How can business intelligence fit within your recruitment agency?
Business intelligence has secured its place in the recruitment industry, and with good reason: data-driven decision making has been proven to lead to greater profitability. Given that recruitment is a sector with a reputation for streamlining costs, it makes sense that more agencies want to invest
As each agency is different, a quality BI solution needs to be customised, so that it is never found lacking in the key areas of importance. The solution can vary from outsourcing the creation of regular bespoke reports through to having an interactive platform. Various data streams can be synchronised and different business questions may need answering.
Integrating high-grade vacancy data into a business intelligence solution can help you identify:
- When hiring consultants, which verticals specifically are the current hot-spots in the economy?
- Aggregated salary information: which types of jobs are witnessing the fastest salary growth?
- When analysing desks, what would be the optimal resource allocation by region, sector and skillset?
- Key client activity: what exactly are clients focusing their hiring on, and how is that changing, both year on year as well as compared to their peer group?
- Candidate generation: what areas should be the focus when attracting candidates?
Integrating Companies House data into a business intelligence solution can help identify:
- Where are new companies forming, by region and sector?
- Which companies have just received a capital injection from an investor?
- Which clients have the best financials? More profitable clients may be less reluctant to regularly pay your full recruitment
fee,and can do so within your payment terms.
Integrating your agency’s CRM into a business intelligence solution can identify:
- What your market share for each specialism is. How many X jobs are being published by the market and how many instructions for X jobs are being logged in the CRM?
- What your market share of key client hiring is. Which jobs are key clients publishing that you are not being instructed on?
- What are the strong/weak skillsets in your candidate database as compared with the strong/weak areas of hiring activity in the market?
- The market share of new start-ups, by sector and region. What percentage of start-ups are you working with, what percentage are you targeting?
- When analysing desks, how do each consultant’s billings/KPIs compare with market activity?
A bespoke business intelligence solution can enable an agency to answer any of the above questions, thus ensuring that each consultant is fully supported in focusing only on the most profitable areas.