Robert Dagge, Managing Director, Dynistics shares his insights from the recent Recruitment Leaders Connect Event
Making data based decisions is instinctive, and evidence is mounting that it makes strong commercial sense, too. For instance, the McKinsey Global Institute indicates that data-driven organisations are 23 times more likely to acquire customers, 6 times as likely to retain those customers and 19 times as likely to be profitable as a result. The latest Recruitment Leaders Connect event on October 20th echoed this thinking, focusing on how it is vital that you truly understand your data, to get the most from your business.
The first speaker at the event was Nicky Coffin, Director of Centred Excellence, who highlighted the significant difference businesses can make to their bottom line by focusing on the 80/20 Pareto principle; where as much as 80% of our time is wasted on either low or zero return activities. By having a solid understanding of your data, and knowing which of your activities are more profitable as a result, allows you to really focus on and drive those additional revenue sources.
Several items conveniently reinforced my follow up discussion on the importance of data-driven decision making and business intelligence (BI). These included the opening remarks by Ken Brotherston, Chairman, TheJobPost, in regards to the plethora of existing technology systems available in the recruiting arena, and the complexities associated with embracing new disruptive technologies; as well as Nicky Coffin’s comments on the 80/20 rule. Later, Ravi Edwards, EMEA Manager of Glassdoor, commented on the value of understanding data and the candidate experience, a key focus for the organisation.
While data has been dictating the way business decisions have been made for decades, the shift towards data-driven decision-making in recruitment is making it far easier for recruiters to plan and prioritise. Data can assist a business with everything from predicting hiring needs in real-time, to improving the quality and retention of new candidates and it is, therefore, becoming increasingly apparent that recruiters need to know how to utilise data to their best advantage if they are to make the most of its revenue-building possibilities.
Taking a step back, cutting out the excess information and focusing on the relevant data is therefore vital, and this is where recruiting analytics dashboards help. By ensuring that you have the right data at your fingertips, you can gain a huge amount of insight not only to deliver a superior candidate experience, but to seize upon the opportunity for growth.
Dashboards can help recruiters make the shift to data-driven decision-making and increase their productivity by bringing more transparency to key performance indicators (KPIs) and processes. Rather than being overloaded with data, team leaders and individual recruiters can see immediately the priority roles and candidate availability. They clearly show bottom line revenue: how much business did we get this month? How much more can we expect to get? How much do we need to maintain our growth? This not only enables recruiters to be more efficient in their role, but also to anticipate and plan for future needs, shaping company strategy and driving the business forward.
By identifying the most profitable clients and their potential for business both now and in the future, recruiters can instantly supply these insights to inform the resource and activity planning needed to maximise business opportunities with them.
By helping recruiters to make better use of the information they hold, the data-driven recruiting that dashboards provide can be a significant source of competitive differentiation and business advantage. The recruiters who will be the most successful in the future are the ones who can boil down all the information they collect into actionable insights, which helps them to recruit more efficiently and be more profitable as a result. Dashboards are an invaluable way to sort through the chaff and find the figures that matter, helping to tip the balance on the 80/20 rule far more in your favour.