What it is?
Data-driven recruitment is recruiting using tangible facts and stats to inform your hiring decisions, from selecting candidates to creating hiring plans. This will improve your time to hire and job offer acceptance rates and identify the best areas to allocate your budget for source of hire. Data DrivenRecruitment is more likely to be efficient, reduce costs and improve hiring.
Why We Do it?
At Mentor Talent, we use data driven recruitment techniques to improve time to hire, candidate experience and ratio of applicants to successful hire.
It goes back to the saying that it’s better to Work Smart than Hard. Using Data driven Recruitment techniques increases our productivity and identifies the areas we need to improve.
We use historical, real-time and predictive analytics to measure outcomes and ultimately improve our hiring efficiency.
– Historical Analytics generates insights from past data.
– Real Time Analytics allows us to manage in the moment notifications and alerts
– Predictive Analysis measures future possibilities so we can plan budgets and sourcing strategies.
We have used Data to help allocate our budget and has also unearthed issues in the candidate journey that we needed to improve and speedup. This also helped our clients to improve their application process giving statistics where most candidates left the process and where most candidates failed to reach the next stage.
We use Bullhorn Canvas – an advanced reporting and insight generation tool for recruiters and LinkedIn Recruiter Analytics to generate stats and reports
Benefits?
– Allocating Budget
Data analytics in recruitment can provide valuable insights on which talent sources are performing the best.
– Hiring Process
Recruitment analytics can also help to redefine the candidate experience by identifying areas in the recruitment process where candidates fall out of the process most.
– Watching the Competition
A key aspect that’s frequently overlooked when deploying data analytics for recruitment is what your competitors are doing. Trending cities, hiring cycles, and the quality of candidates hired by your industry peers can provide valuable insights into where your organisation stands on the hiring efficiency curve. Uncovering these insights is made possible using the Talismatic recruitment analytics solution.
– Picking the right employee
Data provides insight who your best candidates really are. Companies lose, on average, $14,900 USD for every bad hire (not including the salary given to unproductive employees). We use the data to analyse large talent pool and identify candidates with the right skills and experience, narrowing it down until only the best most relevant candidates remain.
Gone are the times recruitment companies can just throw any Developer at a Software Engineer position and hoping it sticks.
Conclusion
We all collect data, but we don’t all use it. Thanks to new technologies, it’s never been easier to collect and interpret data.
Data Recruitment has and will continue to redefine hiring and allowed us to be a strategic advisor to our clients.
At Mentor Talent, we are constantly finding new and innovative ways hire the best candidates more efficiently to win the Recruitment rat race.
For more information or to learn how we could use Data Recruitment to enhance your company’s hiring, reach out to info@mentortalent.ie
Liam Caffrey
Co-Founder & Director of Recruitment