Using Data-Driven Recruitment Software to Increase Efficiency
With so much data available, technology that automates formerly tedious tasks has become a normal part of the recruitment process. Following are some of the ways technology can make a recruiter’s job less labor-intensive and provide insight into the job market.
Does the Local Talent Supply Measure Up?
Often, employers look to their local labor market or where they have an office to find their next employee. For recruiters, being able to quickly evaluate if a location has enough qualified candidates can be a big time-saver. With market-analysis software like LaborIQ® by ThinkWhy, a recruiter can search for the specific job title in a specific U.S. metro.
The software allows the years of experience and educational attainment level to be selected. That way, the recruiter can see how the market value changes based on these factors and the chosen location, as well as the salary comparison of up to six other metros. For instance, if the talent supply is too low, then the recruiter may want to expand search efforts beyond the employer’s location.
Let’s say a recruiter is looking to place someone in a Customer Success Manager role with a bachelor’s degree and two to four years of experience in the Seattle area. With LaborIQ by ThinkWhy, the recruiter can quickly see that the Seattle-Tacoma-Bellevue, WA metro has a significant shortage of talent. The next step would be to compare the talent supply, median and recommended salaries, and the future demand of this role to other metros.
Being able to quickly assess the talent supply and salary expectations can help determine:
- a realistic timeline of how long it will take to place someone in the role.
- the expansion of recruiting efforts to multiple metros.
- whether the role’s salary range is competitive compared to other employers.
Is Your Salary Range in Line with the Market?
Another part of the hiring process where a data-driven recruiting strategy pays off is in setting a salary range. The going rate for a role differs across the U.S. and varies based on skills, education, experience, company size and industry. With the salary answers feature in LaborIQ by ThinkWhy, recruiters can see the median salary for a job title and its recommended salary. The recommended salary incorporates current talent shortages and surpluses and future demand. Basing a salary on market value gives insight on how competitive a salary needs to be in a market, especially for in-demand roles with not enough candidates or high turnover.
Technology Makes Recruiting Process More Efficient
AI is here to stay, and machine learning continues to automate formerly tedious processes. Incorporating software that makes your recruiting efforts more effective is a win-win.
ThinkWhy continuously monitors and forecasts labor data at all levels, measuring impact to MSAs, industries, occupations, businesses and salaries across the U.S.