How to Win with Recruitment Analytics
Today's recruiters are defined by a variety of responsibilities outside of the traditional scope of talent acquisition. Being a successful recruiter now means being someone who understands digital marketing, who can think like a salesperson, and, most recently, who can collect and interpret recruitment data.
Making use of recruitment data (or engaging in people analytics, as it's often referred to) is perhaps the most impactful aspect of recruiting. In fact, 68 percent of CEOs back the power of data and analytics to deliver results and reach KPIs.1
Recruitment Analytics to Drive Success
Why let data drive recruitment? In short: it increases recruiting success rates. It's predicted that by 2021, hiring success will improve by more than 300 percent due to the use of data analytics in the hiring process.2 In fact, LinkedIn found that when talent acquisition teams used data to hire, they were two times more likely to improve their recruiting efforts and three times more likely to reduce costs, while improving efficiency.3
Applying data analytics to r ecruitingcan also help organizations:
- Identify what's working
- Identify what's not working
- Flag recruitment risk factors
- Improve employee retention
- Limit hiring process errors
- Predict hiring needs
- Gain visibility into all aspects of recruiting performance
Already, 75 percent of HR leaders say analytics are important to business success.4 Yet, despite the recognition of its importance, actually making use of recruitment data has been slow to catch on. Only a little over half (52 percent) of organizations rate themselves as excellent and 38 percent as adequate at conducting multi-year workforce planning with analytics.5
So, what's holding companies back? It starts with the need to better understand the do's and don'ts of data-driven recruiting.
Give Recruitment the Focus It Deserves
Recruitment often gets overlooked as just another part of HR, when in all actuality, it's its own unique entity. Although the bundled applicant tracking system included in your company's human capital management (HCM) system might seem like an easy solution for your hiring strategy, it probably won't cut it for recruitment. Talent acquisition (TA) is the most dynamic function of HR, and therefore requires the exclusive technology and tools to keep up with industry trends and ensure success. If your organization values recruitment and understands the impact people can have on overall business success, using your full-suite provider for talent acquisition analytics is a mistake.
Vendors that focus on higher-level HR strategies, such as payroll and attendance, simply can't give talent acquisition the focus it requires. Rather than using your HCM's recruitment software, give your hiring strategy the attention it deserves with a best-of-breed TA platform. A talent platform provider like iCIMS is dedicated to the entire talent acquisition lifecycle — and nothing else. This focus allows for more powerful reporting and data analytics within the platform, so your recruitment teams are empowered to make smarter business decisions. UNIFi's integration capabilities are also flexible enough to shift with business needs, so if there's a technology change, your data remains in one secure platform-of-record.
iCIMS & Stantec
Without iCIMS, we would not be able to pull candidate data into reports. Those reports are analyzed by our business partner, Hudson Mann, for compliance with government regulations. We are now able to demonstrate that we are in compliance with EEO and OFCCP regulations.
- David Filchak, Senior Consultant
Integrate Your HCM Provider for A Holistic Experience
Although you shouldn't rely on your HCM's recruitment technology to fuel your hiring strategy, that doesn't mean your HCM shouldn't manage the other areas of your business. Best-in-class companies are choosing a centralized recruitment platform as a hub, like iCIMS UNIFi, to unite all their recruitment tools and act as an extension of their core HCM technology. iCIMS unique Platform-as-a-Service (PaaS) framework delivers the components and services to support rich integrations from your TA platform to your HCM. This platform provides a robust set of integration capabilities and technologies, resulting in a richer user experience, optimized hiring workflows, compliance, and data governance within one system of record.
Due to the dynamic nature of talent acquisition, managing changes within your HCM can be time-consuming, costly and may impact other parts of your business. UNIFi can remove these complexities by managing all of this outside your HCM as part of the TA platform. Additionally, iCIMS UNIFi offers more than 200 TA-centric solutions in its Marketplace, allowing users the flexibility to switch supporting solutions like assessments, recruitment advertising and background checks — and even your HCM — as your needs change and grow, without disrupting your mission critical hiring workflow.
Footlocker & Infor
We believe in the iCIMS' very progressive vision for the future of talent acquisition. The iCIMS Marketplace and UNIFi allows us to integrate with various partners which allows large organizations, like Foot Locker, to be nimble enough to react and adapt to changes.
- Alexis Trigo, Senior Director of Organizational Capability