It’s not news that you and your organisation are constantly producing data. The dawn of the digital age turbo-charged the amount of information businesses produce and store, and every new tool and technology we adopt drives our data generation higher.
But how much of those vast quantities of data do you use in your talent acquisition strategy?
Believe it or not, the information hiding within your systems is an incredibly valuable asset. Used wisely, the recruitment data you generate without a thought each day is effectively a cheat code that can help you improve everything from spending to revenue to how much time you spend on any given task. Are you getting the maximum value from your hiring data?
Benefits of Data-Driven Recruiting Strategy
Not convinced that developing a data-driven hiring strategy is worth the effort? Here are five reasons you should rethink that stance.
1. Lower cost-per-applicant and cost-per-hire
Did You Know?
The average cost per hire in the UK is £3,798.84.
There are a lot of costs associated with finding and hiring the right people. Understanding what (and where) you’re spending empowers you to identify wasted spend and opportunities to reduce costs. For example:
- Upfront budget commitments to job sites you don’t end up using as much as you planned
- Spending to promote ads at times when applicants aren’t really looking
A data-driven hiring process can help trim job marketing budgets while actually improving hiring results.
2. Reduce application process length and time-to-hire
Did You Know?
It takes UK employers 38.4 days on average to fill a vacancy.
The longer it takes you to find the ideal candidate, the more time that position is unfilled — or temporarily handled by someone who isn’t the best fit. Worse still, an overly long application and hiring process increases the odds your dream hire will accept an offer elsewhere, and you’ll have to start again from the beginning.
Your data-driven hiring strategy should include examining how long each stage of your hiring process takes to help identify delays and bottlenecks that could be hurting your organisation.
3. Improve the candidate experience
Did You Know?
60% of job seekers have abandoned a job application due to its length and complexity.
The longer it takes you to find the ideal candidate, the more time that position is unfilled — or temporarily handled by someone who isn’t the best fit. Worse still, an overly long application and hiring process increases the odds your dream hire will accept an offer elsewhere, and you’ll have to start again from the beginning.
Your data-driven hiring strategy should include examining how long each stage of your hiring process takes to help identify delays and bottlenecks that could be hurting your organisation.
4. Increase objectivity and workforce diversity
Did You Know?
Companies with diverse management teams bring in an average of 19% more revenue and are 70% more likely to capture new markets.
Multiple studies have demonstrated the benefits of hiring a more diverse team. But unconscious bias hiding within your processes could be hampering your ability to recruit and retain a diverse team.
Relying on hard data and recruitment analytics, rather than subjective questions or gut instinct, when evaluating applicants can help mitigate bias you didn’t even realise was there.
5. Proactively forecast changing needs
Did You Know?
45% of UK employers anticipate hiring due to ongoing turnover, 52% will hire to support organisational growth, and 15% intend to hire seasonal staff.
Hidden in your hiring data is information that can help you forecast future needs. And unless you’ve got a crystal ball or psychic powers, that is a powerful resource.
Understanding how your human resource needs ebb and flow over time empowers you to allocate resources more effectively — ramping up hiring budgets ahead of peak periods and limiting job postings before operations slow down.
Hirematic Supports Your Data-Driven Hiring Efforts
Developing and implementing a data-driven recruiting strategy can seem like a daunting prospect, but Hirematic can help! Our advanced job ad solution eliminates manual job posting across multiple platforms and automatically optimises ad placement based on historical data to ensure the best return on your advertising budget. Contact us to learn more about how we can help you.
