Every day, talent acquisition professionals are tasked with managing requisition loads, building candidate pipelines and investing in sourcing strategies that pay off. All of this takes place in an increasingly competitive recruitment landscape — there are far fewer unemployed job seekers for every job opening than there were just a few years ago.
But it’s not all that simple. Last week, the Federal Reserve redefined “normal” unemployment as 5%-5.2%, down from 5.2-5.5%. That means that even though unemployment reached a five-year low last month, the US economy is not at full employment yet.
There are still candidates out there looking for jobs and many more currently employed people who are now ready to take advantage of the improving economy by moving into a job that’s a better fit. Each of these candidates is carefully evaluating their opportunities in this favorable labor market — you just need to figure out how to reach them.
Here are three steps to planning your data-backed recruitment strategy.
1. Let the data inspire you
To be empowered by data, you have to understand its impact. Here’s an example of one data set and the impact it can have:
Analysis from Indeed’s chief economist, Tara Sinclair, revealed that 27.8% of people are looking for jobs in another state, meaning that nearly one-third of job seekers are willing to relocate. That so many people are considering this kind of move suggests that there is talent outside of your local market. In general, we also know that people are attracted to the employment areas and the locations where jobs are available.
What’s the impact for a talent acquisition professional? You can now widen the scope of where you seek out the candidates who are right for your jobs and tap into potentially unconsidered pockets of talent.
Tara has also learned that Millennials and Baby Boomers aren’t so different when it comes to job search and that highly specialized candidates are looking for jobs in their current occupation. These are the types of talent trends you can turn to for inspiration.
2. Set goals around the data at your fingertips
Now that you’re inspired by the data, it’s time to seek out the analytics that are most relevant to you. How many people are seeing your job postings? How many are being hired? How much of your traffic is coming from mobile? Are candidates applying from their phones?
The best talent acquisition professionals out there have moved away from the “post and pray” model of recruitment advertising. Instead, they’re creating campaigns based on the data they have on what’s working and where improvements need to be made.
There are some simple ways to set up your own key performance indicators (KPIs). Listings on Indeed work on a pay for performance model, so you can monitor your budget and get a detailed look at how candidates are responding. For a customized report on how people are reaching your jobs, contact us.
3. Make decisions based on ROI
As our head of Client Services, Jason Whitman, has said before, “If a company is spending money on recruitment advertising they should know what they’re getting for that investment.”
Once you’ve set up the KPIs that inform your sourcing strategy, share your findings with your team and evaluate each channel to see which ones are working for you. The greatest recruiters cooly confront changes in the economy and shifting sourcing constraints. They do this with a methodical approach to the information in front of them and make sound decisions as a result. The companies that come out on top on top of today’s talent war will be supported by analytical recruiters of this kind.
Let us know how we can help you get started