Why real-time data should be influencing your recruitment decisions

Thanks to strong job growth, Australia is experiencing a severe talent shortage across several professions. What’s more, recruiters already have 101 things to worry about in an occupation that’s becoming increasingly demanding.

The key to saving your consultants time and helping them pinpoint rare talent could be better use of data and analytics. But how can you collect real-time data for recruitment, and what should you do with it?

To properly understand your organisation and its weaknesses you need to gather and analyse data across all its functions.

Collecting real-time data for recruitment

In order to collect data you need one smart recruitment platform that makes it easy, like FastTrack360. Unfortunately many recruiters use different software for each function of their business – one platform for recruitment, another for time capture, another for billing clients, and so on. This means your data is kept separately across several systems, making it less useful.

To combine these records in order to use them more effectively, you may need to spend time manually inputting them into one spreadsheet or platform. With recruit, time, pay and bill functions all rolled into one advanced piece of software you can easily record and access data across all functions of your recruitment agency in one place.

You can use this data to better understand your business, streamline your workflow and pinpoint areas for improvement. Best of all, you don’t need to do a thing. Simply start using FastTrack360 and it’ll begin recording data and storing it in the cloud so that you and your consultants can use it whenever needed.

Gathering and analysing data can help you identify problems early so that you can solve them before they become worse.

Using data to improve and streamline hiring

Data is useless if you don’t use it to understand and improve your business. Here are a few examples of how exactly you can do this with the help of a smart end-to-end recruitment platform like FastTrack360:

• Conversion or pass rates: track how many applicants pass through each stage of hiring so that you can understand and fine tune the process. Are too few applicants getting past the original resume parsing and filtering? Your system may be filtering talent too aggressively and should be adjusted.
• Average number of days in each stage: are your consultants taking too long to fill jobs? Data can help you understand which stage is delaying the process so that you can improve and adjust.
• Search candidates efficiently: when a new job order comes through most recruiters will have a certain applicant in mind straight away (perhaps an unsuccessful applicant from a  previous order or a resume that’s been on hand for a while). Instead of trying to remember use FastTrack’s smart system to search for candidates.

These are just a few small examples of how data can be used to improve your business. However, a survey by Recruiting Daily found that if it’s used effectively data can do so much more. In fact, 89 per cent of respondents said data helped them to enhance candidate experience and 67 per cent said it helped them reduce their cost per hire.

To start using data to improve your hiring process get in touch with the team at FastTrack to request a demo.