Hiring is a complex process and data can help
Hiring quality talent is one of the top challenges that employers around the world face. The process of creating the right JDs, scrambling through endless job sourcing channels and screening the candidates makes HR departments snowed under. Not only is it a complex and cumbersome process, it doesn’t guarantee success when it comes to hiring the right talent. Nevertheless, hiring trends around the world are going through a massive transformation thanks to recruitment analytics changing the way recruiters approach the process of finding and hiring talent. 68% of recruiters feel that the best way to enhance recruiting strategies is investing in recruitment technology. Recruitment analytics provide historical data regarding your recruiting metrics tied to your performance (e.g. time to hire, cost per hire, time to fill) and your candidates (e.g., how likely a candidate is to perform well on the job, how long job seekers stay in each interview stage). Thus, it is being used to streamline the hiring process and achieve better results.
Using analytics to make better hiring decisions
Decision making when it comes to hiring is not an easy job, as it builds the foundation of an organisation’s talent pool. Thus, recruiters have to tread carefully lest they make bad hiring decisions. This is where recruitment data analytics comes into the picture, as it allows them to make better-informed decisions. Decisions relying on snap personality judgments or interviewer bias are giving way to rigorous evaluation criteria. Organisations that pioneer recruitment analytics use predictive analytics to learn more about everything from the best hiring channel sources to what positions are likely to become vacant in the future. Important recruitment analytics help them understand effective candidate screening, lead times, future employee performance, retention rates and much more. This previously inaccessible data can result in enhanced operational efficiency in the entire process, allowing them to make better decisions.
How analytics can guide your recruitment needs
Analytics hold the promise of helping you understand your recruitment needs in a better way. Let’s understand this with an example. A company can use analytics to forecast turnover and retirement rates, thus effectively ascertaining how many new employees would be needed to keep operations running smoothly. Based on this information, the employer can create action plans to avoid staffing shortage problems in the future, thus precluding a hit to profitability. Similarly, the success factors of recruitment analytics can be extended into many ways to guide the recruitment needs of an organisation.
What to expect from analytics in the future?
While analytics have been around for some time now, they are expected to revolutionise the way we do business. It is predicted that recruitment analytics will grow out of HR and seep into other departments of an organisation. Data and analytics can generate insights about numerous aspects of a business, from determining the employees most fit for higher managerial positions to ascertaining the characteristics of best-performing salespeople. Recruitment marketing analytics is likely to evolve into a mature practice that helps marketers develop better campaigns using data to gauge their efficacy. Furthermore, data and analytics enable business leaders to track the efficiency and productivity of their teams, making it possible to take action to improve. Businesses that use data analytics witnessed profit growth of 8–10% and a 10% decrease in overall costs.
Predictive analytics
Predictive analytics provide employers with the ability to better predict future trends, and be prepared for them. With AI powered ATS platforms such as Wisestep, businesses can get real time insights that help them stay ahead of the curve in today’s dynamic business environment.
Conclusion
In conclusion, there are several areas where you can identify opportunities and use recruitment analytics to improve your hiring process. You can choose these areas based on your organization’s unique requirements to create relevant plans of action and make better hiring decisions. This includes choosing the channels that deliver the best hires and using historical data to pick the best talent. In fact, you can also make use of analytics to navigate your recruitment needs by determining figures such as retirement rate and turnover rate. Finally, predictive analytics pose a great opportunity not only in hiring, but other departments of a business. Business leaders can boost the performance of their teams by analysing relevant data. They can also predict future trends and make plans to be prepared.
