It almost goes without saying, but the digital revolution has transformed the recruitment industry. Through automated applicant tracking systems, web-based advertisement platforms and talent engagement on social media, recruiters have access to a plethora of data. In fact, the problem facing us now is the opposite – we can have access to too much data.
There is so much information and of such a wide variety, that it is even rather intimidatingly termed ‘Big Data’, like a monolith that can’t quite be controlled. The sheer volume of information means many struggle to collect everything needed, let alone use it to provide any meaningful observations. This can be particularly true within recruitment, but a data-driven approach is nothing new for the industry. Long before businesses cottoned on to the idea of utilising statistics to identify important trends and drive improved performance, recruiters were keeping searchable records of candidate details in order to optimise selection for future vacancies.
Now, with automation and multiple data sources, procedures are necessarily a little more refined. But surprisingly, just as when searching CV files, the key to controlling big data and turning the mass of information into actionable insight lies in having an index pointing towards what you need. Pivot tables with standardised data act as just such an index; they allow both an overview of headline metrics and for recruiters to drill down into detailed specifics in order to plot correlations.
To create these index tables, it is essential that the recruitment process is standardised and all hiring managers are following identical tasks at each stage of recruitment. If there are discrepancies, the data collected will be fragmented – imagine different Encyclopaedia Britannica volumes utilising different page numbering systems or layouts, the index would be useless. With a process in place, the team can identify exactly what information needs to be gathered and where in the process this should happen. Then relevant data can be automatically captured at key points, such as time-stamping all activities and tracking volume of candidates.
Big data can be used to analyse the effectiveness of campaigns, strategies and the return on investment for value-add initiatives like employer branding. But it truly comes into its own at a granular level, where it helps gain the control and visibility needed when improving key indicators such as time to hire, quality of hire and cost per hire. For instance, if there’s a shortfall in direct hires, it’s possible to identify where the problem is, as like-for-like comparisons can be made. If hiring sales representatives in all UK regions, data might reveal that in Newcastle it’s taking twice as long as in London. With big data underpinned by a standardised recruitment process, you can compare information at this type of detailed level, establishing exactly where delays lie.
The time to get such systems in place is now; the tide of big data is swiftly becoming a wave, with
estimates stating that digital data production will be 44 times greater in 2020 than it was in 2009. Those with streamlined processes in place will be able to turn the amount of data to their advantage, performance driving recruitment and monitoring the outcomes of strategic campaigns.
Being without a standardised process and still trying to leverage big data would be like trying to search multiple hefty volumes having misplaced the index. And even the Encyclopaedia Britannica now has a mobile app for that.