Today is the era where HR is transforming with the help of data analytics. Data-driven is a real fact; HR managers can outsource for getting quality candidates and know who can perform well in their roles. Traditionally, recruitment was mainly based on guesswork, where only manual screening of resumes and gut feelings of recruiters can take them far. Now, thanks to technology, which has provided a wealth of software and analytic tools available in the market, through which recruiters can create a data-driven recruitment process.
Well, a data-driven approach to recruitment is the act of using data to optimize the hiring process. I believe that in many large organizations, they have boat loaded of data available in their database, but this insight stays hidden due to a lack of knowledge on how to implement it. There are various ways to use this data-driven recruiting, which could improve your process.
My article will help you to understand how data-driven recruitment can be beneficial. I am showing a list of a few benefits and use of data-driven recruitment and strategies you can use to get there.
- Increase Quality of Hire: Data Analytics has simplified the hiring process. With technology such as resume parser API, shortlisting the candidates has become a game of a few clicks. A resume parser helps in screening the candidate by extracting the data from the resumes and putting it in its pre-designed fields. This allows recruiters to shortlist the candidate based on qualifications, experience, skills, etc.
- A Bias-free Recruitment: At times, recruiters hire employees based on favoritism. Recruiters recruit candidates whom they know already or are referred to them. They ignore the resumes of candidates who apply on merit. With the help of data analytics, the recruiter will select perfect candidates based only on their skills and experience, which stops human bias. Thus, there is no place for favoritism, and every candidate gets the same chance to apply for a job position.
- Quick Recruitment Process: Data helps you in identifying the most effective sourcing practice and determine approaches that can deliver the perfect fit. Also, with the help of automation, recruiters can get the data readily available in the fields of their ATS, such as experience, qualification, contact details, etc. which become accessible to choose candidates. This automation helps in closing the jobs quickly and at last speed up the hiring.
Use Of Data Analytics
- Decision Making:Hiring managers and recruiters need to focus on the data which helps them in making a profitable decision and improve ROI. There are a few metrics that can help you to improve results.
- The Volume of Candidates: of candidates entering the top stages of the funnel. This will update you with the effectiveness of the application, website, etc.
- Volume of Hire:This will show you the optimal volumes of hires with a high retention rate.
- Cost per Hire: Sum of all recruiting costs divided by the number of hires in a specific time period
- Data Collection: Data collection is an essential component of the data analytics process, which is often time-consuming. Being a recruiter, we aim to find experienced candidates with a painless effort. Here I am showing you how we can do this:
- Use your Applicant Tracking System (ATS), that will do your work and collect all the reliable data from the resumes uploaded in its database.
- Find a different way to collect informative data easily via google analytics or survey samples.
- Find data of candidates who demonstrate their expertise on social media channels. Recruiters can use this data easily to start the conversation with the prospects to get to know the potential candidate before inviting in for the official interview.
After collecting your data, determine what you will do with this data.
- Sourcing: Use source tools to help you reach more candidates quickly.
- Screening: Introduce expert screening questions (telephonically) for applicants before the face-to-face interview with the candidate.
- Job Offers: Providing proper formal job offer letter, which provides a clear picture of candidate position and entice candidate to accept.
HR Professionals need to understand their business goals. With this, they can define their recruiting funnel and can optimize the recruitment process. Limited knowledge of how it works, any organization can use data analytics to its advantage.
You know there is a battle going on to hire the top talented candidates? They are being scooped up by your competitors. Do you still want to follow the traditional recruitment process? Don’t fight with your competitor for a shallow candidate pool. Expand your definition and use data analytics to find the right fit.