Employers shell out an estimated $72 billion a year in an effort to recruit the best employees — and much of it is wasted. Why? Companies aren't making the most of these hefty investments, argues Matt Charney on Human Capitalist.
It's important to understand the missed opportunity. Studies show that more than half of employers are expected to invest in recruiting technology in the next 18 months, says Charney. At the top of their minds is the ability to analyze and interpret data. "Gone are the days of just-in-time hiring," says Charney, "where time-to-fill was the only metric that really mattered to front line recruiters."
Charney suggests three ways companies can use recruiting tech to make the most of recruiting data:
- Make data accessible. The terabytes of candidate data now at recruiters' fingertips can be overwhelming — especially when it's not aggregated in one place. Services today will pull together all this data in one place.
- Track where candidates come from. Recruiters like to know what online sites generate qualified candidates. By sorting through the data and integrating candidate sources into an applicant tracking system, a company can shift its focus to the most productive sources of candidates, whether that's paid postings or organic SEO, writes Charney.
- Integrate systems to see return. Since the amount companies spend on recruiting every year could buy them every franchise in the NFL, MLK, NHL and NBA plus 25 personal jets, there's good reason to monitor the return on that investment. Says Charney: "The integration and consolidation of systems not only makes it easier to get a better view of the return on recruiting resource investments, but also optimize that resource allocation for future tools, technologies and talent."
Read more on Human Capitalist.
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