How to reduce the cost of candidate search using GlobalDatabase [Sponsored Content]
Skills shortages and economic uncertainty have made the recruiter’s job harder in recent times, adding to the problems caused by employers connecting with candidates directly online. New figures from the Recruitment & Employment Confederation suggest that the market for full-time jobs is shrinking, but despite this, recruiters still need to find candidates capable of filling the roles that are available.
More importantly still, recruiters need to find a way of sifting through the workforce to identify the brightest talent if they are to meet their customers’ expectations. Industry trends suggest that recruiters are offering more temporary roles until the economy stabilises, but they still expect recruiters to source workers of a high calibre regardless.
Small margins demand greater efficiency
Many employers incur significant costs when recruiting new employees – some estimates suggest up to £30,614 per person. Of this fee, £5433 goes towards ‘logistical costs’, such as providing temporary cover, time spent interviewing candidates and actually advertising the role. It is little surprise then that employers will do whatever they can to reduce their recruitment costs.
Despite this huge headline figure however, recruitment agency fees make up just over 5% of the total cost – an average of £454. In the grand scheme of things, this leaves recruiters with very small profit margins of their own once costs are taken into account. They too need to reduce the cost of recruitment to protect margins.
Data is the key
The agency database is a key asset, storing details of candidates past and present ready for mining as new positions becomes available. But like any static data store, the details quickly go stale – people change jobs, phone numbers, addresses – all without telling their agency. Which means that many perfectly viable candidates cannot be put forward to the customer because they cannot be contacted.
Alternatively, recruiters can trawl job websites, searching the profiles of registered users in the hope of finding someone suitable. Sometimes a match will be found, other times the same list of usual suspects will be returned – candidates who have been pitched (and failed) before, along with thousands of completely inappropriate alternatives.
The use of public databases also presents a major problem – they typically only return the details of individuals currently seeking employment. Which means that the strongest candidates – those currently in employment – are invisible.
The Global Database difference
Choosing a third party data set from Global Database offers an alternative. A subscription to their platform offers access to up to 6.8 million individuals in more than 195 countries across the world for instance.
Even more helpfully, the data can be filtered according to ‘Job Title’, allowing recruiters to quickly sort through and identify potential candidates in minutes. And because Global Database only records data for people currently employed, recruiters using the system can immediately identify potential candidates who are not listed on any of the usual platforms. This provides an edge over competitors and identifies the very best candidates – those who are already working in the same position.
To prevent data going stale, Global Database provides daily refreshes too, keeping records as accurate as possible. Recruiters can even export records of interest at no extra charge, building new content lists, providing a point of reference as they clean their own databases, or for growing a mailing list.
Adding Global Database to their current list of candidate sourcing channels makes it easier, and therefore cheaper, for recruiters to identify prospects for their clients. And the easier the sourcing process is, the more protected their profit margins are.
To learn more about Global Database, or to obtain a free sample of data to test, please email your requirements at [email protected] or call +44 203 640 6006.
