The short answer? Yes!
There are multiple recruiters out there who don’t buy into the data-driven approach to recruiting. But, here’s our argument: Through data, not only can recruiters improve their recruiting approach but also increase the amount of revenue they book.
As a recruiter, data gives you an objective method to improve your performance and work smarter instead of harder. Take these three metrics as examples:
- Activity Ratios (how many of x does it take to get y): Activity ratios are a very effective way to see at a glance how efficient you are being with your activity. This metric is the best way to understand what volume of work will move the needle on job orders. By comparing your ratios against top-performing recruiters on the team, you can pinpoint your strengths and weaknesses and set very targeted goals to drive improvement. This ensures you follow the steps that will have the most impact on your firm’s bottom line. Ratios are a prime example of using data to look at your own past performance, benchmark it against other top performers, and identify opportunities for you to improve your process and make more placements.
- Job Order Pipeline (a list of job orders you are working): By knowing how ripe the open job orders are in your pipeline helps you to set realistic expectations. Without visibility into the quality of your pipeline, you might fall into the trap of assuming that your recruiting activity is progressing smoothly when in reality all of your open job orders are another month away from being completed. Job order pipelines help you organize your daily work by enabling you to catch that type of problem early on. They give you the information you need to take action and make sure that there’s always enough late-stage pipeline for you to hit your number. This data-driven recruiting allows you to prioritize your work based on how close job orders are to completion. If you take a “gut-feeling” approach, you don’t work as efficiently, and your earnings suffer as a result.
- Win Factors (The percentage of job orders you fill segmented by size, industry, etc.): Win factors enable you to determine whether you are pursuing the job opportunities that you have the highest likelihood of closing. By segmenting all the job orders you filled in the past by a third variable (such as the value of placement or industry), you can find your sweet spot. Your sweet spot helps you organize your time to focus on job orders that have the highest probability of winning, and avoid investing too much of your time securing job orders that aren’t likely to result in placements.
These are just three examples of ways that recruiters can leverage data to fine-tune their recruiting process and work smarter instead of harder.
There are always ways to dig deeper, learn more from your past performance, and apply it to become a better recruiter.
Recruiters should care about data because it helps them spend less time working and puts more money in their pockets! Reach out to [email protected] to find out about the KPIs you should be tracking to be the most productive you can be.