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How recognising the value in your database gives you a competitive advantage

Job-Search-Employment

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Has it ever occurred to you that you may be sitting on a goldmine?

A lot of recruitment companies and talent acquisition teams fail to recognize the potential value in their database. They spend most of their effort looking for candidates that have never heard of them yet. While this is important, it may not be the most efficient and competitive way to win the best candidates fast.

Why should you look further when there’s a chance that you’re already sitting on a mountain of qualified passive candidates in your database from which you can extract value?

These are your lowest hanging fruit. Having candidates in your database in and of itself brings little value. However, there is value in being able to maintain and build the relationship you have with them, as well as being able to identify the right timing to engage with them. However, this isn’t widely known yet, so this is where you can create a competitive advantage with a large ROI!

How does recognizing the value in your database help you increase the conversion rate? This could be done through…

Creating campaigns to get candidates on the move

Maybe the top candidates in your database are not actively looking for a job. What if there is a way you could mobilize these passive candidates? With the help of relevant content or campaigns (via email, but also display, Facebook, LinkedIn and Google ads), you can trigger passive quality candidates that are in your database already to ‘get on the move’.

You can also track which of these candidates are showing high engagement to your website and reacting to your marketing campaigns.

Understanding which candidates in your database are on the move

By tracking candidates’ behaviour, you are able to bring out the most value from them. Wouldn’t it be nice to know when they are on the lookout, being able to see what vacancies they are searching for or types of jobs they are interested in?

Advanced analytics allows you to do this. By knowing which candidates are on the move, you can keep building and maintaining your relationship with them and ultimately, will be able to identify the right timing to reach out and extract value from them.

Getting notified when a quality candidate in your database is looking for a job

When a candidate is visiting your website more frequently than usual or is interacting with your online campaigns otherwise, the lead score of this person should be updated. When the lead score is more than X, an automated task could be created to notify your team to start taking action and reach out to these candidates first. This allows you to understand which people in their database they should engage with today, so you won’t have to spend time on candidates that are not bringing you value. Having the ability to notify these recruiters to act on these top candidates quickly will give you an advantage in today’s competitive market.

Below we have a demonstration of how OnRecruit’s Candidate Enrichment dashboard works:

Conclusion:

By getting value out of the candidates that are already in your database, you can achieve higher fill rates and decrease time to placement or hire. By being able to simply recognize the potential value in your database, you are already one step ahead of your competitors!

So are you looking at your database in a completely different light now?

To learn more about how you can get more value out of your own database, contact us here!

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