The importance of data in the recruitment industry
Who holds information, and can interpret it, holds leadership. The same logic is applied to every business. The recruitment industry is very competitive, and obtaining the right information at the right time is one of the keys to success.
Managerial positions in recruitment agencies usually cover the client development and client retention functions. In terms of client retention, agencies have to keep their place on preferred supplier lists by increasing their value through their share of hires. However, given that employer-agent relationships are not exclusive, as employers list jobs with several agencies, it’s hard to stay at the top of those lists. The best solution in this situation is to monitor client hiring and prepare candidates before vacancies are listed. It’s now easy to obtain such information by using Vacancy Tracker, software that checks various pages of carefully selected websites for such vacancy updates. Being quick at spotting opportunities not only guarantees stable revenue streams but also strengthens relationships with employers, and builds a reputation as an industry leader.
Similar software solutions can be used for the lead generation function. If a recruitment company is small and is working on developing a client base, it is important to monitor the market for emerging opportunities. That gives flexibility for recruiters to reject deals which have
Standard recruitment consultants, on the other hand, are more focused on sourcing candidates. Manning a desk is challenging because of talent shortages, information noise, and the high chance of drop-outs. It’s not enough to look for candidates who are actively searching for jobs, because the competition has the same access to them, via social media and job boards. A competitive advantage can be gained by accessing the pool of ‘passive candidates’. Information about whether a person wants to change his/her job but is no actively searching for one gives an exclusive chance to make a successful placement. With the rise of artificial intelligence, AI solutions such as Engage Talent make it possible to ‘build a pipeline of passive candidates’.
To sum up, data is crucial for the recruitment industry. There is a wide range of solutions which not only provide bulk data but also analyze that data and ensure the operational efficiency of a business. Aggregated vacancy data helps to predict hot spots of activity and improves the standard of business planning.
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Author: Valeriia Muzhchyna
Image contribution: designed by Freepik