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The benefits of using data in recruitment
Data is one of the most invaluable resources any business can have access to. Here are the ways in which using data can benefit your company and improve your hiring process.
Anna Wilson
2022-10-14
Hiring Resources

In today’s digital-first world of recruitment, data is the secret to success. It’s the tool in every recruiter’s arsenal with the potential to increase efficiency, bring down costs, and improve quality of hire every time.

But many recruiters don’t know how to make data work for them. The hiring process generates heaps of candidate data, and it can be difficult to manipulate this data to give clear, actionable insights.

That’s where inploi’s Analyse solution comes in. It’s our innovative data analytics solution which leverages the power of data to transform your talent attraction process.

Read on to learn about how data can transform your hiring process.

1.    Make data-driven decisions.

Data-driven decision making can yield impressive results across all areas of a business’ operations. In particular, it can power a more effective talent attraction strategy.

Traditionally, hiring decisions have been based on instinct – recruiters often trust their gut when choosing behind equally qualified and experienced candidates. But this can lead to bias and uncertain outcomes. That’s not to say that the honed instincts of an experienced recruiter isn’t a valuable tool – but it can be greatly enhanced by data-backed factors, to reach decisions that will consistently lead to top-quality hires.

2.    Get ahead of the curve.

Many businesses know the value of looking ahead, anticipating future needs, and undertaking effective resource planning. When it comes to recruitment, data is a key part of this through a process called predictive analytics.

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.

3.    Effectively allocate your recruitment budget.

As many businesses will know, your recruitment budget only stretches so far. That’s why it’s so important to allocate funds where they can make a real impact.

Take the example of recruitment marketing. Your budget might be spread thin across a number of channels. Data can give you insight into which platforms you have been sourcing your top talent from. Hiring managers can then make the data-backed budgeted decision to invest more of their budget in that channel, generating more top-quality hires and cutting costs by reducing money wasted on low-yield platforms.

4.    Optimise the candidate experience.

One of the most important focuses of any successful recruitment strategy is an optimised candidate experience. A mobile-first, digitally-optimised journey with engaging, branded content can transform conversion rates. Data can assist here, too.

For instance, data can tell you at what point in the candidate journey drop-off is highest. With this in mind, recruiters know which points in the hiring roadmap to transform as a matter of priority.

5.    Retain talent.

Data doesn’t just enable optimal talent attraction, candidate experience journey and eventual hiring. It can also make a difference when it comes to retaining top talent.

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.

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.

 

Of course, data analytics can only take you so far. The numbers, when effectively collated, analysed, and interpreted, can tell a story. Then, it’s up to the recruitment team to take action, whether by transforming their candidate journey, resource planning to anticipate hiring needs, or focusing their marketing budget where it can make the most difference. Recruiters have the expertise to do all this and more – data is the tool that can inform those steps and guide you towards an optimised recruitment strategy.

Data analytics made easy, with inploi Analyse

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. The process of implementing data analytics processes into your recruitment strategy may seem daunting.

inploi’s Analyse module places talent attraction data at your fingertips, through 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 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 with our team today to learn more and find out how you can transform your talent attraction with inploi

 

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