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    The Role of Data in Successful Recruitment

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      The Role of Data in Successful Recruitment

      6th September 2022

      Talent attraction has never been easy. Wouldn’t you agree?

      For the past few years, the situation has only been aggravated.

      Due to COVID-19, recruitment has become one of the most difficult challenges for UK business owners. Already, 76% of them are struggling to hire.

      Thankfully, there is good news on the horizon. Talent attraction has reached a critical turning point – putting your prospective candidates within arms reach.

      By combining social recruitment, PPC advertising, and general candidate networking with data… you’ll no longer have to “spray and pray” your budget away. Instead, you can create a fine-tuned and accurate targeting strategy.

      The Rising Importance of Using Data in Recruitment

      Last year, 46% of senior decision-makers made a bad hire. Isn’t that worrying?

      Not only does it reveal the difficulty of our talent attraction climates, but it suggests that recruitment processes up and down the country are inefficient and wasteful.

      This needs to change.

      When quizzed as to why the leaders believed this happened, the responses were divided.

      • 61% were forced to “settle” for a candidate that didn’t match the role.
      • 56% felt harried to fill a gap and rushed the hiring process.

      Either way, there’s one thing abundantly clear. These businesses could have benefited from the use of recruitment data.

      How?

      Well, by using digital HRM tools and analyzing key metrics, UK companies can actually identify the perfect employee for their company.

      Then, rather than turning away prime applicants with an unattractive job offer, leaders can make an informed decision to guarantee their acceptance.

      Key Recruitment Data Metrics to Track

      If you’ve been responsible for recruiting employees before, there’s no doubt that you’ll have heard of the basic metrics.

      Maybe you’ve even used a few to your advantage:

      1. Time to fill
      2. Cost of hire
      3. Candidate volume

      However, these statistics alone give you a very limited view of successful recruitment.

      After all, by paying close attention to your “cost of hire”, you might accidentally be pressuring yourself to select the wrong candidate… simply because you’ve almost maxed out your budget.

      Not ideal. Especially when you recognise that a wrongful decision could cost you 2-3 times the original salary – meaning you lose money regardless.

      Instead, you need to start looking at other (more comprehensive) statistics such as:

      1. Candidate satisfaction
      2. Quality of hire
      3. Query response rate
      4. Interviews extended
      5. Offer acceptance
      6. Source of hire
      7. Recruitment conversion rate
      8. Diversity ratio

      From there, you can measure the progress of your new hires after they’ve accepted the offer and tweak your onboarding process until it’s perfect.

      Are candidates quitting after just 6-months? If so, why?

      “Recruiting teams that use data are more likely to be efficient, reduce costs and improve their hiring.” – Workable

      How to Use Data in Recruitment

      Five years ago, businesses would spend weeks identifying talent to network with, only to find out these individuals had no interest in moving employers.

      This made recruitment a frustrating, complex, and time-consuming task for many. It doesn’t have to be this way.

      With instant data by your side and incredible automated targeting capabilities on platforms like LinkedIn, candidate selection doesn’t have to be a guessing game.

      To be more accurate with your talent attraction, all you have to do is implement both HRM and recruitment software into your standard day-to-day business activities.

      It’s that simple. They will provide and track KPIs that will prove vital to the long-term growth of your business.

      As such, you’ll be able to:

      1. Increase the quality of the talent you connect with.
      2. Decrease waste of time and money during recruitment.
      3. Improve overall candidate experiences.
      4. Eradicate bias from your hiring processes.
      5. Make an attractive offer to your dream employee.

       

      Doesn’t that sound ideal?

      For help making the most of data in recruitment, combine your newfound power with the aid of a specialist industry recruiter like Ross Clifford & Associates.