4 Market Insights You Can Use to Develop an Effective Recruiting Strategy

MAY 25, 2022 6 min read

In any business, making data-driven decisions allows businesses to generate real-time insights and predictions to optimize their performance. Recruiting is no different. Recruiters can utilize data to test the success of different strategies to make informed hiring decisions. With data-driven market insights, recruiters can leverage this information to find the right candidate at the right place and at the right time.

Why It’s Important to Make Data-Driven Hiring Decisions

In today’s candidate-driven market, recruiters are faced with numerous job requisitions to fill with limited available talent. To avoid being left behind and spending time using ineffective recruiting strategies, recruiters should think of an alternative to find the right talent to fill these job requisitions more efficiently using data. 

EZ Insights helps recruiters develop strategic workforce plans and make informed decisions with industry-wide and competitor-specific benchmarking data and talent insights. Here are the four market insights recruiters can use to establish an effective outbound recruiting strategy

#1 Company Insights

Whether you are looking for new talent or simply just want to know where you stand in the market, discover company insights to make informed decisions to build a strategic plan to grow your business or hire talent.

How to use Company Insights to develop an outbound recruiting strategy

  • Find out how your company compares with other competitors and the industry in terms of funding rounds, employee growth, and more with metrics and data to develop talent management plans to support your growth.

#2 Talent Move Insights

Let’s use the role of a software engineer as an example.

Leveraging talent move insights allows you to target the right talent at the right time and at the right place. In a candidate-driven market, recruiters can look at talent insights to learn how talent moves from company to company to develop a strategic plan and engage with passive talent. Talent Move Insights includes information such as talent job movement rate, past companies, locations, average market value, etc.

How to use Talent Move Insights to develop an outbound recruiting strategy?

  • Learn talent inflow and outflow to pinpoint the best timing to contact, engage and nurture passive candidates.
  • Gain first-hand information on candidates’ average market value to pitch candidates with a more attractive compensation package.

#3 Competitive Analytics

Knowing where you stand in the market helps recruiters better prepare for an outbound recruiting approach.

Whether you’re a recruiter in a larger scale company or an executive who wears many hats, using Competitive Analytics to determine how you and your competitors are doing in the market can help you strategize your outbound recruiting approach.

How to use Competitive Analytics to develop an outbound recruiting strategy

  • You may assess and identify your recruiting strengths and weaknesses by considering competitive analytics including hiring trends.
  • Discover your strengths as a company and leverage them as counterpoints to your competitor’s weaknesses to attract passive talent.

#4 Diversity Insights

Your commitment to diversity speaks volumes about your business. Studies have shown that companies with a diverse management team report a 19% increase in revenue. Use diversity insights to see how you compare with other competitors to identify the potential weaknesses in your diversity hiring strategy.

How to use Diversity Insights to develop an outbound recruiting strategy

  • Look at diversity breakdowns from various companies and identify potential weak points to make informed decisions for your team and strengthen overall diversity initiatives.

Develop an Effective Recruiting Strategy With Data and Metrics

With EZ Insights’ built-in solutions, recruiters can effectively prepare themselves for any market with outbound recruiting strategies. Armed with this information, you can strengthen your recruiting strategy to hire the best talent to build the best team. 

Learn more about EZ Insights and find out how you can develop an effective outbound recruiting strategy with these market insights.

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