Recruiting new talent was one field that traditionally was based on guesswork until recently because it has become harder for hiring managers to be sure about the candidates and if they would do a good job or not. For quality recruitment, data driven recruitment helps to compare the quality of every individual person and helps to recruit the best applicants.
Hiring based on a gut feeling can lead to many losses in the business, such as increased costs, a longer hiring process than required, unmet business deadlines, poor hires, etc. With few solutions to the problem, data-driven recurring is the best, most strategic, and most successful one out there.
While the data for data-driven recruitment strategy may vary from company to company, there are some general rules and strategies you can follow.
What Is Data-Driven Recruitment?
The data driven recruitment approach is nothing complicated; it’s simply the process of utilizing and analyzing data to optimize the complete hiring funnel at a company.
The tangible statistics and facts pulled from the data can be used for any type of hiring process, starting with choosing qualified candidates to formulate robust retention strategies.
A study has shown that 77% of HR managers address recruiting as more effective if they better understand the market. While collecting new data is important, many companies don’t realize that they have many already existing systems and tools.
Data-Driven Recruitments Process Is The Best Practices
Now that you know what data driven recruitment is, let’s have a look at some best practices that you can apply at your organization. These are general practices that will be helpful in almost any industry. Still, you can tweak them to fit your company’s needs.
Select Relevant Metrics And Data
To avoid getting overwhelmed when looking at different data points, you should determine which metrics are most helpful for your recruitment process and what metrics you are missing for the perfect strategy.
Build A Recruitment Dashboard
A data driven recruitment dashboard is more like the visualization of a board; you can spot trends, identify issues, and evaluate the problems and opportunities quickly. These types of dashboards can be used to display data about the applicants, hiring, campaigns, along with budgets.
Work Out Actions To Take
Using data in recruitment doesn’t mean only tracking it but also having a plan on how to act on it. This is a very simple practice but requires the HR team to react quickly and with a professionally worked-out strategy.
Consider Data Limitations
While data driven recruitment and software are getting better by the day, these technologies are programmed to work by a specific concept. Even a survey conducted found 88% of executives are saying they’re all aware that their HR tools are rejecting qualified leads.
For example, if your job descriptions have too many criteria, a qualified applicant might be declined just because they are missing a couple of skills from the list. This is where it can pay to partner with a recruitment agency who can prospect for highly qualified talent and vet candidates with preliminary interviews. If your business decides to go that route, be sure to find a firm that specializes in your industry; for instance, if you’re looking to hire a social media director, then partnering with digital marketing recruiters would be your best bet at finding the perfect candidate.
Compare Before And After Results
Your data use will be most effective if you can compare it to an overall before picture. Then you will see what strategies of yours work and what other data you need to collect to build newer and better strategies.
Main Steps Of The Data-Driven Recruitment Process
A survey showed that a bad hire affected businesses and resulted in less productivity (37%), worse quality of work (31%), and wasted resources, mainly recruiting time (32%). To avoid a bad hire, you need to utilize data to better understand the hiring processes.
Top companies in various industries are constantly in search of new top candidates, and they don’t expect great professionals to come to them on their own. The competition in the hiring market is huge; other companies are also looking for great professionals to add to their teams.
Here are the four steps you should implement for a successful data driven recruitment.
Step 1: Engagement
It’s always important to engage your applicants. Whether it’s inbound or outbound data driven recruitment methods, you will want to ramp up the best channels first to maximise your ROI.
Step 2: Evaluation
Once you engage someone, then it becomes like an evaluation stage. What we mean about evaluation isn’t just reading through a resume. It’s the combination of a resume, an interview meeting, and all the data you can find.
Step 3: Closing Candidates
Dive into details about closed candidates, what channels bring you the most applicants, and the best return on investment.
Step 4: Through The Post-Hiring Analysis
If you end up hiring poor-performing people, your entire data driven recruitment system was just for nothing. To avoid this constantly happening, you need to analyze and learn from your mistakes and improve your strategies.
Whether you are implementing data to enhance hiring quality, cut back on costs or simply develop a better data driven recruitment process, it takes more than just gathering some data. You will need to change your strategies, way of work, and overall mindset. An excellent place to start is to see where you’re already at and how new data can help you improve your recruitment process.