Seventy-four percent of managers and recruiters say they’ve hired the wrong person for a job.
In this contemporary world with a growing vision, staffing companies are on the hunt for suitable candidates that fit the end client’s company’s vision. And their search hunt has made them face problems like access to too much data or the absence of precise and efficient methods to nurture this data.
A big thanks is owed to the new staffing technologies collecting data on the candidates like never before. But there’s still a massive lag for the adequate method to make the most out of the data collected.
Industries like transportation, marketing, sales and manufacturing, to name a few, all utilize a bunch of data to drive their decision-making, whereas data-driven recruitment follows. As a result, it’s paramount for the recruiters to pick up the pace and decide what the possibilities are to stay ahead of the curve.
In many industries, recruiters have been associated with extensive problems using traditional hiring techniques. And the reason is a lack of knowledge on what channels or modes work the best, which indeed makes the process even slower. This issue can end up costing you a bagful of money due to two reasons:
- Lack of exceptional recruiters on your team
- A round of poor hiring
And that’s where data-driven recruiting can pick up the game and offer you insights on who is the best candidate for your organization, how much they will cost you and what they bring to the table.
Three Benefits Of Data-Driven Recruitment
Like any work industry, the advantages of hiring using a data-driven procedure will vary, depending on the measure and skills put into it — yet the benefits of data-driven hiring remain almost the same.
Enhances vacancy and hiring projections. The more time you consume analyzing your recruitment data, the more effortless it becomes to determine patterns and trends that indicate future situations. Comprehending the drawbacks and outpours of your company’s recruitment and HR background will assist in forecasting the vacancies and the associated hiring and labor expenses with filling them. You can follow things like turnover rate annually and standard times of the year when individuals are exiting your company. These pieces of information can be invaluable for preparing your recruitment team and communicating funding necessities to upper management.
Decreases your hiring expenses. If your only focus is on the variables that drive the best hires and eradicate as much waste as possible, then you should definitely start to aim for the overall cost of hiring to decrease. That’s because you’re essentially cutting the fat on your traditional hiring process. For example, you can identify the platforms on which you spend a lot of time and money advertising, which offers little to no tangible consequences. Doing so will make it much easier to cut this program altogether, helping you save a lot of money, which in turn can have multiple folds for successful recruitment efforts.
Improves the candidate experience. Researching and experimenting with different methods to enhance the quality of your recruitment technique can also have the added advantage of boosting your overall candidate experience. Just think! If the metrics around your application procedure indicate that candidates are repeatedly falling off at the same point, then there might be a valid reason for it. And by identifying these data pinpoints, you can withdraw the bottlenecks that might be blocking the top-notch candidates from finishing the application process. As a result, you start to evolve and filter your candidate experience into one that is alluring for your target candidates.
Boost the Quality of Hiring
Making more informed and purpose-driven decisions established on data and recruitment analytics on who to hire can significantly enhance the overall grade of your work. That’s the same for almost all industries. Take the time to research your data to comprehend what makes your most promising hires tick, such as:
- Who are they?
- Where did they come from?
- What are some standard attributes they have in common?
Analyze the variables that are compatible with your best hires, and concentrate on those going forward.