5 Most Important Data Needed For Recruitment

by | Apr 12, 2019 | IT Recruitment, Offshore RPO

The job marketplace has turned candidate-driven, meaning candidates are now empowered more than ever. The high demand for specialized skills and longer time-to-fill records have resulted in job seekers becoming more particular about the positions they apply for.

To cope with this shift in the job market, staffing firms have to be innovative when it comes to making use of their recruitment resources. One resource which you can take advantage of is data.

In this age of rapid technological advancement, where storing and analyzing data have become much easier, staffing firms have realized how beneficial data can be in the HR world.

Companies around the world are acting on this realization. In fact, 82% of organizations are planning to start or increase their use of big data in HR by the end of 2018. These companies are heading towards a data-driven HR.

Many recruitment data were not utilized in the past and the recruitment data that was heavily focused on were mostly KPI measures. But nowadays, more unique recruitment metrics, such as the labor market and source of hire, are also being included.

Companies gather and analyze these data to have a significant impact on the companies’ performance. No longer do they have to rely on their guts and biases. Important recruitment decisions are now made based on data-driven analysis.

But what exactly do we mean by data-driven analysis?

Data-driven analytics has three foundations, according to Analytics in HR. Here is an infographic showing these 3 foundations.

Taken from Analytics in HR.

Data is useless if left alone. Based on the infographic, there has to be the corresponding series of actions for data to bear fruits.

Proper data governance, then analysis and adoption of data are needed to ensure that the data gathered can drive results.

Staffing firms with a data-driven recruitment process can formulate insights and improve their talent acquisition and retention capabilities.

They can do this through tracking employee cycle, and pinpointing skills, values, and culture, that can lead to determine what qualities differentiate a good candidate from a bad candidate. They can also predict the speed of hire, and improve the candidate experience.

However, the recruitment process can involve a lot of data. Having to gather and analyze every recruitment data out there can be taxing for the staffing firm. Hence, in this article, we compiled a list of the most important recruitment data that can help boost staffing firms’ efficiency.

But before we get into that, it’s also helpful to discuss your method of collecting and storing these data if you’ve only just started on your company’s data-driven transition.

Two Ways You Can Store and Gather Data

  • Spreadsheets

Generating reports through spreadsheets can be a long and tedious process but it allows you to store data in a structured way, takes advantage of the power of analytics, and useful for instantaneously recalculating totals.

  • Cloud-based HR analytic solutions

If you want a more technologically advanced analytics function for recruitment, cloud-based HR analytics solutions can be your best bet. It makes for an easier and faster data analysis. It also offers an end-to-end view to monitor your entire recruiting process and store historical information on successful hires. Thus, allowing you to hire better and faster and get ahead of the competition.

Whichever method you choose, keep in mind that having a data-driven HR is not a guarantee that you can have a successful recruitment.

Analytics may give staffing firms the confidence to make sound recruitment decisions, getting rid of that “I think” mentality and replacing it with “I know” mentality.

However, it remains to be important to keep finding ways to improve on all areas of your recruitment process and make the most out of all your recruitment resources, not just data. Now that we’ve got our bases covered, we can move on to discussing the most important data for recruitment.

Most Important Data Needed For Recruitment

Staffing firms with a data-driven HR aim to use its HR data and analytics to add value across all sectors of the organization, and ultimately, to gain a competitive advantage. They have to seamlessly connect all recruitment data, from the sourcing process down to the job placement, to effectively meet the demands of their clients.

But with 90 % of data in the world created just in the last 2 years, there’s a risk that staffing firms may end up collecting irrelevant data. Not all data are created equal and staffing firms have to be smart to collect only the important data so as not to waste resources.

As a general rule, the truly relevant data are the ones that can help your firm make more placements and generate more placement fees over time.

1. Labor Market

Let’s start with the basics. We all know that the labor market is forever changing. Questions such as “What will the labor market be like by next year?” or “Are there enough skilled people for this position in the job market?” can be tricky but not completely impossible to answer.

Staffing firms have to pay attention to changes in the economy. Having a bird’s eye view of the employment trends in the national and international level can help prepare your staffing firm for whatever the hiring demands your clients are going to have.

Collecting data on the current trends in the labor market can help staffing firms analyze how hard finding competent candidates are going to be on that period. Analysis of labor market can also provide statistics on the number of job seekers skills as compared to the number of available jobs in that region.

