5 Ways to Use Recruitment Analytics For Your Next Hire

Dec 05, 2017

Recruitment Analytics

One of the big advertisers during the professional baseball playoffs earlier this year was a job board website. The campaign goal was to appeal to hiring managers to look beyond a resume and perception about a job candidate to hire the best fit.

Of course, you needed to visit the website to find out more about their proposed solution in the hopes of registering your company's job listings. May I suggest that the actual solution is using recruitment analytics to evaluate talent.

The use of analytics in hiring will continue to grow in 2018 and beyond. As technology advances, your company will have more available resources to make informed hiring decisions so that you can reduce hiring costs and the risk of turnover.

What Do You Need to Know About Recruitment Analytics?

In addition to reducing costs, the proper use of analytics will give your company an advantage over competitors by increasing accuracy and precision when hiring.

Your team should be trained on how to use the analytics within a hiring structure so that your team members can look beyond a candidate's resume and experience to make informed decisions. Consider how recruitment analytics can assist in the following ways.

1. Increase the Quality of Hire

First, your team needs to identify the data points that make up your most productive employees. By identifying these points, you can use analytics to create benchmarks that build models for hiring.

These models allow you to identify various data points within a candidate's file to measure whether the individual matches your most productive employees.

As you gather more information about your employees and the candidates who advance to various stages of the hiring process, you can compare those data points back to the benchmarks to build more accurate models.

This increases your success rate filtering candidates at each stage of the hiring process: recruiting, interviewing, and eventually hiring.

2. Predict the Speed of Hire

Analytics allows you to predict the speed of hiring by enabling you to know how long it will take to fill a certain role.

Your company might require one month to fill an individual contributor role versus six months to fill a high-level role that requires background checks, multiple reference interviews, and an internal review process.

Analytics allows you to predict the time for each stage of the hiring process. With this data, you can provide more accurate timelines to stakeholders, such as C-Suite executives who need to be informed how long it will take to fill a vital role in the company and how much it costs the company not to have this position filled.

Your team will also be able to identify bottlenecks slowing down the hiring process and take corrective action to increase the speed and efficiency of hiring the best candidate for your opening.

3. Improve the Candidate Experience

Many companies lose quality candidates because of a poor candidate experience. Common issues include:

  • Lack of follow-up after a candidate submits their application
  • Poor communication of next steps in the hiring process
  • Canceled or rescheduled phone or in-person interviews
  • Interviewer unprepared to conduct the interview

These issues reflect poorly on the company, increasing the likelihood of quality candidates removing themselves from consideration for your opening. Recruitment analytics helps companies improve the candidate experience, ensuring that qualified candidates remain in the hiring process in the following ways:

  • Track the time since initial contact with the candidate
  • Improve communication between stages of the hiring process
  • Know when to involve the interviewer(s) assigned to each candidate
  • Understand what is increasing or decreasing the likelihood of a candidate withdrawing from consideration

Analytics allows you to have better and more timely communication with candidates. This creates the opportunity for compounding growth because you are keeping quality candidates in the hiring process, building a reputation for a quality hiring experience, and becoming an employer of choice.

4. Embed Diversity into Recruiting

One of the big themes from the job board's TV ad campaign was to look beyond address, gender, and nationality to find the best fit for your company. The way to objectively achieve this goal is through analytics.

Analytics takes you beyond the surface to evaluate a candidate's thinking patterns that predict their behavior in your company. When a candidate completes an assessment, you can analyze the data points to predict how this individual will perform in your company.

Using the data points, you can build diverse teams that create more opportunities for your company to grow by challenging each other, reducing the risk of groupthink that slows growth in companies.

Think of it as a baseball lineup. Your current employees have filled important positions such as pitcher, catcher, and outfielder. Now, you need to fill another key position to build a diverse, complementary team. With diversity embedded into your recruiting process, analytics allow you to match each candidate to the benchmark data points for the position you are filling. This ensures you are hiring the best fit for the role.

5. Predict Recruiting Trends

The final way that analytics assist in the hiring process is creating a plan to forecast future activity. You do not want to over-hire or under-hire as a company.

Analytics improves the accuracy of your forecasting by helping develop a data-driven hiring plan to predict:

  • Turnover
  • Retirements
  • Internal promotions
  • Hiring successes

This is where talent acquisition and finance work together to ensure the company is staffed at the optimum levels. Then, when there is an opening because an employee was promoted to a new position or released to the market, your team can quickly act to begin the process of filling the new opening.

The Results of Using Recruitment Analytics

Your team should be trained on how to analyze the data points in each of the five areas listed above. They should also be empowered to make necessary adjustments or business decisions based on the data presented to them.

For example, ZERORISK HR studied one particular company that implemented data analytics into their hiring process. This company discovered that they were wasting tens of thousands of dollars each year posting their openings on two of the four job boards they were using.

The job boards were not providing quality candidates they required for their openings. Recruitment analytics highlighted this wasteful hiring practice and helped the company adjust to target candidates on the proper job boards. This transformative process dramatically reduced the cost of hiring.

If your company is considering implementing recruitment analytics for the first time or is looking to expand the use of analytics, consider the ZERORISK Hiring System to support your team.

Our system blends the science of measuring emotional intelligence with advanced technology to help companies build teams and reduce unwanted employee turnover, helping your company increase profitability and market share. That is how you can use analytics to go beyond basic candidate information found on a job board to make more reliable and accurate hiring decisions.

ZERORISK helps organizations build great cultures by identifying, developing, and retaining top talent. The ZERORISK Hiring System blends a revolutionary behavioral science with state-of-the-art technology to reduce unwanted turnover and improve employee performance. For more information contact us at (800) 827-5991.

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