By now we all know the value that our candidate database holds. Data has been compared to the new oil and gold. But there is a caveat. The data has to be good if you're looking to maximize the value in your database. The main objective in your business might be to grow or build your database to have a clean up to date talent pool. How do you do it? or, a better question, How do you do it right?
Here are five things that add value to your candidate database:
Clean data has become less of a “nice-to-have” and more of a “necessity.” Recruitment has become increasingly driven by data. Candidate data equates to “money in the bank” and the integrity of that data couldn’t be more important. Data needs to be quality and reliable.
No one wants to find a purple squirrel candidate and then has issues contacting them because of an old email address or phone number. In a study by Experian, 77% of US organizations believe their bottom line is affected by inaccurate or incomplete contact data. In the same study, 25% of businesses reported that their data is inaccurate. The data you have is only worth its quality and integrity — so you need to make sure that your candidate data is clean, complete, and up-to-date. Inaccurate, incomplete, or inconsistent data contributes to enormous revenue losses.
Clean house by mitigating or cleaning your existing data. Then make sure all new incoming data is complete and structured so it’s clean and searchable so you’re able to find qualified candidates and make more placements, quickly.2. Source of Data
As with any data-driven enterprise, it’s important to know where data is coming from, as well as who is providing it and how accurate it is. Candidate data pours into your database through many sources – job boards, social sites, and your company application page. The importance of identifying which source the data comes from and how it performs is valuable information, especially with sources you are paying for. Just because a job board is popular doesn’t mean it’s the best one to use most often.
Leverage your marketing spend by tracking and analyzing where your data is coming from to determine the best source to invest in.3. Size
A huge database, full of outdated and inconsistent dirty data, could very well be worth less than a small, well-maintained candidate database. But a huge well-maintained candidate database wins the prize. So, size DOES matter, but only if your data passes the white glove test. Clean data + More data = Best value.
Work on building and growing your database, but make sure the pre-existing and incoming data is clean, consistent, and up-to-date. Only then, bigger is better.4. Age
Look back on the last year. Whether in your perspective the year has gone by in the blink of an eye or has dragged on at a snail’s pace, a lot has transpired: classes completed, different job, new residence, births, deaths, new talents, and additional skills all might have been added to candidate resumes. Although data doesn’t necessarily have an expiration date, age is relevant. Because with age comes change and every change leaves old, outdated material somewhere.
We are in such fast-moving times some data only weeks old can be outdated. If you have candidate data that hasn’t been sifted through and updated regularly, it’s likely out of date. Like bad milk, you don’t want that in your database!
The age of your data can be a detriment if it hasn’t been shaken out and dusted off through regular automated updates.5. Insights
We’ve determined that knowing the source of candidate data is crucial. To know how the source performs is just as critical in determining ROI. How is your data used, or more importantly, IS your data being used, are also questions to consider. Whether you’re in-house recruiting or a staffing agency, analysis of this information provides insights that can help your company make informed decisions and reduce the risks that come with arbitrary decision-making.
An inventory of the data in your database should play a significant role in the important analysis of what is keeping your company profitable.
How recruitment automation can help
How do you achieve the benchmarks that affect the value of your candidate database? With an increased number of job seekers on the market along with reduced recruitment staffing levels, automation is the answer. Solutions like DaXtra Capture can help build a solid, valuable database that would prove to be a true asset to your company. Within Capture lies the state-of-the-art parsing functions that DaXtra is renowned for. These functions load all incoming data in a rich structured, complete format and can clean up your existing data as well. Auto-loading functions keep data updated and analytic tools keep you on top of your job board and marketing spend.
Flaws in your database like bad, outdated, and unstructured data decrease its value. So make sure you have the solutions needed to mitigate the candidate data you have and to load rich, structured data into your database in an ongoing fashion. Know where your data is coming from and how it’s being used with analytic tools.
Your database is only worth the quality of the data that lies within it.
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