Today’s recruiters wear many hats. They need to be talent scouts, community developers, life coaches, brand ambassadors, diversity advocates, social media specialists, and marketers all in one. With all these responsibilities, having the right tools and recruitment strategies to do the job as efficiently as possible can mean the difference between landing top talent and having offers rejected time and time again.
Recruitment Strategies: Using Data to get Ahead
As recruiters are feeling the pressure of all their hats weighing on their heads, today’s talent acquisition reality has shifted – further complicating this landscape. Somewhat discouraging statistics have surfaced to show that the best candidates are off the market in a short 10 days, and it takes up to four weeks to get an offer out.
Luckily, there are other statistics that offer valuable insight into steps a recruiter can take to help get leagues ahead of the competition. According to a National Recruitment sentiment study, 52% of job candidates listed competitiveness of compensation as the most compelling reason for turning down an offer. It’s imperative to understand the value of each position within an organization, along with its corresponding pay range – and accurate pay data is invaluable to this process.
Compensation data allows recruiters to think differently about external competitiveness and internal equity of their offers. The more accurate the data, the more accurate the offer – thus streamlining the process and securing the right people, for the right price.
What Compensation Data is Available for a Recruitment Plan
Two common types of data available today include employee-reported (employees submit their own job titles, levels, locations, and compensation) and employer-reported (HR-submitted data). Crowd-sourced survey data can be valuable as a subset of data if you are curious if employees are stating the same thing as their employers, or if you are looking for easy-to-access, widely-accessible data for a quick compensation analysis.
Employer-reported data, on the other hand, boasts the following benefits:
- Distinct base salary and TCC levels
- Jobs organized by family, function, and focus
- Job levels within foci
- Multiple scopes
- Clear effectiveness dates (for aging purposes)
- Normalized view
- Oversight and validation by compensation professionals
Confidence with Compensation Data
Accurate market data can have a significant impact on any recruiter’s success. The right data allows a recruiter to feel confident they are pricing jobs correctly every time, that they understand what’s driving changes to job prices, and ensure an offer can be made quickly, accurately, and with a good chance of being accepted.