There is a new level of HR and Recruitment analytics quickly becoming the norm.
I'm dubbing it "Dual-Stream Data".
And the C-suite are loving it.
This approach involves the simultaneous analysis and display of two distinct yet interconnected data streams:
Internal Company-Specific Data.
External Comparable Data: This encompasses market trends, industry benchmarks, competitor analysis, and broader economic indicators that provide a context for how a company is performing in the wider marketplace.
Why use Dual Stream Data? Here are the key benefits:
✅ Holistic Viewpoint: Combining these two data streams offers a 360-degree perspective. It's like viewing the world with both eyes open; you get depth, context, and clarity.
✅ Strategic Decision-Making: By correlating internal performance with external benchmarks, companies can make more informed strategic decisions. It's no longer about flying blind but navigating with a comprehensive map.
✅ Competitive Edge: Understanding where you stand in relation to your competitors and the market at large helps in identifying unique opportunities and threats, giving you a competitive advantage.
✅ Trend Analysis & Forecasting: External data helps in spotting industry trends, while internal data can forecast future performance. Together, they provide a potent tool for predictive analysis.
✅ Customised Solutions: When you understand the broader market and your own company's specifics, you can tailor your strategies and processes more effectively.
📊 Real-World Application: Imagine a retail company meticulously tracking its candidate experience (CX) data (internal) while simultaneously analysing other CX data from the retail sector or even other sectors (external). This dual analysis doesn't just reveal opportunities for improvement and growth; it opens a window to a world of insights that remain hidden in the shadows of isolated data. By juxtaposing your data with the broader sector trends, you can pinpoint exactly where your strengths lie and where you need to innovate. This approach doesn't just nudge you ahead—it can catapult your company to the forefront of the recruitment game, making you a magnet for top talent.
🔗 Integration is Key: To harness these groundbreaking benefits, seamless integration and sophisticated data analytics tools are essential. Our goal transcends mere data collection; it's about creating a dynamic ecosystem where these two streams not only coexist but engage in a meaningful dialogue, transforming raw data into actionable insights that can redefine your recruitment strategy.
💬 The Reality: And here's the most exciting part—the future is already here. For candidate and onboarding experience, this transformative data is accessible today through Benchmarcx.
As one of the world's only real-time, automated, and 100% like-for-like CX focussed benchmarking tool, Benchmarcx is not just a platform; it's your gateway to a new era of informed, data-driven, and incredibly strategic recruitment decisions. Welcome to the cutting edge of candidate experience analytics, where the power of dual stream data is not just a concept, but a tangible asset driving your competitive edge.