The ROI of Great Quality Data
spæm / noun
1. Irrelevant or unsolicited messages sent over the Internet, typically to large numbers of users, for the purposes of advertising, phishing, spreading malware, etc.
2. Trademark: a tinned meat product made mainly from ham.
3. Verb: send the same message indiscriminately to (large numbers of Internet users).
No one wants to spam potential candidates.
Ultimately, we want to be providing value and helping the right person find the right job with the right company. But if you’re a recruiter, you also know the very real pressures you face, realistic or otherwise as you may judge them. The need to fight low response rates with a wider net of prospects. To sometimes sacrifice quality in order to meet quantity targets – how many people did you reach out to today? How many interviews were set?
The reality is – and you know it well – the quest for quantity never works. We provide value through careful curation of the right data – and make sure we are only reaching out to the right candidates, at the right time, in the right way.
But is there a way to quantify how much time bad data costs us?
PUTTING QUANTITY OVER QUALITY IS A COSTLY MISTAKE
Here’s a number to start with: data analysis firm Gartner estimates poor data quality costs the average business $13.5 million each year. How does recruiting add to that number?
You might be contacting people who are no longer in their current roles or are on a different trajectory than you thought they were. You might be using incorrect contact information or inefficient outreach methods, costing you precious time waiting for that one response from a dream candidate – who won’t even see your message.
Inaccurate, out of date data in any form means you are wasting your time. Not only does this not garner you the best possible candidates for your roles, but it also has people relegate you to their spam file because you are missing the mark. Ultimately, it’s going to cost you.
THE SNIPER APPROACH
Recruiting is the HR function with the highest impact on revenue. A study released by consulting firm BCG showed that excellent recruiting practices contribute to more than three times revenue growth, as well as doubling profit margins.
Recruiting the right knot of people extends beyond sending countless run-of-the-mill emails, and posting redundant offers online or elsewhere. In order to truly click with the sort of employees you’re looking for, you need data that is sifting for exactly what you stand for. This means that data needs to be both exhaustive and updated; what are job-seeking individuals looking for: job stability, high pay, or a competitive work environment? Can your business meet any of your potential employees’ requirements? Source solves those problems by finding out all this information before you ever connect with a candidate.
Employing old data or outdated data collection techniques can be like a shotgun fired in the dark. If every email or phone call costs you, why would you waste valuable dollars contacting candidates who are not a good fit? Candidate-dynamics are constantly in motion; people age, their interests change, and targeting approaches begin to differ. Perhaps the ideal recruit your business is in search of can be better contacted via a specific medium. Maybe you’re missing the best pockets of potential recruits are hiding. Older data is like reading an old road map. It will cost precious time, effort, and capital – and get you nowhere.
A calculated approach helps you identify and engage committed potential job seekers. Sourcing is often seen as labor-intensive and low-yield. But it is possible to carefully curate pools of candidates without lifting a finger. As a data aggregator, Censia is pulling information from thousands of sources, and quickly narrowing that large pool of prospects to one of those most likely to respond to a solicitation. And that is only going to make a recruiter more productive.
LESS IS MORE
The compounding effects of accurate data, mean you work less and have better results. Wouldn’t it be nice if every time you cast your reel, you knew you would catch a fish?
So: if we know poor data is costing us time and a lot of money, how can we use good data for the best ROI? According to Datanami, to perform intelligent data analysis, you need a solution that:
- Delivers immediate insight to the enterprise’s current state
- Has real-time data—as well as a complete history—about people, processes and products
- Builds the foundation for predictive analytics and prescriptive modeling
- Deploys quickly and automatically, providing fast ROI
- Adapts to data volume, velocity, and variety, while providing data validation
The new paradigm is not based on feelings or even experience. The numbers, especially the right numbers, will tell you everything. But it’s up to you to use it effectively. We can provide you with qualified, ready to hire candidates that are looking for opportunities just like the ones you’re trying to fill. We’ve done the legwork so you can do the bit you do best: building great relationships that will lead to fruitful hires. The right hires. And that’s going to affect your bottom line for years to come.