By Sean Reichard
Technology is rapidly transforming the recruitment process. In the current jobs market, candidates are the ones choosing which jobs fit best. They have more power when it comes to job seeking and as a result, hiring managers are looking for more effective ways to hire.
Integrating recruiting analytics into the hiring process is an essential way to do this.
As an employer, using recruiting analytics can save you a great deal of time, money and resources. By relying upon technology and data analytics, the task of going through hundreds of written resumes to find the right candidates isn’t so daunting. A successful analytics program can significantly shorten the hiring cycle and improve your quality of hire.
Forward-thinking companies like Google and Deloitte are already relying heavily on technology and recruitment analytics in their decision making and hiring processes. This is because data analytics makes predictive analysis easier, enabling hiring managers and recruiters to make better decisions based on collected data.
The predictive analytics model is used right from the onset of the recruiting and hiring process, during sourcing. This is the task of obtaining information from various platforms- for example, social media sites, jobs websites, etc. Collected data can provide you with insights on the candidate’s preferences, making it easier for you to eliminate potentially poor sources.
2. Identifying the Best Candidates
Employers and recruiters can better match the right candidates with the right roles and companies by using data analytics and predictive analysis. Candidates can be matched using data on their performance, skills and experience to the required criteria for specific jobs. This helps save valuable time and resources and helps ensure better fit.
3. Uncovering Hiring Problems
Data analytics helps you recognize historical patterns within your company and the cumulative results of your recruiting, hiring and retention efforts (How much is recruiting costing me? What is my retention rate? Am I hiring the right kinds of people?) These data patterns then allow you to predict your future hiring needs, the likely outcomes of your efforts, and any changes that you may need to make. When you understand your hiring problems, you can set about resolving them.
4. Developing a Talent Pool
Data analytics can easily help create a unique talent pool by harvesting, parsing and saving candidate data for future use. The resulting talent pool can be mined in any number of ways, at any time by any number of criteria to make your recruiting work faster, easier and more effective. Imagine having all the right candidates for a job available right when you need it and all you have to do is pick the one who fits best. Wouldn’t that be a stress reliever?
5. Keeping Track of Candidates
Data analytics not only helps your company identify the best potential hires at the onset of the recruiting process, but as new data is entered, it helps tracks candidates and trends allowing you to make the right decisions about next steps and how you may wish to adjust in the future.
6. Understanding Quality of Hire
Understanding the quality of your hires is one of the major advantages of using data analytics. It improves your hiring processes. When you link your predictive model back to your employee’s data, you can evaluate the predictions from your model concerning the employee’s potential vs. their actual performance. This helps you continuously evolve and improve your recruiting and hiring process.
7. Improving Retention Rate
Data analytics enable you to identify the real reasons why some employees quit, and others stay. It also helps you learn where there may be skill inadequacies or areas which employees find difficult. You can then use this information to figure out where problems exist and how to resolve them.
The use of data and predictive analytics makes recruiting and hiring faster, easier and more effective in more ways than you can imagine.