6 Talent Data Insights You Can t Live Without

Transcription

1 6 Talent Data Insights You Can t Live Without

2 In a jobs market that is increasingly favoring talent, employers often struggle to fill their most critical, highly-skilled or niche positions. These jobs are vitally important to business success, and competing for those sought after and scarce candidates has created a thriving demand for direct hire agency (headhunter) expertise.

3 Direct hire agency costs are the largest portion of employers recruiting budgets at 28 percent, according to Bersin by Deloitte. The average cost to acquire talent through this marketplace is about $22,000 per job candidate, BountyJobs data shows. The stakes are high; employers can t afford to be spending this much money on critical employees without insights to inform their decisions. More than ever, employers need reliable, objective data when it comes to spending in this arena. We re providing you the six, must-have data points to acquiring high-demand talent through direct hire agencies.

4 Data Point #1 How much your company is spending across the entire organization on agencies 1 The use of direct hire agencies is typically scattered throughout a company, with little to no centralized control or awareness of spend. The first step towards ensuring you re spending effectively begins with having all the data you need at your fingertips.

5 Data Point #2 Performance metrics on agencies 2 How do you know the agency you re working with can deliver the niche candidates you need? Have they done it before? How long did it take? Performance metrics let you engage agencies based on past success rather than whether someone in your company has a good working relationship with an agency.

6 Data Point #3 Comparative data on industry or job specialization verticals 3 Your agencies aren t only working with you - they re also working with your competitors on the same jobs. That means you need data that guides your recruiting strategy to engage the right agencies in order to tap into the right candidates for your jobs at the right fees. Your competition wants that same top talent, so you ll need a competitive edge.

7 Data Point #4 Average fees paid to land candidates 4 Pay too little and you miss out on the candidates you need, or maybe agencies won t even work with you because you re underpaying. Do we even need to say what s wrong with paying too much? With benchmarks that show current trends, you ll be able to push back on hiring managers that insist on a fee when you know it s above market value. Ultimately, you ll have the insights you need to make better talent acquisition decisions that help your organization grow.

8 Data Point #5 Job performance data The bottom line is you re engaging direct hire agencies because you have critical talent needs. Monitoring the progress of job postings and the performance of your agencies and team can create efficiencies and increase hiring velocity. Getting good talent hired faster requires sound data and the ability to analyze and act on it. 5

9 Data Point #6 Any of these data points in real time Sometimes a course correction in mid-search can make all the difference in hiring the right person. Anybody can count invoices at the end of the quarter to understand their spend, but nimble organizations need data on spend and performance in real-time to make mid-search changes. You can go with your gut, or you can make data-driven decisions that improve your processes, results, and even your strategic value to your organization. 6

10 Armed with these data points, your recruiting team becomes a more powerful asset to your company. Hiring better candidates faster is just the start. Recruiting teams that know their own benchmarks and have a command of the jobs market (especially around scarce talent) are positioned to become strategic advisors to business units and leadership obsessed with talent acquisition planning.

11 Few organizations know these six data points. Most fail to capture even one. Putting them all together is a powerful proposition. You need to monitor these critical metrics day-in and day-out to land key talent. But greater success hinges on your ability to make data-driven decisions, gain better control of the entire direct hire agency process, and deliver results that elevate your talent acquisition game and move your business forward.

12 BountyJobs is a direct hire agency recruiting marketplace that simplifies the entire process between companies and direct hire agencies, helping companies hire better candidates, faster. BountyJobs uses the only data-driven VMS that gives HR teams complete control and clarity over their agency process. Through one contract, one portal, and unrivaled benchmarking data, BountyJobs partners with companies to help them simplify, analyze, and then deliver unmatched velocity and results in landing candidates from direct hire agencies. BountyJobs is based in New York and can be found online at bountyjobs.com.