Digital information and business analytics allow staffing firms to use big data and statistics to gain insight into future trends and learn from past practices.
Knowing and understanding your data is the key to your growth.
Analytics enables staffing firms to measure ROI, track the effectiveness of marketing campaigns, and make important business decisions.
Integrating your Applicant Tracking System (ATS) and Customer Relationship Management (CRM) systems as well as your financial systems yields integrated information covering different business processes and provides a better overall view of the business as a whole.
To build strong client relationships and stimulate lead generation for candidates, staffing firms need to make use of statistical feedback and adapt to the changing trends.
Historical, real-time, predictive, and all sorts of other analytics all help to illustrate the importance of staffing analytics and reinforce how big data is impacting the staffing industry.
What’s the impact of big data on staffing analytics?
- Staffing firms marketing efforts must leverage big data in order to gain insight into the effectiveness of their recruitment processes.
- Big data allows recruiters to initiate lead generation for candidates, decrease the time needed to fill open requisitions, and improve their productivity.
- The use of big data in staffing industry marketing allows firms to better track cost-per-placement and to forecast new business.
- When used correctly, staffing analytics help firms become more competitive and achieve success.
What can historical data do for you?
- Historical data allows staffing firms to learn from the past.
- Historical staffing metrics are a great way to identify important patterns and trends within your staffing firm and set benchmarks for future growth.
- Review your job orders and see how your job counts have varied over time.
- Use historical data to forecast future initiatives and determine whether changes are needed in your business practices.
- Careful monitoring of historical data is crucial in determining what action to take in growing your business pipeline.
What is real-time analytics?
- Critical business decisions require real-time or near-real-time data and illustrate the importance of staffing analytics.
- How many clients have we acquired? What does our current talent pool look like? Are recruiters efficiently filling open requirements with qualified candidates? Real-time staffing metrics paint an accurate picture of how your team is performing and show where there is room for improvement.
- Do the statistics show that you are wasting resources on certain recruiting processes? Did the last trade show result in little to no ROI? Make use of real-time analytics to optimize your sourcing and hiring processes and focus on those recruiting practices that have proven to be the most effective.
Where can predictive analytics take you?
- Anticipate future staffing industry marketing trends and streamline your recruiting practices by using predictive analytics to encourage lead generation for candidates.
- Review relevant data in order to predict future industry needs and identify the best locations to recruit for desired skill sets.
- Analyze job posting response rates and tailor future postings based on the data.
- Predictive analytics are also useful when determining the best way to allocate your staffing firm resources.
Will website analytics help you?
- Are you losing new business because of a slow or inefficient website? Staffing firms’ marketing strategy must utilize website statistics to gauge how visitors are interacting online.
- Are potential candidates reaching your website through online searches? Are visitors discouraged by broken links or difficult-to-use site navigation? Make use of Google Analytics reports to track overall web traffic, SEO efforts, bounce rates, and information pertaining to the length of an average session.
- Use this data to make updates to your website and improve the client/candidate experience.
It all comes down to this – the key takeaways for the importance of staffing analytics:
- Big data allows staffing firms to make informed business decisions and achieve success.
- Historical analytics provide valuable data allowing staffing firms to learn from past practices.
- Real-time analytics demonstrate the effectiveness of current efforts and identify areas that need improvement.
- Predictive analytics are helpful in setting long-term goals and making business decisions regarding resource allocation.
- Use Google Analytics to improve the interaction between visitors and your website.