Ninety percent of CEOs say it’s important for HR leaders to be proficient in workforce analytics, but with companies using multiple candidate sources, it can be very time consuming to aggregate the data and often impossible to extract consistent, accurate insights. CareerBuilder and Broadbean are tackling one of HR’s biggest challenges by launching Big Data Analytics Suite (BDAS), the first and only software solution that seamlessly gathers disparate recruitment data from all internal and external sources a company uses and merges it into a single, actionable narrative.
“We specialize in conversational analytics to make the complex and diverse data surrounding the big issues in talent acquisition easy to discuss with company leaders and other stakeholders,” said Dominic Barton, COO of Broadbean. “We visualize the key components of your data with bespoke designs that help you tell the full story about what’s happening in your recruitment process – from the cost and performance of different sources of hire to specific recruiter activities within your organization. We provide meaningful insights to change behaviours, justify spend and help you build more effective recruitment strategies – and we do it in a matter of seconds.”
BDAS provides an end-to-end solution for the entire recruitment chain, and is designed around conversations held every day between recruiters and hiring managers to make sure every recruiting dollar is spent effectively. BDAS’s dashboards allow users to view the entirety of their recruitment program from one screen or to view individual vacant and filled jobs, groups of jobs, candidate diversity, market data and the performance of hiring managers and recruiters. Users can create data-driven recruitment strategies by comparing the performance of candidate sources and how much is spent on each one to acquire candidates and hires.
Because companies rely on multiple candidate sources in conjunction with an applicant tracking or HR information system to gain insights and make decisions, too much of a recruiter’s day is spent on administrative tasks instead of building relationships with candidates. BDAS makes recruiting teams significantly more productive: While 22 percent of HR managers say it takes at least half a work day to pull their recruitment data, with BDAS, it takes seconds to combine real-time data inputs from each and every source of information relevant to the pre-hire process.
“Even though many solutions provide basic analytics tools, those solutions don’t really ‘speak’ to each other – so when all of this intricate data is cobbled together, it paints a picture that is blurry at best,” said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. “With BDAS, we provide a holistic view of the client’s recruitment operation, revealing what’s working well and where there are problems. Time and time again, we saw our customers struggling to extract actionable insights, so we worked hand-in-hand with them to find a solution that would illuminate data that’s already there and maximize the investment they’ve already made. No one else in the industry is doing what the engineers at Broadbean and CareerBuilder have brought to market.”
Big Problems BDAS Solves
Two-thirds of employers who use big data in recruitment say it lowered their cost-per-hire and time-to-hire. BDAS is designed to solve five key problems for recruiters with sophisticated but easy-to-use software that lets recruiters make the most of their data and identify which components of their recruitment strategy are producing the best ROI:
No. 1 Lack of trust or understanding of data
Problem: Half of hiring managers never use big data to devise recruitment strategies, and more than half of HR managers (56 percent) rate their proficiency in workforce analytics as fair or poor. Why? Recruiters are often sitting on an overwhelming amount of data, but either do not trust it or cannot effectively turn it into analytics that drive better workforce decisions. The sheer volume, complexity and diversity of the data can cause recruiters and talent acquisition leaders to struggle to discover and tell the story in the data.
Solution: Comprehensive data visualization – BDAS protects the richness of the data, but visualizes it in a way that’s easy for anyone to tell their story. Using pre-set rules agreed upon with the client, BDAS audits data in advance, exposing inaccuracies and ensuring consistency and reliability. All of the client’s recruitment information is then packaged in simple, but powerful graphics.
No. 2 Data that is scattered across multiple systems and vendors
Problem: Bringing data from disparate systems and vendors together is tedious and makes it difficult to extract meaningful insights.
Solution: Many data sources, one complete report – In seconds, BDAS creates a report that combines data from a wide range of sources, including career sites, multi-posting systems, applicant tracking systems, HR information systems and third-party market data, resulting in an accurate, detailed picture of the whole recruitment operation.
No. 3 Difficulty managing hiring manager expectations
Problem: Recruiters often do not know where to look to explain the past performance of a job (how hard it may be to fill) to a hiring manager, making it tough to manage expectations upfront.
Solution: Simplified, historical insights – Backed by data and easy-to-comprehend reports, recruiters can more easily set expectations for hiring managers, make the case for alternative recruitment tactics, and budget appropriately.
No. 4 Inability to identify the ROI of current recruitment advertising sources
Problem: Recruiting teams often play a guessing game when it comes to which advertising sources are working well and which ones are not – ultimately wasting precious budget.
Solution: Analysis of each individual source – BDAS can analyze precise performance results of each advertising source based on numerous factors, including job location, job title, time-to-hire and cost-per-hire.
No. 5 Inability to evaluate individual recruiters
Problem: It is difficult to know how individual recruiters in an organization are performing because there is not a convenient, efficient way to measure progress.
Solution: Snapshot of individual recruiter activity and performance – BDAS measures individual recruiters by key performance metrics, giving HR managers the insights needed to coach a full team.
The launch furthers CareerBuilder’s commitment to make recruiting as effective and efficient as possible through software. In June, the company officially launched CareerBuilder, an HR software solution that simplifies the entire recruitment process from acquire to hire, with job distribution, sourcing, workflow, CRM, data and analytics in one platform. BDAS is being integrated into this platform or can be purchased as a stand-alone solution.
Here’s the COMPLETE set of Accredited Recruitment & HR courses