Employers utilizing data to increase successful hiring methods have a few variables to consider in their search for the perfect employee. Yes, data is a vital resource for understanding patterns and abstract phenomena. Most times, though, it’s underutilized. It is undoubtedly the case in employment practices liability. Data has the potential to minimize many of the risks covered by EPLI, but it often takes a backseat in recruitment.
Utilizing Data: How it Works
Staffing agencies that want to harness the potential of data can start by identifying the liabilities that often emerge throughout the hiring process. Thus, when utilizing their data, they want to identify the things to know. This data can drive risk management strategies, and it can also boost agencies’ general hiring success. Find out how to apply data to revolutionize recruiting efforts.
Generate Accurate Vacancy Predictions
One of most staffing agencies’ most noteworthy challenges is the frequency of unexpected openings. Although staffing is what a staffing agency does best, these surprise vacancies can disrupt plans. Data can stop this problem by empowering agencies with the ability to identify staffing trends. The accumulated information should demonstrate times when vacancies are more likely, and it will also allow for more accurate hiring predictions.
A recruiter equipped with this knowledge will know when to plan for disaster — before it even happens — and prevent the disaster from unfolding. Data enables recruiters to understand better stats such as turnover rate, average job duration, and peak recruitment times.
Give Candidates a Better Experience
Recruiting efforts may also suffer due to being employer-focused, but shifting this perspective is a great way to ensure hiring efforts are more effective. Thus, recruiters should focus on the qualifications that a candidate brings to the table rather than on the job’s strict requirements.
Staffing agencies can also apply data to this goal by analyzing when and where non-hired candidates may likely drop out of the recruitment process. It can help recruiters identify points of frustration and work to give applicants a better experience.
Minimize Recruitment and Hiring Expenses
Another significant benefit of data is its ability to save recruiters money on major hiring expenses. It’s easy to focus on eliminating waste and advertising more effectively on social media. However, incorporating data into this equation will show that there are many potential hiring expenses that eclipse any social media ad cost. Liabilities that emerge in the recruiting process, for example, will carry a hefty cost if they come to fruition.
EPLI may cover these risks, but staffing agencies should first take preventive measures. It prompts the question — is EPLI the same as professional liability insurance? EPLI covers liabilities that occur throughout the hiring process, whereas professional liability insurance covers employees who may become the target of litigation. Both forms of coverage are essential for businesses, and data can help you get the lowest rates on both.
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.