What is external data?
Data coming from outside the company is called external data. Possible sources of external data include job portals, career websites, business-focused social networks, patents, university data, learning offerings, online courses, public statistics, and government sources.
What are the benefits of using external data?
Organizations that use external data effectively have the potential to place themselves ahead in terms of strategic planning and competitiveness. Benefits of using external data include:
- Availability of high-quality information to support strategic planning
- Ability to use data on competition for comparison
- Opportunity for leaders to use time series and historical data to see what the organization has been doing right and wrong
- Ability for the organization to benchmark specific aspects of performance against rival organizations
What are the benefits of external data in recruitment?
External data can help in different phases of the recruitment process. For example, it can HR managers help to understand where ideal candidates are located, whether salaries are competitive and are in line with industry norms, and how to attract diverse workers and increase the talent pool.