The Impact of Recruitment Analytics to Improve Hiring
Thursday August 06, 2020,
5 min Read
Every employer is looking for excellent talent, which provides their company an edge over the competition.
The world of the recruitment industry changing fast, and attracting the right candidates is one of the most significant challenges for HR managers. They waste their precious time and energy screening through job applications.
Since there are many opportunities for job seekers, they can apply for jobs on job sites, social media platforms, and many other online platforms.
Every HR manager thinks about some of the questions like
I. How can we save more time for the managers who are involved in hiring?
II. How can we get more qualified candidates and make sure we are not missing any of them?
III. How can they build more diverse teams and avoid conscious bias?
IV. How can they measure their outcomes?
V. How can they avoid guesswork in the hiring process?
These questions make HR managers more agile and quick in the hiring process because finding a qualified, skilled, and right fit is a time-consuming and tiresome task.
Imagine if you could improve on your current business processes for recruitment, make better business decisions, save time, and maximize employee productivity.
It makes recruitment analytics is one of the most crucial aspects of the hiring process
So, the next question arises, what is Recruitment Analytics?
Recruitment analytics is the process of making recruitment decisions guided by data. With the help of these data insights, you can make a smarter decision in hiring.
As it is rightly said by Peter Drucker
"What gets measured gets done."
Through recruitment analytics, we can get real-time information from the candidates' resume data, which later helps make informed hiring decisions and give vital insights.
So, what is data-driven recruiting, and why does it matter? Let's find out how your hiring decisions supported by data can help your business.
Now, let me brief you about how recruitment analytics will help HR professionals in enhancing their recruitment process?
I. Increase the Quality of Hiring
HR analytics in recruitment help the hiring team improve their quality decision and remove the guesswork from recruitment.
Demand in the recruitment industry is rising, and according to the LinkedIn data source, 68% recruiters want better quality tools and technology to boost their performance over the next five years.
It is quite difficult for recruiters to find out the qualified candidates just by screening through the resume; they are likely to miss out on people who are qualified.
And even some candidates get passed from the first round of resume screening process may not be qualified candidates; hence much time and energy are wasted during this process.
You can use a resume parsing tool that helps extract data from resume documents and saves in data fields such as contact information, skills, experience, education, etc.
II. Adding Speed
Imagine your HR executive leadership, asking you to improve business processes for recruitment and provide more accurate hiring estimates.
Data and analytics allow you to present a reliable timeframe to stakeholders and pinpoint problem areas to take the right actions.
This analytics model predicts which candidates are the best fit for the organization to improve its efficiency. When you have such indicators set in the system, it becomes easy to connect the right candidates and move them forward. This speeds up the recruitment process.
III. Adding Diversity
And the third one is around diversity because employers use diversity and inclusion in the hiring to create a more diverse workforce.
Every detail of your resume can be a deciding factor whether the company accepts you or not. Starting from the mailing address, it could be of undesirable location or weird email address, sex, specific sir names, skin colors, or even a university name.
HR managers make decisions based on what they know because there are fears of making the wrong choices.
But with recruitment analytics, you can remove such conscious biases, bring the right people to the organization, and demonstrate the value you have created.
IV. Optimizing Teams And Costs
Data insights captured from the resume removes the guesswork out of hiring. Now you have the power of data to support quick and accurate decisions.
The best part of recruitment analytics is to visualize what part of your strategy is performing well and what is not.
Recruitment data analytics also helps in improving communication in the team and allows them to focus on recruitment. Since everyone has data when they need it, they can target the right strategy.
You can use these insights to make roadmap decisions and figure out how long it will take to fill the posts, making you set the right expectations.
V. Make Forecastings
You can draw pictures with data of what we know and what we don't. By using data analytics in recruitment, you can create dashboards to visualize future processes. This approach helps to better understand which candidate profiles yield the best results for the business.
HR teams can now successfully transform their business with evolving HR technologies. Analytics-driven hiring allows them to forecast future resource requirements, create employer branding, and find higher-quality applicants.
Using recruitment analytics, you can measure your outcomes, such as how much time and effort are spent per candidate. These data metrics make hiring more cost-effective by pinpointing problem areas and high-performing areas.