2. Time-to-fill

Timely and precise data is useful for a well-functioning talent acquisition program. Hence, time-to-fill is one of the most important recruitment metrics.

It’s a record of how long it takes to successfully place a candidate from the time a job position has become available. To properly count those days, staffing firms first have to define the time period they have to measure, what they consider the starting point down to the end point.

An average time-to-fill record is around 42 days. But different staffing firms may have a different starting point and end points, causing a discrepancy in the number of days.

In essence, time-to-fill record allows staffing firms to identify which positions take longer periods of time to fill, and which ones are easy to land.

By knowing this kind of information, staffing firms can manage expectations by making a well-planned timeline for their clients. They can have a better estimation of the costs based on how long the search is going to be. And clients can plan accommodations in their business operations while waiting for the available position to be filled.

However, as we’ve mentioned before, it’s not a good strategy to only focus on one recruitment data. It may be one of the most important metrics for recruitment but there are other data that have to be taken into consideration.

3. Time-To-Hire

Time-to-hire is often used in the same context as time-to-fill but they are essentially different. It measures the number of days between the moment a candidate is approached and the day the candidate accepts the job.

This metric answers questions such as “How long do you wait for a candidate’s response?”, What’s the average number of days before you find the right candidate?” The answers to these questions are very insightful for the staffing firm since it gives you a view of how quickly your team can make important calls when it comes to dealing with candidates.

In short, it’s an effective metric for giving you a clear idea of how well your organization is performing.

Staffing firms can also use this metric when looking for the best offshore RPO to partner with. This metric starts with the sourcing, down to the point of acceptance. These recruitment processes can be offshored, and in the hands of an efficient offshore RPO provider, a good time-to-hire record is to be expected.

4. Source of Hire

One of the emerging recruitment metrics nowadays is the source of hire. This allows staffing firms to determine which sourcing channels are the best places to source. Common sourcing channels are social media, the company’s career page, and online job boards.

These kinds of data allow the staffing firm to determine which sourcing channels your top talents are coming from. By making use of this knowledge, you can make a sound judgment when trying to decide which sourcing channel you are going to invest in. Advertising and sourcing take a considerable amount of time and money from the company. Hence, it has to be done only after careful considerations.

5. Quality Of Hire

Quality of hire is among the top priorities of 40% of some big companies in the world. A candidate with a high-performance rating is considered high quality and expected to be a hiring success, and the opposite holds true for a candidate with a low-performance rating.

Quality of hire can also be measured by turnover and retention metrics. However, this can be a faulty metric because turnover and retention can stem from ineffective management practices.  

Quality of hire can be used for as a variable for comparisons. It can be connected with the data collected on the source of hires to adjust recruiting strategies to get more revenues from different sources. For example, if most of the top performing hires came from the X job board, then according to the data you have, it’s going to be more profitable for your firm if you invest on X job board.

Final Thoughts

Gathering, storing, and analyzing data has changed throughout the years. The recruitment industry is no stranger to these changes.

A simple spreadsheet used to be the most efficient way to record data, then cloud storage happened. All of a sudden, big data are being stored, transferred and analyzed in the most efficient ways.

Smart HR leaders are now making these innovations work for them. At the same time, they also realized that when data is mined and analyzed properly, it can contribute greatly to the staffing firm’s success.

They can double down on their strengths, and cut the areas where they have weaknesses. It eliminates the guesswork and gives the staffing firm empirical basis for their recruitment decisions.

But these benefits can only be earned if staffing firms are actually gathering data that truly matters. So much data is available out there. Be wise when choosing which data to collect to avoid wasting resources.

In the end, staffing firms who are able to connect and make sense of all these important data they gathered are the ones who are going to come out on top of this industry.

 

Sources:

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Jibe. (2016). Candidate-Driven Job Market: What Recruiters Need to Know in 2016. [online] Available at: https://www.jibe.com/blog/recruiting-top-talent-in-a-candidate-driven-job-market/ [Accessed 29 Sep. 2018].

Smallbusiness.chron.com. (2018). How Does Technology Impact HR Practices?. [online] Available at: https://smallbusiness.chron.com/technology-impact-hr-practices-37912.html [Accessed 29 Sep. 2018].

