03 Nov Hiring the Right Candidate using a Data-driven Approach in Recruitment
Organisations are investing more and more into data-driven recruitment, streamlining processes in talent acquisition and helping recruiters to focus on hiring the best candidates.
Data-driven recruitment involves using analytics in your hiring process. It can help you hire the right candidates for your company by scanning through a large amount of data with key recruiting metrics. In a global 2017 study, 77% of companies reported themselves to be using analytics to help them make sound hiring decisions. Consequently, they reported hiring quality candidates that gave them a significant competitive advantage and improved returns in their respective industries.
Using data in recruitment is more efficient than sticking to a solely traditional approach, which is generally intuition-based and cannot consistently and accurately predict job performance of candidates. Further, utilising a data-driven approach can help you save time and resources as it filters the individuals best fit into your organisation.
To help you understand more about data-driven recruitment, here are the following benefits of using a data-driven approach in finding the best candidates for your organisation:
- Enables you to make informed hiring decisions. This approach eliminates guesswork and uncertainties in hiring and forecasting. You can be more confident in giving informed and objective hiring recommendations.
- Improves the quality of hires. Leveraging pre-employment assessment does not only make your recruitment efficient, but can help you hire candidates who are best fit to work in your organisation as well. Including cognitive tests in your assessments predicts job performance of potential candidates; meanwhile, personality tests combined with values assessments measure how they may respond to different workplace situations and how they fit within the workplace culture, giving you a preview on how well they can adapt and excel in the organisation.
- Increases productivity and efficiency. Data-driven recruitment provides insight into the challenges faced during the hiring process. It can help you dig deeper into key hiring metrics such as application per acquisition, turnover rate, and hire source, which can all be used when redesigning your hiring strategy. You can use these metrics to address inefficiencies in the process and build better hiring pipelines to expedite your recruitment.
- Improves candidate experience. Job applicants skip employers with a long, tedious application process. To avoid this, you can create an engaging candidate experience that is key to having a positive employer brand both from past candidates and prospective talent. A data-driven approach for this strategy can help you fix bottlenecks in the process and provide a seamless experience for your candidates.
- Removes bias. Data-driven recruiting minimises bias and further enables you to hire based on merit. It can also help you monitor your recruitment funnel regularly with key demographic metrics such as ethnicity and gender, enabling you to track and increase diversity much better in your hiring process.
In the end, data-driven recruitment enables a more efficient and better hiring process than traditional approaches where hiring decisions are often based on gut feeling. Alongside using pre-employment assessments, you should also use other available tools and methods to collect data efficiently, such as your applicant tracking system, interviews, and even benchmarking based on your candidates’ feedback.
Many companies have reportedly seen the benefits of using a data-driven approach in recruitment for attracting talents and retaining quality hires, as well as streamlining its recruitment processes providing candidates seamless experience.