Recruitment used to be based on intuition and some luck, not exactly data processing. Nowadays, using data driven hiring has become a necessity if you want to stay ahead of the curve.
In short, this entails using data, or facts and information, for making hiring decisions.
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| Five Things to Know About Data-Driven Recruitment: eAskme |
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Essentially, companies that use data to recruit teams boast reduced expenses and higher efficiency.
If you want to start using data-driven recruitment in your company, here are five things to know!
What is data-driven recruitment?
Data-driven hiring refers to using technology and data to identify the right candidates for your company.
Recruiters, especially in today’s remote work environment, are confronted with a nearly limitless pool of information and candidates from all over the world.
This approach uses technology to choose the right candidate on your behalf using objective data.
Intelligent recruitment is a relatively new field and aims to revolutionize HR.
The purpose is to use all data available, not only an applicant’s cover letter or resume, to make the best decision that helps the company achieve its goals.
This technology can corroborate different types of data collected from social media, previous positions, and other sources with traditional information.
Recruitment data can be highly varied.
To develop an efficient data-driven recruitment policy, you should know which metrics are most important for your company.
In short, you should identify them based on your company’s goals and trim down other data that is less relevant.
Generally, if you want to decrease costs, you should investigate the cost per hire, talent pool growth, and channel efficiency.
For quality-based recruitment policies, managers often look into employee engagement, hiring funnel, and retention.
Finally, if you want to speed up your recruitment process, you can use data related to time to hire, time to start or time to approve, time spent per each stage, and time to acceptance.
Five things to know about data-driven recruitment
Data-driven recruitment means having a better team
Most, if not all, recruiters have experienced this problem before.
Sometimes, two or more candidates seem the right fit for the job, so they use intuition and even emotion to choose between them.
Data-driven methods can make this decision on your behalf using some advantage that you’ve missed – perhaps one of the candidates has something else in common with your current team, or there’s something in their past that pushes them to the front of the list.
In addition to this, using more information to make data-backed hiring decisions will help you put together a quality team.
For instance, you can choose the best candidate for a given job position using data from structured interviews and assessment scores.
This decision automatically becomes both objective and legally defensible.
Smoother and more efficient recruitment stages
In addition to this, you can verify the quality of your application form.
You can check the conversion rates and change your questions or the design of the page so that you can attract more candidates.
At the same time, you can also verify the candidate demographics on your page and make sure you avoid discrimination.
Data-driven hiring provides a quick and foolproof method to find the right people for your business.
Speed up hiring and fill in the vacancies quicker
Data can also be used to make the hiring process quicker and more efficient.
Looking at the number of emails sent to candidates or keeping track of the progress helps you identify stages that you can speed up and optimize.
In addition to this, using data-driven hiring will eventually allow you to identify and analyze patterns.
These can be used to create forecasts regarding your future vacancies but also have a clearer budget forecast when it comes to hiring and labor costs.
Such examples include the turnover rate per year or patterns indicating when people are most likely to leave your company.
Improving the quality of the recruitment process
Some companies may use recruitment channels or methods that are too intensive or redundant, so many great candidates stop their applications at some point.
Using metrics, you can identify this stage and improve it, eliminating bottlenecks and allowing premium candidates to join your team.
As a result, improved candidate experience can greatly benefit your team and, ultimately, your company.
Data-driven hiring allows you to gain a deeper insight into your recruitment process.
Streamline stages that seem to deter candidates, if any, and you will enjoy not only better candidates but also a quicker process.
Fewer costs
Lastly, data-driven hiring generally aids companies in obtaining better value for money.
More specifically, data is used to identify which hiring channels are most effective and which ones can be canceled.
This helps the company to spend its resources in the most efficient way.
At the same time, since hiring decisions are made on your behalf by technology, it becomes easier to eliminate wasted time and resources.
Many managers make the wrong hiring choices, too. Data-driven recruitment bases all decisions on verifiable, tangible data, so bias and human errors are greatly diminished.
In turn, this leads to a more efficient recruitment process that can save you time and money, which is even more relevant if your business needs high-volume recruitment.
Summary
All in all, data-driven recruitment is the next step to boost the efficiency of your company.
Regardless of the metrics you choose to focus on, it is important to start by clearly defining your company’s goals and what your recruitment team is able to achieve.
Thanks to new technologies, collecting data and making better decisions has never been easier, but it is still cumbersome to decide how we use this information.
Make sure you stay ahead of your competitors by using data-driven hiring to put together a better quality team, eliminate emotion-based, biased hiring decisions.
Ensure that your company does not spend more than necessary on its recruitment necessities.
Even worse, bad hires can cost lots of money and even make you lose your customer base.
Data-driven hiring can help you avoid all of these traps and pick up the slack, showing you who the best candidates are and how to attract and keep them within your company.
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