Recruitenomics - Redefining Recruitment Strategy
By Mark Stephens
We are constantly asked by customers, competitors and recruiters to explain what it is that we are doing differently to other fixed price recruiters, ATS and recruitment management solution providers, to generate the consistently outstanding results which have now set the benchmark for the rest of the online recruitment industry.
Our philosophy and OM is best defined as Recruitenomics.
Recruitenomics is defined as the art of establishing recruitment processes that are influenced by research, data, analysis and human behavioural science, which can subsequently influence outcomes at pivotal stages within the recruitment lifecycle.
If we know that a particular set of outcomes are proven to be more likely to occur, based on statistical evidence, and then a subsequent course of action can be taken that would ultimately influence that outcome, then this would comply with a Recruitenomics methodology.
Recruitenomic strategies are not necessarily constant either, as geographic, cultural and seasonal influences will ensure that the data and subsequent behaviours are susceptible to constant influence and change.
Here are a couple of easy to understand examples of very basic Recruitenomics:
Example 1: If we know that job-related searches for a specific job title, made via search engines, result in the majority of prospective candidates clicking through to a specific media channel, then the rational recommendation would be to post a relevant job on that channel, as that would present the highest probability for success.
Example 2: If we see an average increase in candidate applications of 60% by including the salary on offer within a job advert, then this is the statistical evidence that should be put forward to justify why a salary should be included.
These, of course, are very simple Recruitenomics and although these are two very obvious examples, we have deduced that by adopting this approach for each specific recruitment strategy or process, at every pivotal stage in the recruitment lifecycle, we can have a significant impact on eventual outcomes.
Our primary influences in adopting this approach came from many years recruiting within the engineering sectors where we became familiar with a Japanese philosophy called Kaizen. Kaizen has influenced the way that cars are now manufactured everywhere across the world and has subsequently found its way into the manufacturing processes of most other industry sectors.
Its foundations are derived from the Japanese word that means ‘improvement’. The foundations of this theory are to evaluate every stage of the manufacturing process, in order to eliminate waste and establish areas for improvement, no matter how small that improvement might be.
When you think about it rationally, recruitment is a fluid process with multiple stages and pivotal moments, where either the recruiter or the applicant can gain or lose interest. If we become more aware of the statistical evidence that supports following a particular strategy, then we can influence the potential outcomes at each of these key stages.
Our company, Smart Recruit Online, has dedicated significant time over the last 10 years to performing surveys, researching data, evaluating what they mean and deploying tactics to test whether we can influence outcomes. As part of this research, we have established partnerships with several universities, who have assisted us with our analysis, specifically from a human behavioural science perspective.
This has resulted in significant improvements to all key metrics, such as application numbers derived from increased conversions, advert views into actual applications, better retention of passive applicants throughout the process, improvements to time to offer and most importantly with achieving more successful outcomes, particularly from first time advertising response.
We have complimented this methodical approach with significant investment into development, acquisition and partnerships with the very best technology solutions available in the world in order to create the SRO Talent Acquisition Platform and suite of tools.
The by-product of this approach has included; significant improvements to the applicant experience, more recruiter efficiency, better retention of new employees and reductions in cost.
We can now boast the best first-time fill rates from direct applications in the online recruitment industry at 86%, taken from more than 8000 recent campaigns from across all industry sectors and an eventual fill rate of 94% without the need for 3rd party (Agency) involvement.
We have also measured significant reductions in administration time, improved time to offer metrics, offer acceptances and importantly for medium to long term, serious improvements to staff retention, particularly in the first year of employment.
The most important objective to any recruiter should be defined by eventual outcomes and that is what we are dedicated to delivering for our clients.
Find out more about Smart Recruit Online and how our platform can transform your recruitment process by booking a demo with one of our consultants.
About the author
Mark Stephens has over 20 years of business management experience, across Sales, Marketing, Recruitment and Technology environments. Mark is a recent winner of the Chambers of Commerce award for innovation in business. He is a serial entrepreneur and is the founder of several companies including Smart Recruit Online and The HR & Recruitment Resource Library.
Mark has established a reputation for his passion and enthusiasm over twenty years working in the recruitment industry, both client and agency side. For the last seven years he has been researching the recruitment landscape from both a technology and people perspective. His insights into market trends are often used and quoted across the industry’s leading publications.
Mark also delivers keynote talks and training to recruitment teams in both public and private sector organisations, on writing better advertising copy, targeting passive candidates and understanding candidate behaviours online.