This article talks about 5 major benefits of leveraging accurate HR analytics for decision making and how modern technology plays an instrumental role in the process while ensuring a positive candidate experience.
Recruiters must make use of modern technology tools when recruiting talented people. People are the most important factor of an organization, and so recruiting them is an important task. Recruitment is thus a crucial business for any organization. Recruiters who use big data for their services are more likely to perform well and reduce the costs compared to those who don’t use it.
The Applicant Tracking System (ATS) is a great tool for sorting through the applications, tracking candidates and acquiring data, such as the cost of hiring the candidate. Data driven recruitment connects all employee data from the time of hiring to beyond and also link this with strategic workforce planning. Combining the HR analytics with the strategic workforce planning will help to streamline the recruitment process and will be a good step for the business. Some benefits of a data driven process are:
Increases the quality of hired candidates
New candidates must be tracked throughout the employee life cycle. You need to know how quickly someone was hired and if it was the lowest price possible. A data driven approach gives importance to:
• Qualified applicants per requisition
• Resignations and involuntary turnover for less than 3 months of service
• Performance of newly hired candidate by lead source
• The top talent characteristics
Gives a more accurate hiring time
Data driven recruitment processes will give you an insight into the amount of time required to hire a candidate during each recruitment phase. You can thus provide a more credible timeline to stake holders. You will also know about which processes are causing a problem and then be in a position to fix those problems.
Improves the candidate experience
Factors which affect candidate experience are brought to the fore front with analytics. You can now measure the effectiveness of each of the factors. You will be able to see what is causing the candidate to withdraw his/her application. This can be due to time from the first contact, time between the different stages or the name of the interviewer etc. Therefore, the odds of losing strong candidates will decrease.
Brings diversity to the recruitment process
With the help of analytics you can keep track of the important demographic ratios like veteran status, ethnicity and gender. This will give you a chance to increase diversity at all stages of the hiring process. With traditional methods of recruitment, it is difficult to specify if you are reaching diversity levels during the hiring process.
Diversity is increased in the workplace by using big data and this leads to more innovation, engagement and worldwide competitiveness, thus helping you to improve your recruitment process and efficiency.
Hiring more than required creates a cost burden for your organization
Under hiring on the other hand can reduce your productivity. Fact-based hiring plans are needed to stay up to date with the hiring process as hiring requires a fine balance. With the help of data driven processes, more accurate hiring plans can be made. These processes use forecasts based on historical rates for factors like hiring success, employee turnover and movements between the departments internally. In addition to this, the process also gives information about the amount of money being spent. You can calculate the total cost of activities like RPO recruiting and internal agency instantly. Thus, you will know if you are overspending.
New technology will make it faster and easier for you to get the critical data you need. Cloud-based ATS offer the best methods to have a complete view, a vital requirement for monitoring the entire process of hiring and also to put the information of all top performing employees in a single place. This will enable you to hire faster and better but also get ahead of the business demand.
Analytics and data driven recruitment processes are a new scientific and technological advancement; it connects all the employees’ data; it can save the recruiter’s time; help fill vacancies quickly and match candidates to their correct roles. Analytics let you focus on your positive points and eliminate the week points so that you can meet all the talent requirements of your organization.
Author: Kelly Barcelos is a progressive digital marketing manager specializing in HR and is responsible for leading Jobsoid’s content and social media team. When Kelly is not building campaigns, she is busy creating content and preparing PR topics. She started with Jobsoid as a social media strategist and eventually took over the entire digital marketing team with her innovative approach and technical expertise.