The financial performance of an organization consistently correlates with how effectively it makes and executes decisions. According to Bain & Company research, the average return to shareholders by companies that excel at decision-making is more than four times higher than that of their peers.
In the world of staffing, a key differentiator that sets an organization apart and allows them to capture maximum value is the ability to execute the right decisions at the right time. As companies face massive economic disruption, decision-making is even more important. Senior staffing leaders are adopting change and giving up typical processes in favor of innovative approaches. While good decision making is complex, there are three approaches that can help senior leadership at staffing organizations to make better decisions:
- Understand the strengths and weaknesses of your staffing workflow
- Quickly tap into the right internal and external resources to fill the gaps
- Make decisions at the right level
And the one area that all staffing organizations can leverage for better decision-making is their Staffing Technology Stack.
As staffing leaders expand their technology stack to empower their sales and recruiting teams, it is becoming more and more important for them to have a 360-degree view into the functioning and impact of the various tools their sales and recruiting organization is using. Once they have that 360-degree visibility, they can confidently leverage the insights for improved decision making.
What’s in the Average Enterprise Tech Stack?
Today, an enterprise-level staffing organization’s technology stack typically includes tools that cover the following categories:
System of Record: (ATS/CRM systems, VMS systems, Reporting and BI tools, Software integrators)
Candidate Discovery Tools: (Job boards, Job aggregators, Job posting optimizer, Resume search match parsing tools, Sourcing automation, Social media platforms, Candidate referral tools)
Candidate Engagement and Client Engagement Tools: (VOIP or Calling tools, Texting tools, Chatbots, Email or Mass mailing technologies)
Candidate Assessment Tools: (Skills testing tools, Psychometric testing tools, Video interviewing platforms)
Candidate Verification Tools:(Background checks, Background verification, Onboarding tools)
Client Discovery Tools: (Lead generation tools, Sales prospecting tools)
With so many tools and technologies in play, it is becoming more and more important to not just track data, but understand the key insights the data can provide and leverage those for meaningful and high-impact decision-making.
The Four Pillars of Superior Tech Stack Decision Making
Given the wide range of technologies that support the different steps of the staffing life-cycle, insight gathering can often become a complex and challenging process. One useful solution is to break up the analysis into specific pillars and then connect it all for a 360-degree vision. There are four correlated areas that leaders need to focus on with regards to getting invaluable insights from the functioning and impact of their technology stack. Those four pillars are:
Tech Stack Utilization:
How well are the organization and its users leveraging and utilizing the various subscribed technologies that are part of their tech stack?
Data Capture :
How well is the organization capturing all the data that is generated by the various tools and technologies?
What type of impact are the various tools making on the organizations staffing workflow – their internal submissions, client submissions, and interviews?
Placement (Revenue) Impact:
What type of impact are the various tools making on the organization’s placements or revenue stream?
Once senior leaders at staffing companies have a clear understanding of these four pillars of their technology stack, they will be able to co-relate and clearly understand the strengths and weaknesses of their staffing workflow, quickly tap into the right internal and external resources, and leverage change at the right levels. These approaches will help them make and execute better decisions – not just once or twice, but every time.