Unless you take a data-driven approach towards recruitment, it’s difficult to know what’s working and what’s not. As simple as it sounds, this fact has long been ignored, especially by the recruitment professionals. Without data and analytics, recruiters have been making decisions based on their gut feeling. However, with the coming of age of digital HR, organizations are sitting on huge piles of data and therefore, choosing analytics for making recruitment decisions should not only be a viable option but also necessary action.
What is Recruitment Analytics?
Recruitment Analytics is the ability to capture and interpret large data sets to make better hiring decisions. An intelligent implementation of analytic tools and techniques can boost recruitment performance by revealing useful information for decision-makers and improving hiring decisions as a result. There are multiple benefits of recruitment analytics in HR which include reviewing recruitment performance, conversion rate analysis, identifying top performing sources and applicants, and discovering areas for improvement. We will talk about these benefits of talent acquisition analytics in detail.
How to use analytics in recruitment?
To use analytics in recruitment we must first have the data in place. Recruitment is a complex process with multiple levels of decision making. Therefore, data needs to be captured in each phase of the recruitment process. First, one needs to look at the reach of their recruitment process, for example the no of visitors coming to the career site. Next is the engagement part where recruiters need to look at statistics derived from the engagement actions the jobseekers performed on the site. Next is the Apply phase where data needs to be examined regarding the number of applications coming for a job, the kind of applications coming in terms of the quality and relevancy. The final phase of recruitment is Hire where we can observe which candidate applications accepted the offer, and ultimately got hired.
Recruitment Analytics Benefits
The benefits of using talent acquisition analytics are not a hidden fact anymore. There are multiple advantages such as better quality of hire, reduced time to hire, improve RoI of the recruitment budget. If recruitment metrics is done effectively with proper data collection, and focusing on the right numbers we can surely arrive at significant conclusions that will be beneficial for the overall recruitment process. While not all metrics will be equally significant, recruiters need to focus on data that will help them take better decisions.
- Predicting the right candidate is one of the benefits of data-driven recruitment
- Better sourcing is another advantage of recruitment analytics
- Ability to predict future trends is a recruitment analytics benefit
Predicting the right candidate is one of the benefits of data-driven recruitment
Decision makers can utilize recruitment analytics to find the optimum employee from the initial stages of the recruitment process. By using tools that employ machine learning algorithms based on the company’s work culture, recruiters can quickly find out if the incoming candidate is the right fit for the company or not. These data-backed hiring algorithms can easily measure the soft skills of the candidates which are essential to excel in your organization. This data can also prove helpful in predicting the candidate’s turnover risk which can again save resources. After using this information to shortlist the prospects recruiters can proceed to the next round of a personal interview.
Better sourcing is another advantage of recruitment analytics
For recruiters sourcing is always a major task and often the most time consuming part. Recruitment analytics can help recruiters optimize their hiring strategies by removing poor or ineffective sources. These reports will help recruiters evaluate the efficacy of job boards, and third party recruitment consultancies. Data can be extracted from the candidate applications to understand minutest details like the locations which are most conducive to them. By identifying the best sourcing channels and methods with the help of recruitment analytics you can get better returns on your advertising budget, and also get more competent hires, eventually improving the quality of hire.
Ability to predict future trends is a recruitment analytics benefit
One of the most important significance of recruitment analytics is its ability to provide insight into the upcoming industry trends. Using data to get an understanding of the demand and supply dynamics in the job market recruiters can redefine their hiring strategy for better efficiency and outcomes. Analyzing the industry trends with data will give you clear insight on the kind of jobs currently available in the market and what skills are most in-demand. This data is even more important for recruitment agencies that can put to use the analysis to find better candidates for their clients and hence be more profitable.