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For any business, data is essential. Accurate reporting is the roadmap of any organization looking to make decisions with confidence, and for the staffing industry in particular, agencies ready to leverage their data stand poised to see maximized performance.
The recruitment landscape is in the midst of incredible growth, with 70 percent of respondents of our 2022 Global Recruitment Insights & Data (GRID) Trends Report expecting revenue to increase in 2022. Now is the time to meet the moment, harness the power of data, and capitalize on the growth ahead.
But instead of relying on old data, what if you could go a step further? What if instead of looking back, you could look forward?
This is where Bullhorn Analytics comes in. Instead of merely reporting on past trends, Bullhorn Analytics turns your valuable data into easy-to-understand actionable insights. Analytics capitalizes on your data to help you and your team know exactly what to do today to ensure maximized performance tomorrow.
Whether success means increased revenue, more clients, or a better candidate experience, here are a few key metrics for businesses of all sizes to succeed.
1. Weekly Gross Profit Finishing Without Redployment Action (Extension, Interview, or Placement)
In a talent-short market, agencies must make the most of their existing talent pool. What can your recruiters do today to nurture existing talent and increase the chance of redeployment – and how does this impact the bottom line?
Proactively identifying candidates that are finishing assignments with no steps taken to get them redeployed is crucial to protecting gross profit. This Actionable Insight helps recruiters keep redeployment front of mind in a talent-short market. Research presented at this year’s Engage Sydney showed that only 12% of contract finishers have their resume sent to another employer. Additionally, the same research found that there is a 50% increase in conversion rate for candidates who have been previously placed.
With these actionable insights, your recruiters can turn active candidates into a viable talent pool, reducing your cost to acquire talent and helping your business thrive.
2. Interviewed Candidates Not Submitted to Any Other Job
Candidates who interview with more than one company have an exponentially higher chance of being placed. With just one interview, their chances of being placed increase by 22%, with two interviews, by 39%, and with three interviews, a massive 48%. While interviewing for more than one role may seem like common sense, only 7.4% of clients actually do so.
With this actionable insight, your recruiters can see which candidates have only interviewed for one role and submit them for more jobs, thereby making the most of their talent pool — and filling jobs more quickly and easily.
3. Live Opportunities Added Within 30 Days With No Call
As essential as the candidate experience is, building long-term, generative relationships with your clients is just as key. In our 2022 GRID report, staffing and recruiting professionals cited increased competition as their largest obstacle to winning clients. You’ll need to give your clients the best experience to stand out from the crowd.
Of course, sometimes opportunities can get lost in the shuffle of prioritizing clients, candidates, and jobs. Proactive actionable insights keep opportunities from being missed and customers from becoming dissatisfied by highlighting those that haven’t had any contact in the last 30 days. These insights help your team avoid client dropoff, and instead help build client relationships that are built to last.
Actionable insights ensure your team’s valuable time is spent on the most high-impact actions and allow them to see the effects of their decisions in real-time. With these insights harnessing your data and guiding your team’s decisions, you can be confident that your organization is making the best choices now to help grow your business in the future.
Want to drive highly scalable growth for your recruitment business? Learn more about Bullhorn Analytics.
