03 February 2020
Finding the possible with data in Recruitment
Recruitment consultancies have a wealth of data at their fingertips: from the number of candidate applications, successful placements, resulting revenues, advertisements in circulation and volume of interviews scheduled. All of this information is vital to not only ensure the recruitment consultancy itself can run smoothly, but to make it efficient, successful and profitable. Used effectively, tangible business-driven insights and outcomes can be gained from this data. For example, a quick look at advertising data can show the team which adverts demonstrated the biggest ROI, and a glance at the number of successful placements will tell a Manager if the right people are working in the right places across the business.
However, recruitment consultancies are currently missing a trick. Despite having large quantities of data at their fingertips, this data is quickly going out of date before the consultancy has a chance to gain any real value from it. As Jacob Kemp, Business Development at Glantus, explains, recruitment consultancies need to examine their current data practices to ensure they are getting true business value and positioning themselves to get ahead in a competitive market.
The candidate lifecycle
Many recruitment consultancies have multiple systems within their IT real estate, all examining different areas of the business and evaluating various data sets. From HR to marketing, performance to finance, recruitment consultancies face many disparate data sources, which all have the potential to bring value, but are currently operating in silos.
CRM systems are designed to collect data very efficiently, but the explosion of data in recruitment consultancies means they are not suitable systems to generate insights. Rather, recruitment consultancies should focus on consolidating and connecting their data sources and systems onto a single, end-to-end data platform. As a result, connecting these systems will provide a real-time view of all data across the organisation, encompassing the entire recruitment life cycle – from placing an advert right through to the revenue linked with a successful placement. Connecting systems and processes in this way to ensure the consultancy has the tools they need to truly gain value from their data and get ahead of the competition.
ASKING THE RIGHT QUESTIONS
Having data at the core of an organisation, with connected data sources, that speaks to all departments within the organisation, sets any recruitment consultancy on the right path for success. After all, bringing together and connecting data in a meaningful way, in real-time, enables the consultancy to ask the right questions – and get the answers. How can the consultancy appear more attractive? How can they better place the right candidates with the right opportunity, in record time? Which team members are excelling in their roles, placing high volumes of candidates? Which are hosting the most successful and effective telephone interviews? Which are better at hosting interviews face-to-face?
With the rise of technology such as AI making waves in the industry, looking strategically at what the data is showing can help consultancies decide which parts of the recruitment lifecycle should be automated, and which still require a personal touch: man vs machine. A real-time view of data enables quick decisions to be made when needed and alerts management as to what’s possible. Should a different consultant be placed on a client or candidate that is about to close? For example, if a top performer in the consultancy is working on a placement that has a 20% chance of closing, would their efforts be better placed with a placement that has an 80% chance of closing?
This level of intelligence enables recruitment consultancies to make timely, business- and revenue-driven decisions about not only each opportunity, but about the future of the business. Which markets should the consultancy explore? Which clients and staff are bringing in the most revenue, and how can they double-down on early success in growing niches?
Once the fundamentals of actionable, intelligent data analytics are in place, recruitment consultancies will be able to find endless possibilities. From streamlining data sources, automating processes, creating dashboards, increasing competition within teams and creating reports in real-time, consultancies can use predictive modelling to drive actionable insights and remain competitive.