Companies across industries are using data to achieve many goals. It doesn’t only help improve the decision-making process but also helps companies better understand trends, volatilities, and specific risks. With access to the right data, you can quickly achieve your goals. But before you can do so, you need to know which data you need.
One of the most commonly used data is employee data. Below you can find everything you need to know about it, including what it is, how it can help you future-proof your business, and how to get it.
What is Employee Data?
You’ve probably picked up a pattern if you have been researching data sets that you can use for business purposes. All unique data has a specific prefix that indicates what it contains. Such is the case with employee data as well.
Also Read: How Managed IT Services Can Help Your Business Scale
Employee data is a collection of information about professionals. In other words, it contains information about employees in a specific company, region, or vertical without violating even the most restrictive employee privacy policies. Every unique field in a data set is called a data point.
When it comes to employee data, it can contain a wide range of data points. However, most commonly, you will find the following points in employee data:
- Name – full name of a professional
- Location – the current location of a professional
- Connections – the number of connections each professional has
- Academic achievement – the academic title and name of the university they graduated from
- Skill name – the skill in which a professional specializes
Now, how could this data be of any benefit to you and your company? Let’s see the main advantages of using employee data.
The Benefits of Using Employee Data
Companies can use employee data to achieve many goals. However, most commonly, you will see them using the data to identify valuable investment opportunities in a target market, improve talent sourcing strategies, and step up their lead generation efforts.
Employee Data and Investing
If you are interested in investing in companies, you are definitely up to a challenging task. There are many factors to consider here, and you can’t take any investment decision lightly, no matter how big your budget is. If you have access to actionable data, you will be able to identify valuable investment opportunities.
Once you start using employee data with your analytics tech stack, you will be able to spot a number of trends. Most importantly, you can identify and track talent movement in specific markets, locations, and verticals. Additionally, you can enrich your data with firmographic data to see talent movement between companies and discover which company is the most valuable in terms of investing.
Better Talent Sourcing
Sourcing talent today is challenging, given the volatility of the job market. Identifying top talent and snatching it before competitors do is paramount if you want to get the best people on your teams. However, every company has unique recruitment needs. Paired with job market volatility, it makes talent sourcing even harder.
This is where employee data comes in. You can use it to see the accurate and latest position titles, descriptions, and employment lengths, and you can use this to make informed recruitment decisions.
Improved Lead Generation
Finally, if you are navigating B2B waters, you probably know how long it takes to generate B2B leads and convert them into buyers. Your primary goal should be not to waste your precious time and resources on non-decision makers.
Employee data will provide you access to thousands of new leads, which you can easily qualify by job title and years spent in an organization.
Where to Get It?
While it’s straightforward to monitor, record, and store your employee data, getting information on employees working at other companies can be tricky. To gather employee data, you would need to deploy a large-scale web scraping operation and reach out to people in your contacts with surveys. In either case, your data-gathering initiative will have a limit, and you will need to structure and process your data before using it.
That’s why many companies purchase employee data from data providers. It provides them access to information about millions of people recently updated and screened for errors.
Conclusion
Employee data is one of the most versatile databases out there. Whether you need to identify valuable investment opportunities, source top talent, or boost your B2B sales, this data can be extremely helpful. As you can see, there are two ways to get it. Either collect it yourself or purchase it from a reputable data provider.
