Recruiting agencies netted over $22 billion dollars in revenue this year. This number reflects the effort and innovation of staffing agencies everywhere, and for ambitious recruiters who want to push profits even further, the key may lie in data. Data has become a buzzword across industries, but it’s much more than just a fad. It’s a powerful tool that can help recruiters improve their efforts and streamline the recruitment cycle. If you’re wondering why is data important in recruiting, or how is data analysis used in recruiting, read on for answers to these questions.
Staffing Intelligence via AI
One of the biggest benefits of data in staffing is the power it gives recruiters to strategize more efficiently. This is due in large part to the innovations offered by artificial intelligence. AI is powered by algorithms that gather, analyze, and apply data from various input sources. When you use data based on recruitment prospects, you can easily utilize front-office information to make more efficient and effective recruiting decisions. AI can tell your which candidates are the most promising and which ones may be better suited to other positions.
An Adaptive Platform
AI isn’t only useful for screening job candidates. It’s also a great resource for powering platforms that are adaptive to your unique needs. Recruiting relies on systems that gather candidate information and match those candidates with compatible job openings — but this information is often spread across multiple platforms and thus can be difficult to streamline. Emerging AI technology can help gather data from multiple sources and make it more accessible to users. An adaptive platform using this technology is one of the most promising innovations in the recruiting field.
Data Strategies That Work
Streamlining data is one of the biggest challenges facing recruiters, but staffing business insurance can help mitigate the risks surrounding data application. Insufficient data often leads to loss, but qualified losses can be covered by a staffing business policy that includes the most common liabilities. Of course, recruiters should do everything they can to mitigate these liabilities, including using data strategically. Use candidate information to predict potential losses and be proactive about minimizing liability.
Revenue From Innovative Data
In addition to minimizing liability, data is useful because it allows for increased revenue when applied productively. The quality of a recruiter’s data directly correlates to the revenue they are capable of generating. Why? Because accurate data shows what works and what doesn’t. Without a viable data strategy in place, recruiters face unnecessary risk and minimized profits. Data innovation can mitigate these problems and ensure that recruitment efforts are successful. With boosted profits and strong data, recruiters have everything they need to minimize the most common risks effectively.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.