The rise of Data Analytics has revolutionized numerous industries all over the globe. And now it is creating an impact in the recruitment industry. One can easily say that data analytics in the recruitment industry has stirred the entire process of retention and recruitment.
With the use of data analytics, one can analyze huge data sets to guide one’s business decisions. The best use of different analytic tools and techniques can uplift the performance of any business by placing important information to improve their revenue as a whole.
- Evaluating the recruiting process and its performance.
- Examining the conversion rates along with the status of the application
- Looking at the areas where improvement is required
- Identifying the best fit for a job
Hiring managers have always relied on data to make decisions, career expert Heather R. Huhman writes.
How essential is data to recruiters?
New age recruiters agree with the saying “the data will set you free”. The right data can help hiring managers in tapping into the pool of best candidates. The data collected can help the recruiter and hiring managers to check the criteria on which they can make the best quality hire. One can also find out what skills and behaviours lead to a successful hire that is loyal to the organization and stays with it for the long term.
6 ways Data Analytics can streamline your recruitment process
- Boost your Employer branding
Data can help you work on and enhance your employer branding. To gauge how the interested candidates see your organization, you can conduct sentiment analysis while you interview them or ask applicants to fill out a survey for your company. By analyzing the responses, you can understand if your employer brand is positive and the areas you need to work on.
- Find your go-to job boards
Every recruiter today uses almost 3-6 job boards/platforms when searching for their next hire. While some channels deliver you substantially, some don’t even give you a reason to stick to them or as we say, poor ROI. With data analytics, you can analyze the success rate of these platforms. Define the indicators that actually matter to you, like the number of CVs you get, the offers that you extend from these portals, etc. to identify the channels that you would like to invest more on.
- Assess potential talent
Screening the potential candidates gets simpler when one has their mapping data ready. With data and technology in hand, one can accurately screen a candidate based on skills, experience, and education background as per the job role and position. The process of screening of candidates has been made easier and quicker with the use of applicant tracking software(ATS). This software automatically filters candidates once the data points and attributes have been provided. At Vasitum, we have an in-built ATS so that you don’t have to switch through multiple platforms and can access all the necessary tools from one single place.
- Predict upcoming hiring needs
With data analytics, you can build out future hiring plans in the back of your mind at all times. Look at the growth plan of your company and predict hiring needs for the upcoming period. You will see teams that need to expand or are planning to grow soon. Start your search for the new people before the urgent hiring need arises. Predicting attrition accurately has an analytical based approach, using data models and machine learning. Models are based on data from different HR Analytics sources. Many companies, including Google, Sales force, IBM, SAS, and MasterCard, have invested heavily in predictive analytics in their hiring and attrition processes. Accurate and considerate attrition prediction can save organizations a lot of money. The process requires specific expertise and can be learnt online quickly.
- Eliminate all reasons that make applicants drop off
Not only does HR data analytics help you predict future hiring needs, but it can also help you identify recurring mistakes in your recruitment process. If one can locate where in the hiring cycle candidates drop out of the pipeline, it becomes easier to figure out why they do so. If the application process is too complex, one could lose a good talent right at the start, or a complicated on-boarding process could affect new hire’s retention.
- Data-driven policies
The most significant difference between big data analytics and the regular HR tracking is the fact that you’re working with evidence-based information. Not only can this be tracked more effectively, but also measured accurately to identify real results. This also helps when you have to demonstrate the value of new hiring policies or procedures to your team. Rather than relying on stories, one can present hard facts and statistics to back up their efforts.
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