{"id":76660,"date":"2023-04-04T09:00:24","date_gmt":"2023-04-04T08:00:24","guid":{"rendered":"https:\/\/www.bullhorn.com\/uk\/?post_type=customer_blog&p=76660"},"modified":"2023-04-03T22:31:09","modified_gmt":"2023-04-03T21:31:09","slug":"using-data-and-analytics-to-overcome-economic-uncertainty-in-recruitment","status":"publish","type":"customer_blog","link":"https:\/\/www.bullhorn.com\/uk\/customer-blog\/using-data-and-analytics-to-overcome-economic-uncertainty-in-recruitment\/","title":{"rendered":"Using data and analytics to overcome economic uncertainty in recruitment"},"content":{"rendered":"

If there\u2019s anything we\u2019ve learned over the past three years, it\u2019s that the only constant is change. The world has changed dramatically, and the recruitment industry is no exception. The global pandemic and the talent shortage have accelerated digital adoption in recruitment, but looming economic uncertainty has created new challenges.<\/span><\/p>\n

As a result of the recent economic shifts, our clients are experiencing a dip in job orders. This decline and the continuing talent shortage are carving a challenging landscape for the recruitment industry.<\/span><\/p>\n

To break down how data and analytics can help your recruitment withstand anything, Bullhorn\u2019s Wilson Reed, Product Marketing Manager, Analytics, and Joe McGuire, Director, Sales & Strategy, led us on a deep dive into <\/span>Bullhorn Analytics<\/span><\/a>.\u00a0<\/span><\/p>\n

Read on or <\/span>watch the webinar<\/span><\/a> to learn the obstacles of the current market, the stages of building a data-driven culture, and the difference between traditional KPIs and actionable insights.<\/span><\/p>\n

The race for clients: a deep dive into the market<\/h2>\n

As the world changes, so too are the priorities of recruitment professionals. <\/span>Bullhorn surveyed 2,000 global recruitment pros about their challenges and goals for 2023<\/span><\/a>, and one thing is clear: <\/span>it\u2019s no longer all about talent. <\/b>In last year\u2019s Global Recruitment Insights and Data (GRID) survey, candidates were top of mind for recruitment professionals. This year, the top three priorities for respondents were:<\/span><\/p>\n

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  1. Winning new clients<\/span><\/li>\n
  2. Digital transformation<\/span><\/li>\n
  3. Candidate acquisition<\/span><\/li>\n<\/ol>\n

    The top challenge for winning new business is increased competition. The race for clients is on, and agencies must differentiate themselves to outrun the competition.\u00a0<\/span><\/p>\n

    But with these challenges comes opportunity. Just as economic conditions are cyclical, so is the job market. Though we\u2019re just past an economic peak, there is still a massive opportunity in front of agencies to increase ROI and invest in the right places to reach success.<\/span><\/p>\n

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    Companies that leverage technology, utilise their data, and continually improve their processes will consistently outperform the market, whether times are good or bad.<\/span><\/p>\n

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    In times like these, where agencies need to become more flexible and efficient, that analytics make all the difference. According to <\/span>data presented at this year\u2019s SIA Executive Forum<\/span><\/a>, agencies are quickly adopting analytics and benchmarking tools to better leverage their data and drive decision-making. If you\u2019re in a challenging market and not using data to differentiate your agency, you risk falling behind.<\/span><\/p>\n

    Guiding decisions with data, from hindsight to foresight<\/h2>\n

    Digital transformation is a journey. Given the results of our GRID report, it\u2019s one that agencies across the industry are increasingly embarking upon. At every part of the digital transformation journey,<\/span> agencies can leverage analytics to be more effective and gain a competitive advantage.<\/span><\/p>\n

    Most of the industry already uses data to drive decisions, but many in only a limited capacity. Most agencies rely on semi-manual, retrospective data, generated and distributed by a small group. This hindsight-based method of analytics isn\u2019t scalable. It\u2019s time-consuming to generate and distribute these reports (especially given that they often live on spreadsheets!). Learning from the past is important, but these insights can only take you so far.<\/span><\/p>\n

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    Automating reports lands agencies into the oversight stage, where agencies work from the same reports but have an easier time accessing them. Additionally, these reports are largely built for management \u2013 which is important for strategic decisions but leaves most of the company in the dark. Front-end employees, like sales, operations, and recruiters, need access to granular data to guide their day-to-day decisions and affect real change.<\/span><\/p>\n

    Bullhorn Analytics<\/span><\/a> take companies past this stage \u2013 where most companies think their analytics tools are \u201cgood enough\u201d and into the foresight stage. The foresight stage is all about data, high ATS\/CRM adoption, and real-time actionable insights that are available at the desk level.\u00a0<\/span><\/p>\n

    Customers looking to the future and using Bullhorn Analytics are already seeing the results:<\/span><\/b><\/p>\n