Big Data in Recruiting for Staffing Agencies
Companies are looking to cut costs and maximize efficiency at every corner. Executives no longer have the first class perks they once freely enjoyed. Even company holiday parties have taken a downturn.
Now, recruiting is under the examining lens as the newest trend in the industry. Analytics are a driving force in business decisions. From market research to analyzing financial assets, they are a crucial part of a company’s business operation.
Big data can be used to cut inefficiency in the hiring process. Hiring gaps can cost a company significant funds in terms of time and wasted productivity. One company, profiled in the Wall Street Journal, found in their data that on average it took 96 days to fill a position with an external candidate. The statistical analysis found that hiring managers were dragging their feet when making decisions about who to hire. The company refocused their efforts; it now takes 46 days to hire external candidates.
Companies are also using automated data reports on employee attrition, headcount, and promotions. They also analyze the characteristics of their most successful employees, factoring in what school they went to and prior experience to identify and hone in on exactly what type of candidates work for them. Companies are also evaluating how pay is linked to sales performance to find out what exactly motivates employees.
For the staffing industry, big data could help recruiters analyze their pool of recruits to make a better fit between the company and the candidate. They could analyze the success of placements, to identify what companies are looking for. Pools of candidates can be narrowed down to the qualities and experience that is a good fit for the job. Company analytics like the ones examples mentioned above could help a recruiter get a better sense of what type of candidates companies are looking for. The goal of using big data in recruitment? To more efficiently find the right candidate for the right job.
World Wide Specialty Programs has always had a singular purpose – to design, develop and provide staffing insurance products for the staffing industry. Our method is simple: track those changes; listen to emerging needs, and respond. We work with over 2,000 insurance brokers nationwide. We know the staffing industry better than anyone, and can provide great options for your staffing industry insurance needs. Contact us today for more information about our staffing agency insurance programs.