What is growth analytics?
Every decision you make is made stronger with data.
Putting analytics behind what you’re doing means you have a clearer understanding of how you’re performing and can then make better decisions toward improving that.
From startups to global enterprises, every agency is looking to grow, as standing still often means sliding backward in the recruitment industry.
Growth does, however, mean different things to different agencies. You might be looking to increase your revenue, accelerate onboarding, reduce churn, win new business, build a contract book or add heads to your business.
Whatever growth looks like to your agency, analytics is a way to identify with accuracy what, where and how you need to evolve to achieve your objectives. From forecasting, allocating L&D spend, and choosing the clients you work with to how you prioritize your consultants, teams, and company activity.
Every recruitment agency with an ATS/CRM has the opportunity to leverage the overwhelming advantages of growth analytics. Click here to find out how.
Identify the avenues for growth
You can’t manage what you don’t measure, and agencies have a long-standing habit of using headcount and the performance of their consultants as the sole barometer for profitable growth.
What if you could increase your profit without adding to your headcount, or if your consultants are overdelivering but still not placing?
What happens when your revenue is climbing, your consultants are billing, but the metrics underneath show you could be delivering substantially more? Growth analytics finds the answers to the questions that you ask of your business, but you have to start asking the right questions.
Imagine that there are four pillars to recruitment: your consultants, candidates, clients, and the jobs you work. To optimize your growth, you need to be analyzing each of these key areas, identifying the reasons behind the figures, and actioning change across them.
Quality in, quality out
Recruitment agencies already understand the advantages that data can play, but as an industry, they will still rely on gut feel to drive their business decisions.
Data collection and reporting offer little value to growth if they’re not measuring the right data or accompanied by the insights to action positive change. Agencies collect vast amounts of information that sit under-utilized in their CRMs. In recruitment, something breaks down trying to join the dots between the consultant’s activity, the information logged in their CRM, the insights that are drawn from it, and how that’s actioned.
Platforms like Bullhorn Analytics are there to bridge those gaps by sitting seamlessly within your ATS/CRM and improving the information going in and the quality coming out.
Any approach to growth analytics needs to be accompanied by measures to address data quality and concerns over how recruiters engage with their ATS/CRM. Your ATS/CRM has the opportunity to become your most powerful tool for growth. Everything you collect needs to be returning value in a way that your consultants, your management, and your leadership can actually use to optimize the way they work.
Analytics needs to be visible, interpretable, and available for agencies as and when they’re making decisions.
Growth with confidence
It’s a business reality that recruitment agencies are locked in an ongoing battle to qualify their worth against the rise of in-house teams and other agencies. Your service is only as valuable as the service they can’t match themselves. It’s why you have to future-proof your ability to recruit by finding ways to improve continuously.
Recruitment needs to be smarter and quicker and deliver more to challenge or maintain your position in a competitive landscape. Growth analytics is a way of answering the questions you have about your business and supporting the decisions you make to then grow with confidence.
You might want to know exactly why a consultant’s placements are down, why one team is outperforming another, where L&D would deliver the most value, the information to support strategy at the board level, or to see which clients are really making you money. Growth analytics means you view your business on a deeper level. It’s a way of exploring your activity, understanding its reality, and seeing the direction to lead it positively.
Whether you’re a startup or an enterprise business, analytics will play an instrumental role in your ongoing growth and control over your business. It allows you virtual leadership across multiple offices and countries, with the ability to drill down into the granular details of how each individual is performing.
Analytics for everyday recruitment
As an industry, recruitment has fallen behind in a world that’s increasingly being shaped by data you can actually use.
Just think: before you reach the office, it’s highly likely that you’ve already engaged in various forms of everyday analytics to inform your decisions, from mapping your morning commute to the suggested connections you encounter on LinkedIn, to your mood, your diet, and the way you sleep. Almost everything has data peddling effortlessly behind the scenes, even how your team performs on match day.
Growth analytics platforms like Bullhorn Analytics put science behind gut feel to make every decision stronger with data to support it.
Ready for highly scalable growth? Request a live demo of Bullhorn Analytics today.