Mastering a data-driven recruitment strategy
In today’s fast-paced staffing industry, making the wrong hire can cost companies as much as $17,000, according to CareerBuilder. As a forward-thinking professional, relying on intuition alone can be risky. That’s why data-driven decision-making is the only way to move forward.
By using data to support your actions, you’ll become more than just a recruiter — you’ll become a strategic partner invested in your client’s growth. Plus, you are twice as likely to improve your recruiting process and three times more likely to reduce costs.
Let’s explore how you can implement an effective data-driven strategy in your staffing firm.
1. Build an integrated tech stack
Today, over 75% of recruiters use recruiting software and applicant tracking systems to improve their hiring processes. Yet 40% of recruiters say they don’t have enough data or lack the time to turn data into actionable insights. That’s because their data is often siloed across different staffing solutions and lacks proper recruitment analytics tools, making data inaccessible.
With Bullhorn, recruiters can leverage a complete recruitment platform with an ATS, CRM, and recruitment analytics tools. Bullhorn Analytics not only streamlines data collection from various sources but also makes data accessible by automatically capturing and processing data in real-time and presenting insights through dashboards and interactive reports for easy access.
2. Leverage a digital adoption platform
Even after implementing new tools, it’s not unusual for employees to be reluctant to switch to new solutions. One third of employees spend only an hour or less training – and there’s no guarantee they’ll retain all the information from these sessions.
That’s where digital adoption platforms (DAPs) come in.
DAPs like Whatfix add an experience layer on top of Bullhorn and similar staffing platforms, providing self-help support to accelerate adoption. These are no-code tools, so even non-tech users can use them to create in-app guides and nudges tailored to accomplish business goals. Moreover, the introduction of templates and accelerators within these solutions also helps to speed up implementation. Whatfix has its own set of such accelerators called ‘Smart Solutions, ’ which enables seamless onboarding, reducing training time and enhancing user proficiency.
3. Leverage analytics tools
Despite investing in training programs, workshops, and enablement content to prepare for new staffing solutions, only one in four employees is confident in their data skills. That’s why it’s crucial to place special emphasis on improving data literacy among the workforce. They need to be proficient in handling recruiting data and analyzing it to make informed decisions. Analytics tools can help by providing powerful, easy-to-understand, real-time reporting and actionable insights accessible to users at every level in your recruitment agency.
4. Focus on data quality
Bad data equals bad decisions, which can lead to financial losses. A Gartner survey found that businesses lose almost $13 million annually due to poor data quality, making the quality of staffing data paramount. Ensure data collected from various databases is accurate and up-to-date, and conduct regular audits to maintain data integrity.
5. Track the right metrics
After you’ve implemented a data-driven strategy, ensure that you proactively measure its performance by tracking metrics for both individual and organizational levels. For example, you can measure metrics like time-to-fill and cost-per-hire to assess the effectiveness of your recruiting strategy. Similarly, you can track engagement and retention metrics for candidates. Through this, you can perform a comparative analysis, benchmark your progress, and find room for improvement.
To succeed in today’s data-driven staffing environment, investing in employees’ proficiency and their DAP workflow integration is crucial. Whatfix, a data-driven DAP, can help recruitment teams supercharge their digital adoption, and Bullhorn’s partnership with Whatfix can empower recruiters to eliminate technology complexities for their users while maximizing business outcomes and software ROI.
Visit Whatfix’s profile on the Bullhorn Marketplace for more information.