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According to Harvard Business Review, top performing organizations are 5 times more likely to use data to make decisions—a big step in the right direction from the way we historically gathered and used data. Data is no longer used as a supplement for decisions, it is used to empower us to make those decisions. It is used to spearhead change and make driving decisions that can affect a company's future. Data has come a long way — what was once seen as just groupings of numbers and percentages in spreadsheets and simple graphs, has now skyrocketed into an intricate and engaging process involving data visualization charts, complex figures, and entire presentations that compile numbers from across your business and analyze them in a way that actually makes sense. We now have the power to use data not just to reflect, but to move forward.
Understanding the data behind campus recruiting is the first step to making educated and impactful improvements to your program. Without understanding how your recruiting program is performing, you have little to no power to change or improve your program.
It goes without saying that a well-defined campus recruiting strategy is more important now than ever before considering that the competition at campus recruiting events has gotten more fierce in the past few years — 67% of employers plan to hire recent college graduates this year (Source: CareerBuilder.) Which means every event counts and every opportunity is important. But how can you know which events will be most impactful? There is a wealth of data the recruiters can—and should—be capturing at campus recruiting events. Maintaining a campus recruiting scorecard and tracking the same metrics across all events allows HR departments to figure out the ROI per event and only attend those that have proven value. Valuable data to track includes—offer to acceptance ratio and significant drivers of change, number of quality candidates/applicants/hires per event, turnover vs retention rates, and cost per candidate vs the cost per hire.
For your recruiting program, you may choose to create segments based on school, city, soft/hard skills number of quality candidates/applicants/hires per event and role/position. Once you have created segments based on the data you’ve pulled together, you will gain a much deeper understanding of your data. Simply put your data needs to answer WHY you are attending the campus recruiting event. Furthermore, the data you collect and analyze needs to power forward thinking decisions and initiatives.
Leveraging data dramatically improves the success of your recruiting program. When implemented correctly, technology allows for cross-functional visibility by bringing your data into one place, thereby increasing efficiency and powering strategic recruiting decisions.