What is it?
Predictive analytics is about using past data, and Machine Learning to tell us what the future might hold.
In recruitment advertising, this revolves around what levels of response might I get for my adverts, and perhaps more importantly how much do I need to spend.
Why is it important?
It enables advertisers to make sure they have enough spend allocated to jobs to hire first time around, rather than failing to attract enough applicants to hire and resorting to other more expensive methods.
Sounds simple? Ish.
How does it work?
The following data and factors need to be considered, and analysed, these include:
1. Job Data
• How many jobs you have
• Type of roles – Job title.
2. Candidate Data
• Competitiveness from other advertisers
• Supply of candidates
• Value put on those applicants – cost of the advertising
3. Company information
• Brand itself – how strong is it, how many organic responses it receives
• The application process – how easy is it to apply and how much impact does the process have on drop-off rates
4. Hiring data
• How many people you need to apply, to get enough interviews to hire from.
What is the output:
All of this data gets rolled up into a single figure, of recommended spend
In real time!
This is ClickIQ’s predictive analytics – the smartest tool for the job.