Recruitment Analytics Optimize the Hiring Process|Recruitment Analytics Optimize the Hiring Process
recruitment-analytics

Recruitment Analytics Optimize the Hiring Process

Have you ever scratched your head and wondered what you can do to streamline your hiring process, or to improve staff productivity and morale? Sure you have. Are you concerned that new hires may be slipping away? Sure you are. But have you come up with effective solutions? Maybe yes; maybe no. Predictive analytics will help you to answer these questions and more.

As industries jettison more and more old school hiring methods, the universe of new approaches and technologies is expanding, and the result is exciting. By implementing predictive analytics, there is a far-reaching effect on the quality of overall hiring, keeping you and your company at the top of its game.

Here are just a few ways predictive analytics can help:

Finding the right talent: Corporations can now use analytics to identify top prospects from the very beginning of the recruitment process. In particular, the realm of “soft skills” has become easier to quantify through the use of sophisticated assessment programs and hiring algorithms designed specifically around a company’s workplace culture, with a focus on the characteristics needed to succeed and grow within that organization. These analytics can also be used to identify candidates that pose a turnover risk, or could otherwise be a challenge after hire. Once the best prospects are identified, a company can use analytics to streamline and quantify the face-to-face interview process, without eliminating the experience of sitting down and talking with a potential hire.

Improving sourcing: According to Randstad Sourceright, predictive analytics can dramatically improve your sourcing strategy by helping pinpoint the best recruitment resources for the talent you need. This could include everything from mining social media platforms for great hires, to identifying the top job search aggregators with the best candidates, to knowing which physical locations are the most appealing to potential employees. Streamlining your sourcing in this way will yield positive returns in the form of better, more efficient hires that will improve your day to day operations and could ultimately save you considerable sums of money and time.

Gather early stage performance data: Technology can help to obtain new hire satisfaction levels from the get-go. It can provide a live look-in for the recruitment team to see if the new crew, from admins to the CEO, are meeting certain expectations of their respective job descriptions. It can also measure overall employee engagement. This kind of insight will send up flares if retention is at risk. In a piece written for ere.net, Dr. John Sullivan discusses how different metrics can be used to predict when an employee may become burned out, obsolete, or be fired or quit volitionally.

Measure recruitment experience:  How do your new hires rate your company’s orientation and training?  Not sure?  Analytics can be used to quickly communicate glitches in the on boarding process to the people responsible for talent acquisition and retention. Problems can now be addressed and resolved sooner rather than later.

Help with profile tuning: Knowing what kind of skill sets and personalities are required to do a particular job successfully allows the talent acquisition team to look for these traits when they are recruiting for that position. This leads to considerable streamlining of the hiring process and the increased likelihood of another fantastic hire.

Analyze candidate sources: Knowing the types of candidates needed to help a company run smoothly is one part of the puzzle, and another is knowing where they came from. You can find out how your best employees found their employment listing, which job aggregator sites attract the best people, and conversely, which sources are not really working out. In turn, the talent acquisition process can be made more efficient and cost-effective, as recruiters can choose to focus on, and invest in, the most fruitful sources, and drop the others.

Additionally, all of this big data can be used for everything from predicting who your organization’s top competition might be, to identifying which of your current employees is on track to becoming a leader within the company. This kind of information is invaluable. Not only are you being provided with knowledge that will keep your internal operations humming at top speed, you’ll be able to stay abreast of things that are happening in the world outside. These tools will allow you to circumvent internal and external threats with greater ease and efficiency while supporting and developing a loyal and educated employee base.

With the time and money you’ll save using predictive analytics, there’ll be plenty of opportunities to pursue other endeavors and put some cash in the bank to boot.

If you are interested in learning how predictive analytics can improve your company’s hiring process, sign up for our upcoming webinar here, or download our eBook - Predictive Reference Checking: Using Online Reference Checking to Take a Data-Driven Approach to your Hiring Process.