How to Hire Smarter with Data-Driven Insights
How does data link to human resources and recruitment? Chances are if you have ever worked in recruitment - especially agency side - you know all about KPIs, conversion rates and percentages. That being said it still surprises me how many people think a 10% reduction of a 20% fee means a 10% fee and not 18%; worth a try I suppose. Dig a little deeper past these stats and there is so much more that most recruitment businesses and internal teams could do with the data they are collecting, often unknowingly.
For businesses that have to proactively source talent, you may want to consider the following:
- Did they find us or did we find them?
- How and where did your resourcing team initially find candidates?
- When did the candidate apply? Morning, noon, night?
- Where did the candidate apply? Linkedin? Seek?
- Was there a pattern to when or where they were searching?
- How did they choose to make contact?
There's lots of data generated at this initial stage of the process, and answering these questions can help us to focus future efforts and maximise resource efficiency.
Fast forward through the process a little. You think you’ve found the right person. They’ve passed all of the assessments, checks and tests you’ve thrown at them - plenty of data generated there too. Surely the hard work is over? Get the offer out! But wait, you know that you need to keep that candidate engaged to prevent them from dropping out, a counter offer or being poached by a competitor at the eleventh hour.
You’ve also got to start that arduous process again from the beginning for your next critical vacancy. After all, you’ve got numerous jobs that need filling. How can you make it easier and more efficient this time around? Ask yourself, what did I learn? Often we overlook the huge amount of information the recruitment process unearths and how much this can help us focus our efforts.
Answer these questions to gather valuable data on your new hires:
- Where did they come from?
- How did they find us?
- Where did they study?
- Where did they work?
- Who did they work with?
- Who were their references?
- Who did they tell about us?
Individually, it’s easy to see the relevance of the questions above but the power of their combined answers, correctly applied, is possibly game changing.
Data in Referencing
Businesses using state-of-the-art online referencing platforms have 24/7 access to a range of insightful data. They can quickly identify which companies they tend to hire from, which universities they may have attended and much more.
Being able to identify not only multiple instances of the same previous employer but also of referees offers huge value to recruiters. If you’ve had the same person act as a referee for several hires surely they should be the first person on the ‘go to’ list for that next hire. How was the referee treated during their experience of providing a reference for your business? Was it positive? Were there any soft selling opportunities missed?
No doubt the growth of data business within the HR and recruitment tech scene will continue over the coming years. If the answer we seek to our business challenges is within data analytics, all we need to do is collect the relevant data and then figure out what question we need to ask.
Before becoming Xref CEO, Lee spent 17 years working in recruitment across various industries, developing a deep understanding of the demands and pain points of the employment market. A serial entrepreneur with a determination to streamline business practices, Lee has also been at the forefront of multiple other technologies and recruitment organisations that redefine processes, build brands and bring positive change to a community.
Lee-Martin Seymour - Executive Director / CEO
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What is Xref?
Xref improves hiring efficiency with a reliable solution that offers ease of use, collects more data, reduces the threat of fraud and alleviates the risk of data and discrimination breaches, in just three simple steps.