As candidates become more tech savvy, choosy, and purpose oriented, firms are having a hard time building a robust pipeline through traditional mediums like job boards. Yes, the organisations are suffering from a slow hiring process which means that they can’t keep their demand quotient in check. Or maybe the candidates have advanced way too far while the recruiters are still stuck to decade old ATS’, manual screening processes, and age-old cold calling.
Recruiters Need to Upgrade Because Make No Mistake… this is a War!
Getting hands on the best and the brightest is a tussle, it’s a war that every organization is fighting. And if this war of talent has to be won by the HR departments then they need all the heavy artillery one can possible imagine. Artillery that can convert every phase of the process, starting from sourcing, screening, hiring, to on-boarding.
So, what all are our options, well currently the recruitment world is trending with three buzzwords – Artificial Intelligence, Automation, and Analytics. And if numbers are anything to go by then Analytics might prove to be the much-needed game changer in the recruitment sphere.
Numbers Don’t Lie
Take the recent example of Xerox which was able to cut down its attrition rate by as much as 20% by using analytics, or another client which improved its sales output by $4 million in just 6 months by adopting a new screening process. What’s interesting to know is that the insights uncovered by analytics systems in these cases were gathered from data that both these companies always had, they just didn’t knew how to use it.
4 Reasons Why Analytics Should Be Incorporated into the Traditional Setup
According to Gartner the amount of data that organizations handle will increase by as much as 800% in the next 5 years, and 80% of this data would be in unstructured format. So, firms will have no choice but to implement sophisticated analytics to uncover hidden information. These are the 4 reasons why analytics should be incorporated into the traditional setup.
Data Driven Recruitment is the Future
75% of organisations believe using Analytics in Recruitment is important…
The only way for recruitment professionals, HR organisations and staffing firms to stay ahead of the talent-game is to not only get a complete picture of candidate data (from sourcing to on-boarding) at their fingertips, but to also predict the best sourcing channels, candidate suitability, spend analysis, and a host of other information.
Most importantly, analytics can help them automate their recruitment strategies which can save crucial time, and also assure great quality of hires. In fact, top staffing firms like Compunnel already have sophisticated predictive analytics algorithms in place that can predict candidate suitability for a particular role.
Role of Analytics in Automating Recruitment
While most people are aware of the role analytics plays in forecasting, not many know that analytics can also be used to automate the most important parts of the hiring cycle. These are four ways in which analytics can help automate recruitment.
- Improving Candidate Experience: Analytics can easily tell you about the effectiveness of different stages including initial contact, screening, interviewer name, document submission, time spent between stages, and much more. This information can be studied to improve the overall candidate experience by drafting appropriate drip e-mail campaigns, automated system generated responses, and also when assigning tasks on the ATS.
- Proactive Hiring: By tracking the average time a candidate is spending on every phase of the hiring cycle, a recruiter can not only know the inefficiencies in hiring stages, but also predict the time-of-hire for a particular skill. Recruiters can also predict which employees are most likely to go in the near future which can help them in making strong predictions about the skills that will soon require resources. This information can be used to automate notifications that will be send to employees for referrals, future prediction reports that will be shared with clients, and much more.
- Job Post Optimization: Using data analytics firms can easily study which job posts turned better results, and quality of hires. Keeping this data in mind, and based on other parameters like duration, skill set, location etc. firms can easily draft sample job postings for different skills. These postings can be shared on various channels using automation, and help turn better results.
- Automating Spend Allocation Using Sourcing Analytics: Companies can easily see how many quality candidates are being provided by each paid and organic channel. This can help in identifying their best sourcing channels, and adjust the firm’s spend accordingly. So, when allocating spend the next time around, they can not only set modified goals for the recruiters, but also channel the spend on more appropriate channels.
Recruitment analytics and big data tools are changing the way organizations analyse, and harness data. There is no doubt that if used properly, this technology could improve sourcing efficiency, quality of hire, time-of-hire, and also predict candidate success in a particular role.