Is data decay wrecking the ROI on your recruitment marketing efforts?
by SwoopTalent, on February 15, 2018
When recruiting talent for a large company, it can be frustrating to discover that candidate data are no longer accurate. If you call up a potential candidate and discover that they've advanced in a competing company, moved to a new location, or made major changes to their skills, you drastically reduce your chances of recruitment success.
These mistakes in the recruitment management system (RMS) or applicant tracking system (ATS) cause frustration and reduce results. They are part of a phenomenon known as data decay: the fact that any sign-ups, started applications, or recruited candidates may have important life changes in the months and years after you receive their data.
Data decay occurs quite quickly. In fact, as the Bureau of Labor Statistics shows, the average tenure at a single job in the US has been decreasing and hovers between 4 and 4.5 years at this point. If that holds true for your recruitment pool, at least 20% of them will be in a new job by the time a year elapses, especially if your marketing captured their data because they were currently on the hunt for a job.
Other data can change over time as well: everything from contact information to their corporate email format can change, resulting in wasted effort reaching out in ways that undermine the purpose and efficacy of recruitment.
While your recruitment team obviously needs ways to modify files as they interact one-on-one with potential candidates, that's a short-sighted way to make changes, and with some aspects of candidate data decaying at an average of 12% per month, there is no way to keep up and still get your ROI for marketing efforts. Since some of the errors and oversights are incredibly small, it is frustrating to waste human hours spent trying to close the wrong person.
The message behind the discovery of bad recruitment data is twofold: one is that the cycle for updating information is quicker than almost anyone realizes. The other is that marketing for recruitment costs money, so it is valuable to clean up the data rather than letting out-of-date information continue to decay, becoming less and less useful for talent acquisition.
Keeping talent profiles fresh involves using powerful algorithms that connect the data sets you provide with widely available information. This ensures that you not only have the information you need to work across your company's departments to hire excellent talent but also can use that data with confidence and without having to constantly market just to get any candidates at all. Far better is to use the interested or approachable potential candidates you've already invested money in gathering, and using marketing when you are ready to enter new recruitment areas or when your company needs a new level of talent growth.
SwoopTalent offers powerful software which helps you handle and prevent data decay in your system. This software interfaces with your ATS and RMS in order to make sure that all your potential candidate data is accurate and up-to-date, increasing the value of your data and making it accessible for business uses. By integrating across internal and external recruitment initiatives, Swooptalent ensures that you don't have to duplicate your work to get the candidates you want.
If you are just launching a new ATS and RMS, it is valuable to start a major recruiting campaign with the cleanest, most up-to-date data possible. Using SwoopTalent, you maximize the return on every talent candidate you get into your data pool, and when you call to discuss a potential position with someone, you know that their information has been recently updated using the latest machine learning strategies to verify records.