An opinion-based article by-lined to Robert Dagge, the new MD of Dynistics
Until recently, the recruitment industry has been at the forefront of the “big data” conundrum that has dogged the growth of all but a few of the leading firms. Since the demise of the rolodex and the burgeoning usage of technology, the industry has been knowingly (and at time unknowingly) collecting vast amounts of data about its candidates, clients, contacts, industries etc. This data can provide a huge amount of insight and can significantly increase the organisations ability to scale and seize upon the opportunity for growth.
This year has seen a significant rise in recruitment firms understanding the magnitude of the challenge ahead, with a selected few capitalising upon the opportunity to truly understand the depth and relative ease of accessing this insight. Business intelligence (BI) and analytics tools are delivering demonstrable ROI by shaping this mass of “big data” into actionable insights that enable greater agility and visibility, allowing them to maximise on their crown jewels of proprietary data in real time and not retrospectively at the end of the year.
Why now? This shift towards data-driven decision-making is fuelled by visibility, timeliness, personalisation of data and ease of access. For recruiters, the agility with which they can gather and analyse data can give them the edge. After years of struggling with ‘historic metrics’, the new focus is on real-time and predictive metrics. This more scientific approach leads to more successful appointments; recruiters who use data in their recruitment activity are twice as likely to improve their recruiting efforts and are three times as likely to reduce costs and gain efficiency.
However, this ‘data mining’ is not as simple as it sounds. Recruiters not only need to ensure their systems have the flexibility to collect real-time data from a wide range of information sources, such as social media, Google analytics, finance systems, but also need access to the tools which will aid with the interpretation of that data. It’s perhaps not surprising then that a recent study by Capgemini revealed that 47% of respondents admit their company’s IT systems are not up to the job.
Similarly, many firms struggle with the idea of big data because they don’t do a good job of reducing it down into the few key pieces of information that they really need. This is where recruiting analytics dashboards are leading the way. By cutting out the excess information and focusing on the relevant data, they help change the way recruiters work, changing organisations into data-driven cultures. Jonathan Lee, an established engineering and manufacturing recruitment company, installed Dynistics Active Dashboards in 2014. As a result, they have found that their day-to-day processes are far more agile, bringing more transparency to key performance indicators (KPIs) and processes, enabling them to react to situations more quickly, building upon their success.
This transparency is vital when you consider that recruitment agencies tend to operate a network of branches that use a centralised CRM platform as well as multiple social media channels through which to reach candidates. Over a quarter of the recruiters surveyed in The Chartered Institute of Personnel and Development’s (CIPD) Resourcing and Talent Planning Survey 2015 cited professional networking sites such as LinkedIn as amongst their top methods for attracting higher-level candidates. However, harnessing this data takes time. Having a dashboard is therefore critical to place these candidates in the right roles to drive business forward and enable them to be more agile and responsive. Dashboards not only give a holistic view of current performance, but also enable customisation and the ability to drill down into any chosen area to highlight workload priorities and the flexibility to allow for customisation. Rather than overloading them with data, this allows team leaders and individual recruiters to see immediately the priority roles and candidate availability. They also provide the ability to look at specific stages of the candidate pipeline and monitor candidate throughput, conversion and fill rates. By tracking each candidate journey from source to placement in this way, they also maximise return on advertising investment.
The next decade promises to be an exciting time to be in the field of recruitment, as the rate of technology innovation is making the process smarter than ever before. However, the successful recruiters will be those with the ability to distill down all the information they collect to actionable points that help them recruit more efficiently and achieve better results. By helping recruiters to make better use of the information they hold, dashboards can therefore deliver a significant source of competitive differentiation and business advantage.
For more information about Dynistics and how dashboard technology can help recruiters – see our white paper here