How the recruitment industry uses intelligent data to drive revenue

B2B recruitment is a crowded industry, clients are rarely loyal to one agency and the rewards for success are substantial. For these reasons, recruitment agencies are always looking to gain an edge on their competitors. The latest weapon in their arsenal is data.

Data can help agencies improve everything they do. It can solve a lot of the inherent problems in the industry. Of course, the higher the quality of the data, the better the results will be.

Intelligent data is:

  • As accurate as possible

  • Updated in real-time

  • Continuously improving thanks to Revenue AI (Applied Intelligence)

Here are 3 ways intelligent data can help boost revenue generation in the recruitment industry.

1 – Winning clients

Recruitment agencies need a stream of new clients if they are to grow their business. However, not all companies require their services all the time. They may only want to make hires if people leave, or if they are expanding.

How can a recruitment agency know when a company wants to hire? In an industry where timing is everything, how can you be the first agency to call the hiring manager?

Enter intelligent data. Because it is updated in real time, matching millions of individual and company profiles across billions of data points, intelligent data can tell you when it’s time to make that call. It’s lead generation gold.

When you use data to track companies in the niche you operate in, you can see when individual members of staff leave or change jobs. You can also make yourself aware of events that show that a company is ready to hire, such as:

  • Acquiring other businesses

  • Opening up an office in a new territory

  • Launching a new product

Intelligent data gives you the edge over your competition, the chance to be the first to take advantage of a new opportunity.

2 – Finding better candidates

To be successful, recruitment agencies need to establish a track record of finding high-performing hires for their clients. To do this, you need to send them the right candidates for interview. If your agency has a large pool of talent on the books, how do you pick the 3-5 candidates that a company will want to see?

It used to be done on a mixture of studying CVs and gut reaction, but now you can take a more data-driven approach.

It’s not just the CV anymore. Thanks to information candidates freely display on social media; we can see their experience, interests, skills and more. Plus, their achievements may be documented in publications and news stories. Intelligent data can help you break down all of this information to create a persona of the ideal candidate for your client’s role. The candidate you send will be more likely to be what they are looking for.

Intelligent data also allows you to target ‘passive candidates’, people who have the right skills for the job in question, but are not on your books and are not looking for a new job. You can build a pipeline of profiles of people who would be ideal for the position. Then, easily contact them to ‘sell’ them the job.

All of this means you can service your clients more effectively.

3 – Driving efficiency

Intelligent data makes running a recruitment agency easier and more efficient. It eliminates many of the problems traditionally associated with the industry.

When you take a data-driven approach, your consultants will spend less time chasing clients who are not looking for people. You will not waste your client’s time by sending unsuitable candidates for interview, who don’t get the job anyway.

Intelligent data leads to satisfied clients, happy candidates placed in jobs where they will thrive, plus, more revenue for you. What’s not to like?

To find out how Cognism can bring intelligent data to your recruitment agency, be sure to register for a demo. Or call us on +44 203 858 0822.