- and which areas need improvement. For instance, are your candidates looking for a richer mobile experience, or perhaps more details on your company culture?
* If keeping your talent pipeline full is necessary to hiring consistently, data can help you understand which types of applicants are best suited to specific jobs. For example, by analyzing the qualifications of candidates you've hired for manager-level jobs in the past, you can more quickly identify the people to keep on hand for future managerial openings.
Innovative Technology Makes Data Accessible
In order to collect and apply this kind of relevant, real-time data from throughout the hiring process, companies must look for a recruiting-technology platform with these key elements:
* Full-featured applications that are designed for today's recruiting challenges. The foundation of any complete recruiting platform should include an advanced applicant-tracking system, along with tools for sourcing, referrals and candidate-relationship management. The most innovative solutions, however, will also give companies the ability to build an employment brand, provide a rich mobile experience for candidates and nurture prospects through the pipeline.
* Integration between those applications. In order to access the data within, recruiting applications need to be designed to fluidly and natively communicate with each other. Your applicant-tracking system should be able to connect with your customer-relationship-management system. You should be able to track the source of every candidate and referral, the results of every communication campaign, and the status of every open requisition -- from inquiry to hire.
* Centralized, customizable dashboard to display important findings. After systems integrate effectively, you need a single dashboard where real-time data from throughout the recruiting process can be presented and acted on quickly. Moreover, the dashboard should be customizable based on who is viewing it, so everyone from recruiter to hiring manager can see what matters.
* Robust reporting capabilities. Data is most powerful when you can apply it to critical decisions and become more strategic about how you recruit. Customized reporting helps you get the in-depth picture about how your efforts are working, so you can recalibrate as needed to remain successful in a competitive market.
When more than 25 percent of companies anticipate hiring more than 100 new employees in the next 12 months, it's time to understand the real innovations that can help catapult you past competitors. We have long since passed the point where having technology is enough. Now we need data-based understanding -- and that means choosing recruiting solutions that are built to deliver actionable understanding through concrete analytics.
For more information on how your company can leverage data to improve hiring, visit www.jobvite.com.