Database regeneration is critical for every recruitment business that aims to make the optimum utilisation of this asset.
Recruitment agencies invest a chunk of the budget towards sourcing new CVs to populate the database with new CVs. However, every year approximately 20% of the database goes obsolete or degrades naturally.
Internal database regeneration stands crucial for every recruitment agency. Every delay by a day results in decay and degradation of the quality of the internal candidate database. Given this situation, recruitment agencies need a strategy to restore the quality of the internal candidate database on an ongoing basis.
What are the top reasons for database decay or degradation?
- A 360-degree recruitment model has its merits, but when recruiters are focused on full-cycle delivery and revenue figures, database regeneration is not the primary focus
- Lack of support and resources
- The core focus on populating the internal database with new CVs
- Lack of clarity on the results database regeneration yields
- Database regeneration takes a lot of time, investment, and efforts with little output
How does the internal database decay and degrade?
- Candidates move on and join new organisations into different roles
- Change their location
- Change in their contact details such as emails and phone number
- Change in their salary, pay rate, expectations, etc.
So how do internal database decay and degradation impact the recruitment agency?
- The list of updated CVs and active candidates gets shorter every day when the database isn’t regenerated.
- Unless you conduct the database regeneration activity, your recruiters are working on a small pool of candidates. In contrast, your competitors are tapping into the same candidates that are on your database by being in contact or actively focusing on the database regeneration activity.
- Almost every recruitment agency invests thousands of £s every year on sourcing and populating the internal database. When the agencies do not focus on database regeneration, they are making the negative utilisation of this great asset, indirectly impacting the annual budget and bottom-line margins.
- One candidate regenerated to work temp job within the healthcare recruitment sector can generate as much as approx. £10k worth of margin annually. Imagine the margins agencies lose every year for not conducting the database regeneration activity?
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How can recruitment agencies implement database regeneration activity?
- Having an ATS (Applicant Tracking System) is the first step towards maintaining the database. Select ATS relevant to your industry sector. Given the COVID-19 situation, ATS companies such as Firefish software are offering great discounts to start-up recruitment agencies.
- If you already have an ATS, start with reviewing the total number of CVs on the internal database.
- How many candidates have your team contacted or been in touch with in the last six months?
- Basis the number you arrive upon, narrow down the list further down with
- CVs relevant to the core vacancies you work upon round the year
- Your business development strategy: i.e. new vacancies you will generate in the next three to six months
- CVs in line with your regional coverage, salary, pay rate slab.
Once you have narrowed down the list, devising a contact process for that is worked upon religiously. Consistency is imperative for positive output.
Some questions for you to brainstorm.
- What percentage of database do you want to regenerate?
- How much time and money do you have and want to dedicate towards the database regeneration task?
- How will you regenerate the database, will your recruiters focus on the database regeneration task every day for a specific duration?
- Will you partner with an offshore RPO that can focus dedicatedly on the database regeneration process? You have an option to opt for a FREE TRIAL as well.
- Will you partner with a leading voice recruitment platform such as RECII Qualify candidates at scale through conversational Artificial Intelligence (AI)?
- What are your expectations in terms of the output, i.e. the minimum number of candidates regenerated/qualified, number of candidates placed, or revenue generated from the database regeneration activity?
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The output deliverables depend on the following factors.
- Contact system and process
- Age of CVs on the internal database
- Quality of the internal database, i.e. CVs with correct contact information such as email, phone, mobile number, etc.
- Brand awareness and presence of the recruitment agency
- Availability of jobs
- Contacting the regenerated candidates within a quick turn around or a specified timeframe is critical.
DATABASE REGENERATION CONTACT PROCESS
Recruitment agencies can implement a combination of email, text, and phone/voice-based process for regenerating the candidates.
- Send out emails to the candidates with standard templates, including follow-up email templates.
- Unleash the power of text messaging; text messaging is proven to be efficient compared to emails.
- Phone calls: Structured phone calls at regular intervals on weekdays and weekends depending on the sector you work within
- Contacting candidates out of regular business hours has proven to be effective in my experience.
- A voice-based platform like RECII is a very efficient way to regenerate and qualify candidates in a quick turn around without having to invest your own time and resources. Let the entirely human-sounding bot do the job.
Regenerating your internal database should not be a time consuming and a costly affair. As a recruitment agency owner, you can either let it decay or unearth the goldmine to increase fill rate, improve margins and positively impact your bottom line.
Are you looking to regenerate your internal database? Contact us for a Free Trial today!