Data-driven recruitment is a new type of approach to hiring by using the latest technologies and data available to analyze the large talent pool and find candidates with the right skills and experience level. In this approach, HR recruiters will take the same large talent pool, evaluate it using various technologies, and drill down until only the best candidate remain.
Data-driven recruitment tools aim to use all data available to a recruiter and not only the resumes submitted for a decision. This process includes gathering and analyzing candidate data from various sources, including past jobs, online publications, and factors it alongside captured traditional data. It also involves analyzing the data within HR systems, finding efficiencies and trends. Plus, potentially renovating the entire recruitment process to implement improvements.
Here are the six key benefits of data-driven recruiting methods:
Make hiring decisions without guessing
Many recruiters have faced this situation, needed to choosing between two or more highly qualified candidates with not huge differences to distinguish which one is the best choice for the job. In such situation, it is common for some bias to creep into the equation and prompt a recruiter to decide from a guess.
Data-driven hiring can help make these decisions for the organization by presenting variables which you may not have seen yet. There possibly is some information hidden within one of your candidates’ working experiences which pushes their resume to either the front or back of the line.
By gathering and analyzing this type of data, you can gain a complete view of each situation, allowing you to be objective in your decision-making.
Improve the quality of hires
Making decisions based on data on who to hire improves the overall quality of recruitment.
Take time to analyze data to discover what constitutes the best hire. Who are they? Where did they come from? The common qualities they all share? Evaluate the variables which are reliable for the best hires in the bunch and focus on those going forward.
Decrease hiring costs
If you are only focused on the variables that lead to the best hires and removing as much waste as possible, you should also start seeing the overall cost of hiring decrease.
That’s because you are essentially reducing the traditional hiring process. For example, finding the platforms you spend most time and money on advertising on but offer little results makes it easier to cut those programs altogether. Saving a lot of money for the company.
Enhancing candidate experiences
Analyzing and experimenting with different ways to enhance the quality of the entire recruitment process can also benefit your overall candidate experience.
If the metrics around your application process indicate which candidates are repeatedly dropping off at the same stage of hiring, then there should be a good reason for it. Some steps in particular can be time consuming, annoying, redundant, or too intensive for some candidates to complete.
By recognizing these data points, you can remove the roadblocks that could be stopping the top talent from completing the application process. Accordingly, you begin developing and refining your candidate experiences into one that is required for your target candidates.
Improved hiring forecasts
The more time you spend evaluating the hiring data, the easier it becomes to find patterns and trends which suggest future decisions for similar situations.
Understanding the flow of your company’s recruitment environment will help forecasting potential vacancies and the associated hiring costs. You can also track things like turnover rates and common times when employees are leaving organizations.
This data can be important for preparing your recruitment team and communication budget requirements to upper management.
Eliminate bottlenecks within the hiring process
Data-driven recruitment allows HR recruiters access to real-time update on the entire process. It helps them map historical performances, identify trends, and predict future opportunities.
The use of HR metrics to identify and eliminate any integral limitations within the recruitment process can be a great asset in overcoming the processes optimization challenges. With a holistic view of the current performance, recruiters can prioritize areas which require more attention. Data can help those find what is wrong in their current hiring process and assists them in taking corrective measures to rectify them as needed.
Having the right technology that makes data analytics a breeze and provides you with the information needed is essential for designing a data-driven recruitment strategy. An online HR recruitment system can streamline your hiring process by collecting and analyzing the data you need to optimize your recruitment process.