Today, organizations all over the world are leveraging the power of big data in everything from designing workplace policies to social media recruitment. Are you?
• According to a 2015 report by Deloitte, many companies were interested in using big data for recruitment but had not actually started using it. A more recent survey shows that over 40% of companies have either adopted or started adopting cognitive technology and data-driven analytics tools.
• And, according to Forbes, even a 10% increase in data accessibility could boost net income for the usual Fortune 1000 company by over US$65 million. Right now, however, less than 0.5% of data collected by various software and HR tools are actually being analyzed or used!
Big data has become something of a buzzword in business circles, but how can you actually make the most of it when it comes to talent acquisition?
6 Ways to Leverage Big Data in Your Recruiting Process
Here’s how you can streamline and improve your hiring process with big data:
1. Analysing Historical Data – You can use data analytics to identify hiring patterns and trends based on existing data collected from past hires. For instance, you can review the progress made by employees hired in the last couple of years, skill sets and experience levels shared by your most successful employees, sources of good hires and more.
You can also narrow down the characteristics shared by those who didn’t make it on board or were unsuccessful after being hired, to avoid hiring poor-fitting candidates in the future.
2. Screening Potential Talent – Based on the information you have collected by analyzing past data, you can make smarter decisions while screening new candidates. You can choose the skills, education, and experience that are important for your organization and the post, and sort through the talent pool more effectively.
This process becomes far quicker and easier if you use applicant tracking software that automatically filters applicants based on relevant criteria, rather than manually screening each application.
3. Predicting Recruitment Gaps – What if you could accurately predict gaps in sourcing before they even happened? Rather than scrambling to fill vacant positions after an employee leaves, HR data analytics can help you forecast potential openings. This is especially important for roles that seriously impact revenue generation.
Compare critical metrics for success in your business against past hiring trends to understand where you may need to take a proactive approach to finding qualified candidates.
4. Identifying Hiring Obstacles – Not only does HR data analytics help you find historical patterns and predict future hiring needs, it can also help you pinpoint stumbling blocks in your recruitment process. If you can locate where in the hiring cycle candidates drop out of the pipeline, it becomes easier to figure out why they do so.
If your application process is too complicated, for instance, you could be losing good talent right at the start. Or, a complex onboarding process could be affecting new hire retention.
5. Interpreting Measurable Data – The biggest difference between big data analytics and conventional HR tracking is the fact that you’re working with evidence-based information. Not only can this be tracked more effectively, but also measured empirically 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 anecdotes, you can present hard facts and statistics to back up your efforts.
6. Reducing Time-to-Hire – One of the most important aspects of planning a recruitment strategy is minimizing the amount of time taken to hire a qualified candidate. A data-driven applicant tracking system can help, by filtering data, pre-screening applicants and reducing the amount of time spent searching for information.
Along with automating many steps of the recruitment process, online recruiting software can also help with predicting future sourcing needs. This reduces time-to-hire and improves your bottom line.
If you have not yet leveraged the benefits of HR data analytics for your business, it’s time to start checking out the options available. Big data recruiting can transform the way you recruit new employees, saving you time and money as well as ensuring better hire quality!