Why Wave Invested in Data-Driven Recruitment Analytics

by in Analytics, Industry and Markets

Big data is revolutionising the recruitment industry, and much of it is being collated and used to find and hire the best possible talent. Companies are now investing in technologies that enable them to analyse a mass amount of online applications according to the skills, experience, and requirements stated in job descriptions. However, as Wave have found out, organising big data is not just beneficial for the CV analysing process. With the new “WaveTrackR Recommendations” generator, you can find out which platforms are worth advertising your jobs on. By using the power of data and statistics, the new and improved system can provide you with information about which platform (whether a standardised job board or social media page) is most likely to generate the most applications, and in return, the most hires!

Job Boards and Data-Driven Recruitment

Job boards are now an important part of the recruitment process. Ever since the new digital age emerged in the 21st century, candidates have been opting to use the internet for pretty much everything, and for the last several years, this has included using online job boards to find their desired career role. Sites such as Monster and LinkedIn enable companies to advertise multiple jobs at once, and as a result, these jobs can be seen by thousands of potential applicants every day. Job advertising in newspapers is now somewhat a thing of the past, but there is just one main problem with this service moving online: with thousands of job boards to choose from, how do you decide? Choosing the right websites to post on are crucial to making sure you “get the best for your buck”, and Wave have tapped into this.

WaveTrackR graph with stats on average of applications per job posted

Big Data Optimises the Recruitment Process

Before the idea of big data in recruitment became “fashionable”, businesses, whether big or small, would have to do a lot of homework to work out which job boards they should pay to post on. The three key factors that they would have had to consider when making their decisions were:

  1. Who am I trying to hire?
  2. What type of site would be the best place to find this candidate?
  3. Does this site get a lot of traffic?

In 2015, Glassdoor even posted a blog on ‘5 Steps to Selecting the Right Job Board Website’, which was centred on the high level of research that employers, at the time, should be carrying out. This may have been the way forward a few years ago, but it was clearly not effective, as a survey they carried out showed that 68% of employers were dissatisfied with the job boards they were using to post jobs on. With WaveTrackR Recommendations, employer dissatisfaction can easily be reduced. There is no need to actively search and evaluate job platforms, as the big data analytics system does the job for you.

WaveTrackR graph with stats about trends of applications

Insight into how Wave uses Big Data for Recruitment Analytics

Rather than relying on the job boards themselves to tell you that their site is the best, companies can take advantage of the data-driven recruitment analytics from the Recommendations generator; it tells you which board is the most beneficial. How does it work?

Once you join WaveTrackR and frequently use the system to post jobs, the ‘Recommendations Generator’ will show you where you will most likely get the most applications. The recommendations will come from your own data and it’s based on the sector, location and salary information. The system helps you make sure you are posting your job to the platforms where you will attract the right candidates.

Save Money and Time with Big Data Technologies in Recruitment

With fierce competition on job boards, it is impeccable that companies are very mindful of where they decide to post their jobs. Choosing the right job boards can increase the amount of views that your advertisement receives, while being specific in your choices – only posting on the ones that perform the best – will help you to get the best ROI. With WaveTrackR Recommendations both of these outcomes are possible.