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How to use data to stay ahead of the curve
Knowing how you can harness data to make decisions, and think ahead, is crucial if you want to have an advantage over your competitors.
Anna Wilson
2022-08-24
Hiring Resources

Hiring and retaining talent is one way that businesses can stay at the top of their game. But few companies realise the role that data plays in recruitment: from hiring top talent to retaining valuable employees, here’s how data can boost decision-making and streamline your recruitment strategy.

What is recruitment data?

Data is one of a business’ most valuable resources. It can boost decision-making and predict future trends, ultimately saving time and money. But many organisations struggle to leverage the power of data: in a recent study, 30% of companies considered it difficult to analyse data; and of the 65% who felt their business gathered data effectively, only 57% then felt able to use that data effectively to make decisions.

Data is particularly valuable in the recruitment cycle, and companies who can effectively gather, analyse, and use candidate data will be able to get ahead of the curve.

Read on to find out about the uses of data in recruitment, and how your business can use data to get ahead of the competition.

How can data optimise your recruitment process?

The hiring process generates huge volumes of information on candidates and future employees. Rather than storing this data away and never looking at it again, employers can use data to gain insight into their recruitment process, and even read the future of their business needs through predictive analytics.

1. Using data to gain insight into your recruitment activities:

Data analytics can answer questions about your hiring strategy better than any other method of investigation. It can tell you:

  • Where are your candidates coming from? Which of your sourcing platforms are most effective – social media, job boards, aggregators?
  •  How long does it take, and how much does it cost? Data can generate figures such as time-per-hire and cost-per-hire.
  • What’s holding you back? Data can pinpoint any bottlenecks in your recruitment cycle.

Once you can fully visualise and understand this information, you can take action to optimise your processes – this is known as data-driven decision-making. It’s the key to making informed decisions about how to boost your recruitment. For example, by understanding where there are recurring roadblocks in your process, you know exactly where to focus your strategic energy to relieve these pressure-points.

2. Using data to predict future hiring patterns:

Predictive analytics in recruitment is the process of using historical data to make accurate predictions about future hiring activities and needs. These snapshots of future needs enable businesses to think ahead and ensure they’re prepared.

Predictive analytics can be used to indicate future employment needs: what positions are likely to need to be filled, and how urgently? Data modelling can also help organisations to identify any skills gaps that they might not otherwise be aware of.

Predictive data models can also indicate to employers which candidates are most likely to succeed, and how long they might stay with the company. Having access to this information at the recruitment stage can boost employee retention by helping recruiters to foresee from the get-go which new hires will stick around.

Retaining talent is crucial for any company; companies with high employee turnover rates and a ‘revolving door’ of employees may find that their productivity, efficiency, and company culture are negatively affected. Retaining employees also saves money – it is estimated that the cost of entry-level position turnover is 50% of annual salary. This is a huge source of expenditure that can be avoided by data-driven hiring.

inploi Analyse

Whilst most companies recognise the benefits of data-driven decision making, it can be overwhelming to gather, analyse and visualise data sets.

inploi Analyse is an innovative data analytics solution which leverages the power of data to transform your talent attraction process. It offers end-to-end candidate journey tracking with actionable data insights and aggregated analytics. With custom data and analytics set-ups with real-time reporting, candidate audience analysis, and performance insights, you can understand how candidates move along your attraction journey from first contact with your brand, all the way through your application process and into your ATS (Applicant Tracking System) or back-end HR system.

Bespoke dashboards and reports make sense of your data so you can optimise your recruitment spend and streamline your candidate experience, with key performance metrics driving critical business decisions.

inploi is trusted by the best; our customers range from FTSE 100 organisations with global hiring needs to large hospitality businesses with seasonal hiring requirements. They all have one thing in common: they have transformed their recruitment with our technology.

Get in touch to learn more and find out how you can transform your talent attraction with inploi.

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