Written by Holly Watson | July 7, 2015
Data is a hot topic in the world of HR and recruitment. And, with the demand for recruitment software constantly increasing, more in-house recruiters and HR professionals than ever are able to gain access to key candidate information.
We all know that recruitment data is important; it’s a vital tool in making informed HR decisions, and provides key insight into the behaviour of your applicants.
However, whilst you may be aware of the significance of this data, do you really know how you should be using it?
Decisions based on real, tangible data tend to produce greater results than those based on speculation and guesswork. As such, we take a look at the best ways of analysing recruitment data and using it to your company’s advantage.
1. Make informed recruitment advertising decisions
It’s important to request data from your recruitment advertising sources to enable you to see where your candidates are coming from. This will allow you to identify and potentially eliminate any underperforming job boards.
Look for the sources that have provided you with candidates you’ve actually hired, as well as any boards that have delivered a large quantity of relevant applicants.
Auditing your recruitment advertising strategy on a regular basis is a great way of reducing your overall recruitment spend and cost-per-hire.
2. Reduce your time to hire
Recruitment software provides you with data that enables you to map the journey of each candidate, from their initial application to the point of hire. By recording these dates, you’ll be able to calculate just how long it has taken from their original application to their first day on the job.
Depending on how many hires you make over a defined period of time (this could be three months, six months or a year), take an average and use this figure as a benchmark to improve upon.
Choosing the right advertising mix that delivers the most quality candidates (see above), can also help you to reduce this statistic as it saves you the time, and cost, of re-advertising your vacancy.
3. Plan your resource levels
Recruitment data will allow you to recognise seasonal trends. For example, you might notice a sudden surge in applications in particular months of the year which will allow your Recruiters or HR Team to manage their activities accordingly.
This data will also enable you to identify potentially quiet times of the year where you may need to allocate time to proactively search for potential candidates.
4. Understand candidate behaviour
Data provided by recruitment software will allow you to develop a real understanding of the behaviour of your candidates.
Not only are you able to understand where candidates are applying for vacancies, you’re also able to see how exactly they apply, including what device they’re using.
This key information will allow you to make informed business decisions. For example, if a large portion of candidates are applying for your roles using a mobile device, it might be worth investing more money in your mobile recruitment strategy and a mobile optimised careers site (if you don’t already have one).
You’ll also be able to see when candidates are applying for roles. Do you notice any trends, with applications increasing on a certain day of the week? Use this to your advantage; if you can see that the majority of your applications come in on a Tuesday, ensure that your role is live on a Monday night.
5. Improve your retention levels
Believe it or not, data can not only support your recruitment strategy, it can also help to retain your existing employees.
Gathering data on your existing members of staff can be invaluable. A great way of obtaining this data would be to conduct regular surveys, asking employees to rank certain areas of your company, for example your culture, development prospects, management style etc.
Use this data to find out what areas you need to improve on and take these steps in order to help retain staff.
It’s also worth looking into how your longest serving employees applied for their jobs. If you recognise a trend in how they applied, make sure you continue to invest in that source.
Intrigued how recruitment software can help you utilise your data? Find out more.