The recruitment process is a goldmine of data that, when mined carefully, reveals critical information about candidates hiring journeys. It's the difference between making decisions according to gut feelings and making decisions based on facts.

Data is the key to success in today's digital-first world of recruitment. A data-driven recruitment strategy that has the potential to increase efficiency, reduce costs, and improve hiring quality. However, many employers are unsure of how to make data work for them. While the hiring process generates a myriad of candidate data, it can be challenging to interpret this data in order to provide clear, actionable insights.

This is where inploi's Analyse technology comes in. An innovative data analytics solution that uses data to transform your talent attraction process. This article will highlight four benefits of a data-centric hiring approach.

Developing A North Star Metric 

Decisions based on quantifiable data can produce impressive results in all areas of a company's operations. It can, in particular, power a more effective talent attraction strategy. Hiring decisions have traditionally been made on intuition; employers frequently trust their gut when deciding between equally qualified and experienced candidates. However, this can result in bias and uncertain outcomes. That's not to say that an experienced HR department's honed instincts aren't a valuable tool - but they can be greatly enhanced by data-backed factors to reach outcomes that consistently result in top-quality hires.

As explorers rely on the North Star when no other landmarks are visible, so must brands rely on measurable goals. North Star Metrics (NSM) are the primary outcome metrics used to assess the overall success of a company's strategy. One possible NSM is Candidate Net Promoter Score (CNPS). It assesses how candidates perceive the hiring process, from the employer brand to what they may tell others about a company. In other words, it's how a candidate evaluates their experience applying for and interviewing for a job.

Many businesses recognise the value of anticipating future needs and implementing effective resource management. Data plays an important role in recruitment through a process known as predictive analytics. Predictive analytics in recruitment is the process of using historical data to make accurate predictions about future hiring activities and requirements. Businesses can plan ahead and be prepared with the foresight of future requirements. Predictive analytics can be used to forecast future employment needs, such as which positions are likely to be needed and when they will be needed. Data modelling can also help organisations identify skills gaps they may be unaware of.

Efficient Budget Allocation

It is very expensive to hire a new employee. Turnover costs, agency costs, onboarding expenses, job board fees, and training are all factors to consider. The average cost of hiring an employee is £4,200, according to the SHMR. However, when additional soft expenses are taken into account, this can end up costing 3 to 4 times the salary of the new team member, which adds up quickly over time. The most pressing question for employers is whether it is possible to reduce the cost of recruitment while still hiring the best talent available.

As many organisations are aware, a recruitment budget can only go so far. That is why it is critical to direct funds where they will have the greatest impact. Consider recruitment marketing, where a budget may be spread thinly across multiple channels. Data can provide brands with information about which platforms they have historically used to find top talent. Hiring managers can then make data-backed budgeted decisions to invest more of their budget in that channel, resulting in more high-quality hires and cost savings by reducing money wasted on low-yield platforms.

Data-driven recruitment lowers costs by improving hiring quality. Employers can use data to create better job descriptions and packages to attract the right people, as well as learn where to look for them. It enables smarter budget allocation by determining where and how to allocate the recruitment budget to maximise success while minimising costs. It also provides precise forecasts for future hiring costs.

An Optimised Candidate Experience 

The candidate experience is important because brands want their employer reputation to stand out - especially for those candidates who did not receive a job offer. The candidate experience is how candidates feel about a company after going through the hiring process. The candidate experience is critical, and not just because 65% of candidates report that a bad interview experience causes them to lose interest in the job. It's also an important part of employer branding: how businesses treat their employees can define their brand and reputation for years to come.

A mobile-first, digitally optimised journey with engaging, branded content can dramatically increase conversion rates. Data can be leveraged to tell employers where the highest drop-off occurs in the candidate journey. With this in mind, organisations can prioritise which points on the hiring roadmap to transform. Brands that pay close attention to how their candidates feel about their company will not only receive a wealth of insights and feedback on optimising their hiring process, but they will also stand out from the crowd.

Employee Retention Starts With Great Onboarding

Data facilitates more than just optimal talent attraction, candidate experience journey, and eventual hiring. It can also have an impact on the retention of top talent. Retaining talent is critical for any company; businesses with high employee turnover rates and a 'revolving door' of employees can experience a negative effect on their productivity, efficiency, and company culture. Effective onboarding saves companies time and money by reducing employee turnover, increasing business stability, and solidifying workplace culture. It also saves time and money, as research has shown that replacing a new employee costs around 20% of their annual salary.

Employers can utilise predictive data models to determine which candidates are most likely to succeed and how long they will stay with the company. Having access to this information during the recruitment process can help brands predict which new hires will stick around. While data provides insights, it is up to the organisation to take action, whether that is by transforming their candidate journey, resource planning to anticipate hiring needs, or focusing their marketing budget where it will have the greatest impact.

Data Analytics Made Easy, With inploi Analyse

According to a recent study, 30% of companies found it difficult to analyse data, and only half of the 65% who felt their business gathered data effectively felt able to use that data effectively to make decisions. Employers are often intimidated by the process of incorporating data analytics processes into their recruitment strategy.

Through end-to-end candidate journey tracking, actionable data insights, and aggregated analytics, inploi's Analyse module puts talent attraction data at the fingertips of brands. Organisations can understand how applicants move through their candidate journey from first contact to an ATS (Applicant Tracking System) or HR system by employing custom data and analytics setups with real-time reporting, candidate audience analysis, and performance insights.

Custom dashboards and reports help employers make sense of data so they can optimise their recruitment spend and streamline candidate experiences, with key performance metrics driving these critical business decisions. inploi is trusted by the best, with clients ranging from FTSE 100 companies with global hiring needs to large hospitality businesses with seasonal hiring requirements. They all have one thing in common: they have used inploi's technology to transform their recruitment.

Are you looking for ways to improve your business operations and streamline your hiring process?  Look no further than Analyse to learn more about how it can revolutionise your business. Or visit inploi's resource hub to stay up to date on the latest recruitment strategies and tips. With weekly articles and insights, you'll gain valuable knowledge on how to improve your recruitment practices and take your business to the next level.