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Your data vs. THE data
Recruiting professionals everywhere are embracing data-driven strategies when it comes to acquiring new employees. But what’s the best way to approach data analytics and which data should you focus on? The answer is – there is no one-size-fits-all method.
A recurring theme at last months Recruiting Innovation Summit, multiple speakers discussed strategies for analyzing data and how cross-referencing your own data against broader industry information can help streamline recruiting efforts and result in more qualified hires.
Most recruiters analyze their own data on a daily basis – for example, cost per application, per hires, per click, retention rates, exit data, recruitment pipelines, etc. There’s nothing wrong with this approach; in fact it’s absolutely critical. But the point the presenters at the conference made was that it can be beneficial to look at the big picture metrics also in order to learn new and better ways to recruit and retain talent.
Why is it worth your time to look at the big picture? You’ll gain important industry insights and get a better sense of the supply and demand for the particular talent you seek. This can help you set expectations and plan for the future appropriately. It also helps you see emerging trends so you can always stay one step ahead of the competition.
You may be surprised by the insights that become apparent when you pair your own data with broader data. Problems that previously stumped you may now have clear, concise solutions. You can refocus and tailor your efforts to target the ideal talent pools, ultimately using your time and money in the most efficient manner possible