Change is inevitable. Evolution, however is optional, says the famous American author and life coach, Tony Robbins.
Evolution is all about looking forward and is a deliberate move to constantly forge ahead and keep on trucking with the possible developments occurring.
Just like any other biological process, recruitment has also been going through adaptative and emergent reworking.
Gone are the days where hiring was reduced only to a matter of chance. Considering the myriad ways and their suitability thereof, finding one’s feet in this ever-changing arena and blending in with them is not only vital but inevitable too.
Today, we have come face to face with data-driven recruiting and HR analytics which is revolutionizing recruiting as never before. This means now planning and decisions around talent and its acquisition lean largely towards tangible stats and facts.
Let’s really flesh out what exactly is this data driven recruiting and HR Analytics
Data Driven Recruiting & HR Analytics
Carly Fiorina, CEO of Hewlett- Packard says- “The goal is to turn data into information, and information into insight.”
Data is arguably one of the tools which holds a lot of water prospectively and promises better decisions making.
Data driven recruiting is using clear facts and figures to take improved hiring decisions, economizing processes and overcoming the greatest hiccups related to recruitment.
When HR functions have their foundation on data earned through HR technologies, the processes can be enhanced veering the way to a better nexus between recruiting and business outcomes. Tools like ATS, Google Analytics, Recruitment Marketing etc.
Good news is- each stage of hiring can be quantified and tracked, and recruiters can leverage this data to get hold of talented pool of candidates.
In the light of changing technologies, applying analytical processes to recruitment is quite essential if companies have to identify reasons for not being able to grab hold of their desired candidates.
Let’s look at some of the rewards of these tools in Talent Acquisition:
Identifying the right fit
Hiring the right candidate has always been a pipe dream. The call to make recruitment intelligent through automation is the need of hour.
Steve Jobs, Chairman, CEO and co-founder of Apple says, "The secret of my success is that we have gone to exceptional lengths to hire the best people in the world."
Today, recruitment based on intuition is pretty much replaced by hiring based on real time statistics and data. Big data and AI tools are being extensively welcomed by recruiters to identify the choicest of talent.
Save Cost and time to hire
According to LinkedIn, on an average, it takes 29 days to hire a referral, versus 45 days to hire through career site.
Some of the most pivotal of metrics like time to hire and cost to hire has been vastly ameliorated through data driven recruiting.
Collecting relevant data around such areas, gaining insights from hiring managers on the bottlenecks during hiring and the like can be highly effective in determining the best roadmaps by recruiters to enhance their core jobs.
Employer brand walks the talk in creating a clear employer perception on to the minds of the applicants
Thus, high ranking on being “great workplace” listings can significantly influence the potential candidate’s decisions around considering one employer over another in the process of application.
One of the Risesmart studies reported that nearly 84% of employees consider exiting their current job to work for an employer with a phenomenal reputation even if salary hike wasn’t that big enough.
Gathering data around how your brand really is doing is a great way to chart out ways to enhance the same.
With a plethora of recruitment channels to choose from, data endows recruiters with the ability to suss out the most efficacious channels that promise the greatest return on investment.
Here again data can work wonders by allowing recruiters to measure how successful their recruitment channels are like traditional job portals, company websites, LinkedIn, social media campaigns, external vendors etc.
Streamlining recruitment through data to target the most pertinent candidates is what recruitment boils down to at present. This is why data is the new currency.
These are some of the advantages recruiters can enjoy while playing with data and analytics.
Although, this is a relatively new trend, there is a robust propensity of companies turning to data driven recruiting and the future looks to be promising too.
Using data to your advantage is good, but having said that, there are limitations of using data as well. Data may not always be objective, it may just point to the problem areas, but the solutions have to be found by recruiters themselves. Also, data can’t throw light on reasons as to why anything happens. Eventually it’s the recruiters who have to scratch their heads off to find a bona fide solution.
Keeping these limitations in mind, the recruiters need to work smartly and stand in good stead.
Nevertheless, the benefits of data far surpass the limitations and hence Data driven recruiting is making a serious headway in the HR industry today. Data that informs your hiring decisions in ways that disrupt traditional recruiting for good.
Jim Bergeson, president and CEO of Bridgz Marketing Group rightly says, “Data will talk to you if you’re willing to listen.”
Such is the power of data in our world today!! It’s available abundantly, what you do of it rests in your hands!
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