Forbes.com. (2018). [online] Available at: https://www.forbes.com/sites/bernardmarr/2018/04/13/why-data-is-hrs-most-important-asset/#15af40ce6b0f [Accessed 29 Sep. 2018].

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Hughes, E. (2018). 4 Foundations of Data-Driven HR | Analytics in HR. [online] Analytics in HR. Available at: https://www.analyticsinhr.com/blog/4-foundations-data-driven-hr/ [Accessed 30 Sep. 2018].

Bbc.co.uk. (2018). BBC – GCSE Bitesize: Advantages of using spreadsheets. [online] Available at: http://www.bbc.co.uk/schools/gcsebitesize/ict/modelling/0spreadsheetsrev3.shtml [Accessed 30 Sep. 2018].

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Jo Rebustillo

LEARNING AND DEVELOPMENT MANAGER

Jo started her recruitment career in 2007. Since then, she has worked with several RPO and BPO companies in different capacities. She has worked as a Recruiter covering requisitions in US, AU, EU and APAC handling volume, non-IT and IT. She has led several teams as a Recruitment Manager, Account Manager, Service Delivery and Business Development. She has also led teams in different industries such as Media and Advertising, IT, Outsourcing, BPO, Manufacturing, Military, Healthcare and Sciences. She has built teams based on their strengths and developed leaders with strong ethical values as well as aiming to beat the average. She strongly believes in integrity, strive for growth, persistence and kindness as hallmarks of a successful person and company.

Nikita Magpantay

CLIENT RELATIONS MANAGER

Niki is a dynamic human resource professional with a focus on talent acquisition and HR business partnership, bringing her extensive expertise gained over 6 years. She is a versatile Recruiter specializing in diverse sectors including technical, banking and finance, logistics, sales, healthcare, and volume hiring. Niki, as an experienced HR Business Partner has proven success in aligning HR initiatives with business objectives, contributing to organizational growth. She seeks to foster positive employee relations and implementing effective engagement initiatives and business strategies while ensuring adherence to labor policies. Adept at combining a friendly demeanor with a dedicated result-oriented approach helps her bring a unique blend of empathy and strategic acumen to the workplace.

Intejar “Ram” Julkiram

CLIENT RELATIONS MANAGER

With 9 years of background in RPO, Ram is adept at managing and optimizing the recruitment process for clients, ensuring a seamless and efficient experience. His skills include a deep understanding of both the IT and non-IT industries, enabling him to provide tailored recruitment solutions for the team.

Shara Jane Bonifacio

CLIENT RELATIONS MANAGER

Shara Bonifacio boasts a rich and diverse career spanning more than 10 years within various industries in recruitment. As a highly skilled and effective communicator adept at engaging with people across multiple platforms, her passion lies in building lasting relationships. She excels not only in connecting with candidates but also in fostering strong ties with clients and stakeholders.

Throughout her career in industries such as Financial Services, Insurance Brokerage, Information Technology, Pharmaceutical, and Healthcare, Shara has showcased her results-driven mindset. Her penchant for challenges motivates her to continuously strive for excellence and growth.

Shara's leadership experience is a testament to her ability to guide and inspire teams, ensuring collective success and achieving organizational goals.

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Gigi, an inspiring leader, possesses nearly 5 years of expertise in the art of Talent Acquisition and boasts a distinguished 15-year legacy of visionary leadership. She is renowned for her unwavering dependability and boundless supportiveness, qualities that radiate through every endeavor she undertakes. Gigi's leadership style is characterized by remarkable transparency and hands-on engagement, underlined by a profound trust in her team's exceptional talents. She confronts challenges with fearless determination, inspiring her team to achieve greatness. As a passionate outdoor enthusiast and a nurturing fur parent, Gigi advocates for a work-life equilibrium with extraordinary grace and enthusiasm.

Randy Owen Roman

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Randy brings extensive experience in the recruitment industry, spanning over 5 years. During his tenure, he has successfully managed a diverse portfolio of clients across multiple sectors, including IT, Financial, Retail, Light Industrial, BPO, Market Intelligence, and Healthcare. Randy is passionate about the outdoors and finds joy in activities like hiking and exploring nature. Equally, he appreciates the arts, indulging in music, movies, and series. As a leader, Randy exemplifies fairness and empowerment, consistently guiding and inspiring his team to surpass expectations.

