Talent mining finally comes of age
Finding your purple squirrel is now easier than ever
New Loxo Feature — Smart Grid meets Tags
Our mission is to help recruiters hire better talent faster. We can now say that without a doubt, Loxo is the easiest and fastest Recruiting CRM to use, organize, and customize.
Why this engineering marvel will change your business
We exist to solve our customer’s problems and simplify your life. Our latest release succeeds in both. Before we dive into the release, I want to share how this engineering innovation will impact your business and add to your top line revenue.
The value in talent mining
If you aren’t familiar with the term talent mining, stop and read this short blog post by Glen Cathey, “The 5 Levels of Talent Mining”. Rather than me tout the value, I’ll defer to one of the greatest minds in the recruiting field who predicts this inevitable reality. In one of Glen’s presentations on the topic of talent mining he asks,
“What if you could increase revenue by 66% using your data to make confident, fact-based decisions?”
The Problem
Consider the investment you have made over the years building a deep pool stocked full of talent. How quickly would you say you are able to identify all the best possible candidates for any given position from your database? I can tell you that only the very elite, large recruiting companies we’ve come across have made the strategic investment to develop a just-in-time delivery of on-demand talent. Loxo makes this possible for a recruiting agency of any size.
The problem with traditional applicant tracking systems, as Glen so eloquently stated, is that finding the right person for each job is often stymied by the very software that was designed in the decades prior.
This doesn’t mean that recruiting is going to play a lesser role
We’ve had over 3,000 conversations with executive leaders of recruiting companies in markets across the globe. What have we learned?
Recruiting is not changing, technology is.
In fact the more technology evolves, the more I believe things will eventually recoil. The most successful recruiting companies will have the best technology, but also a team full of good ol’ fashioned recruiters, doing what they do best.
Talking on the phone to the right candidate, at the right time, for the right position. That’s right, recruiting is not going away; it’s getting better.
How technology is changing your recruiting business
Traditional applicant tracking systems were built to store resumes, make them searchable, and add some notes. The rise of resume parsing led to basic SQL databases full of semi-structure data fields; i.e job history, titles, companies.
Searching thousands of candidates on a handful of key word fields was almost pointless.
This is a major reason why there has always been a bifurcation between low- volume executive search vs. high-volume staffing.
The limitations of technology made it impossible to offer high quality recruiting at scale.
In response, recruiting software vendors added more functionality to compensate. All this functionality required recruiters to spend hours of their day doing administrative work entering data, adding skill codes, listing qualifications/certifications, or managing intake forms and questionnaires. Before we knew it the software systems that recruiters used were so clunky and complex that recruiters stopped using them and relied primarily on searching job boards and LinkedIn.
The very asset and competitive advantage that recruiting agencies have over corporate recruiters is their database and speed of execution. Most recruiters are not using this to their advantage; and they are definitely not talent mining.
Talent Mining: Unearthing Value in Human Capital Data
Our latest release of Loxo Tags solves the problem
We make the complex simple.
We’ve spent over 24 months building the Loxo SmartGrid leading up to this milestone. The SmartGrid is core to our technology platform.
The SmartGrid enables you to create your own database, with zero data entry or setup required and the customization is endless.
From the SmartGrid you can create dynamic drag-and-drop fields to mine both candidates and clients. You can map companies or build lead lists and sales pipelines — all in the CRM.
Today, we released an innovative tagging hierarchy that is deeply integrated into our SmartGrid core.
The benefit is that you now have access to the next level SmartGrid. In one single dynamic column you now have the ability to tag both people and companies by anything you want — with 1-click.
This allows you to add as much structured, customized data to a record as you want. You can do this on the fly regardless of what industry niche you specialize in.
Searching and filtering by structured data is the easiest way and you have a very simple-to-use tool to quickly find the best possible matches for every position.
Loxo makes searching and mining your database simple for even the most junior recruiters, yet for the more advanced recruiters you still have every possible search option available including: Boolean, Keyword/Title, Tag, Conceptual, Implicit, Natural Language, Indirect Search. This allows you to mine your database, find those purple squirrels, create lists and even do bulk tag updating to add new tags to a list you pull.
With our new tagging customization built into our SmartGrid core, we’ve made the complex, simple.
