Reimagining the recruitment cycle is crucial to optimise recruitment costs, proactively anticipate future needs for better resource management, align talent attraction and hiring strategies with global market trends, and drive investment in successful hiring channels. 

It's essential to track the entire candidate journey from initiation to onboarding and identify and address points of candidate drop-off. Real-time insights into advertising performance and social media metrics offer valuable comprehension for better decision-making.

All these factors are indispensable for UK enterprises aiming for intelligent, efficient, and well-informed decision-making in their recruitment endeavours.

Why Your Recruitment Efforts Are Falling Short and How Data Can Rectify the Issue

The ‘Great Resignation’ is still an ongoing phenomenon, and sourcing fresh talent is a tough and expensive process. 

Recent figures from NerdWallet put the recruitment cost of a full-time hire in the UK at £6,552. The cost per hire can quickly add up if you lack awareness of effective candidate channels, sources of successful hires, current market trends for candidates, and optimal ways of engaging active and passive talent. Utilising data-driven insights and measurable returns on investment from pertinent metrics can steer your recruitment efforts and expenditure in the right direction.

Recruiters also face challenges in delivering a superb candidate experience and monitoring an applicant's journey to assess key milestones. According to a recent survey by Sterling, 71% of candidates either drop out or consider dropping out during the hiring process - a clear sign of a less-than-satisfactory candidate experience. 

While enterprises might be ready to do damage control, they would not know the areas of improvement without the right factual insights. That is where data can be leveraged most effectively. By collecting and analysing relevant data, employers can understand the recruitment journey and identify where candidates tend to drop off. 

This data can provide valuable insights into critical stages that might be causing potential candidates to lose interest or disengage. Data on candidate feedback can also give organisations a deeper understanding of the shortcomings of their hiring process. 

While attracting the right talent is challenging, recruiters also need to contend with talent retention. According to a recent study by Remote, a global HR and payroll company, the estimated employee turnover rate in the UK is set to reach 35.6% in 2023. High turnover rates can harm productivity, efficiency, and company culture. To address this issue, employers can leverage predictive data models to identify candidates with the most significant potential for success and longevity within the company.

How inploi’s Analyse Feature Facilitates Data-backed Recruitment Decisions

inploi enhances the recruitment journey for enterprises with innovative and integrated HR tech. We help businesses harness data and insights, enabling them to make informed decisions. With inploi Analyse, companies can access concrete, data-driven insights that guide them from talent attraction to employee retention, providing a comprehensive view of their recruitment funnel.

Here’s what you can do with inploi Analyse:

• Use data to make critical hiring decisions. Access user-friendly dashboards and customisable reports to see real-time metrics that matter to your business.
• Gain insights into the candidate journey, tracking their progress from initial contact to hire, categorised by channel, location, and job. Utilise comprehensive candidate tracking to pinpoint areas where you're likely losing them and implement data-driven corrective actions.
• Trace hiring events back to their sources. Utilise robust attribution technology and personalised UTM tags to accurately determine a candidate’s true origins.
• Empower your hiring process with inploi SDK. By integrating the inploi SDK into your existing careers website, you can leverage our innovative tech in a few easy steps, backed by GDPR-compliant features, and secured through end-to-end encryption. 
• Utilise past data to guide upcoming hiring choices and optimise budget allocation. Gain comprehensive insights into cost per hire, categorised by channel and job, for the data to support necessary to make well-informed decisions. Improve ad targeting using data from successful hires to reach suitable profiles effectively.
• Monitor media expenditure, website conversions, and existing placements in a unified platform. With your data centralised and accessible in a single, reliable source, you can easily compare different channels and showcase a noteworthy return on investment.
• Gain market insights and intelligence to ensure you provide candidates with what they want.
• Utilise data-driven job distribution and campaign management to reach the most suitable candidates.

inploi has assisted numerous clients in achieving cost-per-hire reductions, with an impressive 30% decrease observed across various roles and levels. This achievement stems from strategic targeting, enhanced candidate experiences, and ongoing refinement and optimisation driven by performance data.

Contact us today to discover how inploi's technology can help you leverage invaluable insights, streamline your recruitment processes, and achieve noteworthy ROI.