As applicant tracking systems become the norm, staffing and recruitment agencies have found themselves surrounded by endless amounts of valuable information, but many are not utilizing it to its full potential.
The emergence of big data has made analytics a crucial part of the recruitment process – a failure to leverage it appropriately will impact productivity and cause agencies to fall behind competitors in the race to secure talent.
Fortunately, there are sophisticated analytical tools available to optimize the use of client and candidate data in the business decision-making process.
What is big data?
Big data is a large collection of information that requires significant effort to manage, manipulate, and interpret. Due to the complexity of this data, analytical software is necessary in order to organize and evaluate it in an effective manner.
What role does data analysis play in recruitment?
In some respects, staffing and recruitment is a science. A number of key questions need to be answered, and thoughtful analysis is far more valuable than hunches and estimates when it comes to finding the answers.
Whether a recruiter is gathering valuable ROI information or looking for ways to improve the candidate search process, the best option will always be reporting and analytics software. With this technology on hand, it is possible to comb through high volumes of data, identifying correlations and patterns of behavior that could lead to process improvements in the future.
The insights gathered can create a strong competitive advantage by allowing recruiters to be proactive rather than reactive. A proactive hiring approach affords more time to recruiters, allowing them to pinpoint the best candidates ahead of time rather than paying a premium for mediocre talent at short notice.
Analytical foresight empowers staffing and recruitment agencies to create (and execute) highly strategic recruitment plans. A major part of this is the improved effectiveness of job postings, which will help recruiters attract quality candidates quickly while also reducing cost-per-hire.
What reporting and analytics tools are available?
All applicant tracking systems are capable of storing and organizing masses of data, but the information is only valuable if it can be interrogated further. As such, staffing and recruitment agencies should consider an applicant tracking system (ATS) with robust reporting and data analysis capabilities.
Mindscope staffing software provides a comprehensive ATS and CRM platform that features built-in reporting features as well as the opportunity to integrate with powerful third-party data analysis programs. This gives agencies the access to the information that matters most, empowering recruiters to make data-informed decisions without wasting valuable time.
Mindscope’s dashboard module allows users to retrieve real-time data displayed in a simple, digestible format that can be exported in a variety of file types. Popular dashboard widgets include: applicant processing volume, applicant processing times, activity summaries by organization, job order pipeline summary, and schedule item activity.
With other 200 standardized reports available within the Mindscope platform, users can access valuable data in just a few clicks. Once selected, reports can help agencies monitor sales performance alongside recruiter and candidate activity.
Mindscope integrates with Microsoft Power BI to give users automatically generated analytics displayed in a way that is easy to interpret and draw insights from. By analyzing the most meaningful data available, staffing and recruitment agencies are able to act on these insights in order to optimize revenue and productivity.
“Power BI has the ability to analyze average cost-per-hire, offer acceptance rates, turnover rates, and more in a matter of minutes. Data is pulled from various sources to build interactive dashboards that are designed to visualize information in a simple, easy-to-digest manner, making it possible for everyone in the organization can understand what is going on.”
– Bryn Burbank, Sales Specialist at Mindscope
The importance of data hygiene
Reports are only as good as the data they are analyzing, so staffing and recruitment agencies need to ensure that vital information is kept up to date. This is where data hygiene comes into the equation.
Traditionally, candidate database maintenance was considered labor-intensive, often requiring recruiters to contact individuals one-by-one to establish their current status. However, modern applicant tracking systems have changed all that thanks to a number of automations and integrations.
While ATS users typically deploy a platform’s resume parsing function to update candidate profiles, Mindscope users can also utilize integrations such as Kaptivate, a candidate engagement tool that captures information in real time.
Kaptivate is a chatbot-style system capable of retrieving up-to-date candidate information through pre-automated conversations conducted via SMS, WhatsApp, and email.
Recruitment personnel can contact hundreds of candidates from their existing Mindscope database to notify them of available positions while also confirming their contact details, employment history, qualifications, and availability.
Recipients are also able to upload requested documents such as their latest resume, making it possible for recruiters to parse relevant information into Mindscope for future use.
With this automated communication method at their disposal, recruiters will no longer need to spend hours texting, emailing, or calling candidates without reward – the database effectively updates itself based on the information provided.
Mindscope can help staffing and recruitment agencies make the most of their data with an intuitive applicant tracking system featuring in-built analytics and business intelligence software integration. Request a demo today to see it in action.