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Monday, January 18, 2021
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    Boost your ROI

    Emily Buckley, Chief Writer at Wave looks at data analytics

    Analytics has been a game-changer for recruitment. No longer do recruiters need to guess which job boards might be the right choice for a particular job, relying on intuition and a heavy dose of luck. The old-school, pre-digital information age was both time and budget consuming, entirely based on assumptions, and fairly ineffective. With analytical tools at a recruiter’s fingertips, job posting decisions are data-powered, based on facts and statistics. Incorporating analytics into your tech will shine a light on what’s working and what’s not, allowing you a confidence that the job boards you choose will provide a high ROI. Stats on everything from jobs, to applications, to rate of hire, burn rate, and revenue earned allows recruiters to mange their budget and save both time and money.

    Imagine knowing where top talent is looking and when, a crystal ball which would tell you which job board to post your job to in order to ensure it finds the candidates that are likely to secure you hires. Analytics is like that crystal ball – a collation of data that allows recruiters to see when and where to post jobs and even what to include in the job advert. The more information we can analyse around candidate behaviour, applications and hires, the better we can be at targeting the talent we want to attract. The ability to accurately predict the platform that is most likely to lead to a hire for a specific job increases performance, minimises wasted time and budgets and achieves all that a recruiter seeks to – connecting the right person with the right opportunity. Utilising the power of live data and statistics, recruitment technology can recommend which job board is likely to generate the most applications and on what day of the week to post the job.

    Data-driven recruitment can be achieved via your multi-poster, which collates and analyses data and immediately turns that into easy to view comparisons of job board performances, including costs, applications and hires. A multi-poster such as WaveTrackR also provides recommendations on the media that will generate the best response and the greatest likelihood of hiring – the Holy Grail of recruitment. You can also track which recruiting platform the most revenue is coming from and each recruiter can see how much revenue they are individually bringing in.

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    Knowing how quickly you are spending your credits and when they are likely to run out based on the current burn rate is helpful for both planning and managing your job posting. Recruitment data analytics can even pinpoint what should be included in your job adverts. The right word length for a particular role within a particular industry will keep candidates engaged and instil trust. Including top keywords and choosing job titles recognised by search engine and job board algorithms will help talent find your job advert.

    Data-fuelled tech certainly won’t replace recruiters – understanding the nuanced needs of candidates, employing intuition and personal experience to match a candidate with an opportunity, showing empathy and creating relationships with both candidates and clients are all elements that need a human touch. However, a combination of human interaction and data intelligence can increase performance in every area. Utilising data in your recruitment strategy allows for a streamlined approach where nothing is left to guesswork. It allows you to make wiser decisions on the allocation of budgets, track what works and generally elevate results across the entirety of the recruitment process. Efficiency is increased, costs are reduced and hiring ratios are improved. In the battle for talent, knowledge is power.

     

     

     

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