Avielle Bernardino

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Avielle, with 7 years of Healthcare Recruitment, is not just a leader. She is a mentor and an architect of streamlined offshore program planning. She has an innate ability to optimize processes, ensuring they align seamlessly with our clients' and program-defined standards. She empowers her peers, nurturing exceptional performance and maintaining a high level of service quality. This dedication to efficiency has set a new benchmark within our organization. She actively participates in strategic planning initiatives, driving a culture of continuous improvement. This proactive approach ensures we stay ahead in a rapidly evolving industry.

Kris Florblanco

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Kris, with over six years in IT Recruitment and three years of team leadership, is known for dependability and supportiveness. Transparent and hands-on, she places trust in her team. An outdoor enthusiast, Kris faces challenges head-on to keep her team up and running.

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CLIENT RELATIONSHIP MANAGER

Grace, an empowering leader with six years in Talent Acquisition, is passionate about innovation and improvement. Balancing work quality and agility across various industries, her compassionate approach extends to her personal life as a committed vegan.

Ly Poticar

MANAGING DIRECTOR - OFFSHORE STAFFING

Ly brings 2 decades of expertise in the Recruitment and Staffing industry, covering various business verticals in both local and global recruitment. He has successfully led growth projects for SMBs and offshore expansion initiatives for Shared Services and other global enterprises. He seeks to continuously evolve his recruitment practices and client partnership agenda to provide innovative solutions and be a step ahead of the market trends. Ly has recruitment experience in the talent market for the following majors, as well as emerging industries: Tech – hardware/software/mobile/consulting/Web3, Online Gaming & Media, Digital Marketing, Finance – corporate/banking and fintech, Construction & Engineering, Energy, BPO, Manufacturing & Logistics.

Lara Belo

MANAGING DIRECTOR - ONSHORE RPO

Lara brings a decade of invaluable experience in the field of IT recruitment, catering to diverse and niche IT roles. With adeptness in team management, she has led successful recruitment teams. She guides her team in effectively sourcing, tailoring recruitment strategies, and connecting top-tier IT professionals with optimal career opportunities nationwide.

Her extensive background in business development and client relations has not only led to the acquisition of new accounts that have expanded over time but also positioned her as a trusted partner for numerous clients.

Ezalyn Caberto

MANAGING DIRECTOR - OFFSHORE RPO

Eza is an accomplished RPO leader. She has a proven experience in building and leading high-performance recruitment teams.

Eza is also experienced and active in offshore RPO's management, recruiting, and consulting aspects. She has implemented several successful offshore recruiting accounts that have grown over time.

Eza is also a successful mentor who has produced budding leaders in her field. As a mentor, she has a strong focus on supporting emerging millennial team players.

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Candy has been an HR Practitioner for 10 years. Her extensive experience in managing end-to-end HR facets came from various industries. She’s a champion in handling employee relations and labor relations. As a strategic thinker, she is adept at aligning HR policies and practices with the company’s goals and objectives, safeguarding the organization from legal complications, and providing employees with a secure and fair environment.

Anna Katrina Roa

VICE PRESIDENT OF FINANCE AND ACCOUNTING

Katrina, a De La Salle University graduate with a BSC in Accounting, plays a vital role in maintaining the company's financial health. She generates reports, manages budgets, and oversees the accounting department.

With over two (2) decades of experience in the recruitment industry, she is well-versed in its financial dynamics. Her expertise allows her to adeptly address the unique financial needs of recruitment businesses, making her an invaluable asset to the organization.

Jimmy P. Roa

CEO AND CHIEF RECRUITMENT OFFICER

Jimmy is a business executive in the field of BPO, RPO, IT Staffing, Technical Recruiting, Virtual Recruiting, Remote Staffing, and CAD Outsourcing. Having been involved in these industries for the past 30 years, Jimmy knows what works and what doesn’t. Aside from being the CEO of Sysgen RPO, he is also CEO of Sysgen – an IT Staffing firm which he founded in 1991.

Keen to working with clients who are willing to practice the “One-team Concept”, Jimmy has been mainly responsible in growing the Sysgen Group to what it is now.

He believes that clients are partners and that a true alliance is essential in achieving overall goals of cost savings and process improvement.