How data analytics is revolutionizing recruitment
The technological advancements like AI, ML and Data Analytics have caused disruptions in almost all industries around the globe including the recruitment industry. In fact, it can be said that Data Analytics has revolutionised the entire process of retention and recruitment.
Analytics has facilitated HR professionals with numerous abilities - evaluating the recruiting process and conversion rates, exploring the areas of improvement and identifying the best fit for a job. The role and significance of data in recruitment are expected to enhance in the coming years as the preferences of hiring companies keep evolving and attracting the right candidates becomes one of the key challenges HR leaders face.
How important is Data to Recruiters?
Every HR manager is constantly struggling with some general issues - getting best fit for a job role, saving time for HR personnel involved in the hiring process, building more diverse teams and avoid bias, measuring outcomes of employees, avoiding guesswork in hiring process etc. Recruitment analytics play a key role in addressing these challenges, tapping into the pool of best candidates, save time, make better business decisions and maximise employee productivity.
Let’s dig deep into how recruitment analytics can help the hiring managers to brush up the hiring process.
- Enhance the Quality of Hiring: With increasing competition and requirement for skilled candidates for evolving job roles, organisations are having a difficult time finding the right fit for their job openings. Recruiters are seeking better quality tools and technology to boost their performance as it is quite difficult to find the best fit for various openings just by screening through numerous resumes. Various technological tools like a resume parser are becoming popular among hiring teams across organisations as it does the work in a few clicks what otherwise takes many days - extracting data from resumes and putting it into pre-defined fields.
- Enhance Your Company’s Image: Data can deliver benefits beyond one’s imagination. In addition to helping in the recruitment process, it also helps in enhancing employer's brand value. The hiring teams can conduct sentiment analysis or ask the applicants to fill out a survey to gauge how the candidates see their company. The responses will help in knowing if your brand value is positive and the areas of improvement.
- Ensure Diversity in the Workforce: Diversity across teams and within a team is important in today's ever-evolving corporate world. HR managers can rely on data to bring the right people to the organisation and even track their diversity initiatives. For example, if an organisation's objective is to increase the percentage of female employees in their workforce by 25%, the hiring managers can choose the metrics in the hiring process accordingly.
- Find Your go-to Job Platforms: The hiring teams of every company, big or small, use certain job platforms while searching for the perfect fit for a job role. While some of these job boards deliver substantial results, some give poor ROI. With analytics, HR professionals can analyse the usefulness of these platforms to their organisations.
- Building Future Hiring Plans: In addition to using data for your current hiring needs, it can also be used to build your future hiring plans or predicting hiring needs for the upcoming period. With data analytics, you can see which teams need to expand or will need additional talent soon. Moreover, predictive analysis helps in predicting attrition too and many large corporations have already invested heavily in predictive analytics in their attrition and hiring processes.
- Data Driven Policies: When you work on the basis of data instead of regular HR tracking, it ensures that you are working on evidence based information. It also helps when you have to demonstrate the value of new hiring policies to your team - present statistics and facts to back up your efforts.
Data Analytics is a powerful tool today and will become even more significant in the coming years. Analytics in hiring can help HR managers build a powerful workforce for the organization and make better decisions. This integral part of the hiring process will continue to play a key role in the organisational build-up process.