The Importance of Staffing Analytics
Why do staffing firms need analytics?
It’s because analytics enables staffing firms to measure ROI, track the effectiveness of marketing campaigns, and make important business decisions.
And that’s really just the beginning.
Staffing firms routinely use digital information and analytics programs to access vital data and statistics, and there’s a reason for this. Representatives of these firms can gain insight into future trends while also learning from past practices!
Most staffing firms already have an Applicant Tracking System (ATS) and Customer Relationship Management (CRM) system in place. And, by integrating these systems, a staffing firm is privy to combined information covering a vast array of business processes while gaining a better overall view of the business as a whole.
To stimulate lead generation for candidates and build strong client relationships, staffing firms must take advantage of statistical feedback and adapt to changing trends; into this foray have come real-time, historical, predictive, and website analytics – all of which help demonstrate the importance of staffing analytics and reinforce how vital data is impacting the staffing industry.
There is a vital impact that Big Data has on staffing analytics.
To gain insight into the effectiveness of the recruitment processes, the marketing efforts of staffing agencies must leverage what is known as “big data.”
Big data allows staffing firms to make informed business decisions and achieve success. This vital information enables recruiters to initiate lead generation for candidates, decrease the necessary time for filling open requisitions and improve their productivity.
By making big data a part of its marketing, a staffing agency can more accurately track cost-per-replacement and forecast new business – in fact, when used correctly, staffing analytics help agencies become more competitive and ultimately achieve success.
Let’s take a brief look at the different types of analytics to consider:
- Historical: As its name suggests, historical data allows staffing firms to learn from the past; these metrics are an ideal way to identify important patterns and trends within a staffing agency and set benchmarks for future growth. Historical analytics provide valuable data, allowing staffing agencies to learn from past practices.
- Real-Time: Critical business decisions demand real-time data and illustrate the importance of staffing analytics; real-time staffing metrics paint an accurate portrait of how a team is performing and point out where there’s room for improvement. At Chameleon BI, we have near real-time analytics allowing you to gain insight into your data from your ATS and CRMs. Real-time analytics demonstrate the effectiveness of current efforts and identify areas that are in need of improvement.
- Predictive: Through predictive analytics, a staffing organization can anticipate future staffing industry marketing trends while streamlining recruiting practices via encouraging lead generation for candidates. This is also something our Chameleon BI team can help out with because we know that predictive analytics are helpful in setting long-term goals and making business decisions with regard to resource allocation.
- Website: The marketing strategy for a staffing firm must utilize website statistics to gauge how visitors are interacting online. Are potential candidates reaching the website through online searches? Are visitors discouraged by broken links or difficult-to-use site navigation? Google Analytics can be used to improve the interaction between visitors and a website as well.