30 Oct 10 Ways You Could Benefit From Hiring Analytics
Analytics is the key to improve the performance of a company’s talent acquisition function by replacing manual processes. From big data that needed some thorough sifting through, gut decisions and bias, HR is stepping into recruitment software and into evidence-based recruitment. So what does this change mean to companies and HR who opt for hiring software? ‘Empowerment’.
Applicant tracking systems, when put into use, become a storehouse of data that empowers the entire hiring system of a company. This data, called hiring analytics or recruitment analytics play an important role by tracking, measuring, collating and analysing candidate data, helping HR make better hiring decisions.
For someone new to Applicant Tracking System (commonly known as ATS), it takes some time getting convinced about how hiring analytics empowers recruitment. For example, did you know about these 10 benefits of hiring analytics that could change the way you recruit?
1. Make Improved Hiring Decisions
Hiring analytics makes predictive analysis a cakewalk and helps HR make improved hiring decisions for a particular role by using historical data. It does not just allow the recruiter to understand the candidates better via online applicant tracking system but also prevents you from making mistakes that would have been commonplace in the past with traditional means of recruiting.
2. Standardise Hiring Process, Eliminate Bias and Remove Bottlenecks
Though most companies often have a hiring strategy in place, the actual hiring may be subject to just a few tactics or may differ as per the hiring or team manager. This, in turn, may lead to bias or prejudice – often unconsciously. When you use an online ATS, this is eliminated. Bottlenecks related to hiring or selection process can be removed via analytics. In short, the data does its work of finding not just the best fit but helps you make relevant changes to your hiring strategy.
3. Stay on Track regarding Recruiting Capacity
You either end up over-hiring and increased costs or under-hiring and reduced productivity. Fact-based hiring plans that reflect the current needs of the company help with overcoming this situation and hiring analytics play a great role here. Hiring analytics also give an insight into spending, so it is easier to know if you are actually overspending or not effectively spending on recruiting.
4. Predict the Speed of Hiring
Got an important opening to fill and need to know the accurate hiring time? When properly done, hiring analytics lets you know the time span spent on each hiring. Not just that, it also reveals bottlenecks that slow down hiring and lets you fix them.
5. Improve Candidate Experience and Employer Branding
Candidate experience is directly related to Employer Branding. Hiring analytics lets you nail the factors that impact candidate experience and in return employer branding, helping you create strategies to overcome these issues.
6. Lower Hiring Costs
Most of the companies invest their hiring budget on traditional tactics, which can be disastrous. An ATS, which helps keep relevant metrics, actionable analytics, modern tracking and talent matching procedures ensure little or no wasted money on ineffective hiring systems.
7. Become Smarter and Faster at Sourcing
Sourcing is key to having great candidates on board. With hiring analytics it is very easy for top talent to come to you rather than going in search of them. Your hiring analytics will tell you which social media or job portal is the best when it comes to proven talent, helping you focus more on these rather than outdated models.
8. Deliver Equal Opportunity
Traditional recruiting measures make it hard to tell whether you are right on target when it comes to equal opportunity. Analytics continuously monitor your hiring process for important demographic ratios, helping you track and implement diversity in your hiring process.
9. Profile Tune Job Requirements
Data from hiring analytics play an important role in understanding the skills/personalities that are required for a job opening or a particular role. This leads to streamlining and optimization of the hiring process, increasing the quality of the candidates.
10. Manage Talent
For a strong recruiting process to work, it is necessary to track, record and manage requisitions. Qualified applicants per requisition (it gives an insight into sourcing practices), how quickly the hire was made, at what price the hire was made – records need to be analysed over a period of time or whenever a next hire needs to be done for the role. An ATS which combines metrics and analytics to bring together the best talent management system is one that empowers your recruiting.
Whether you are using MyNextHire or a different ATS, the above-mentioned analytics give valuable insight into your recruiting workflow.
Next week I will talk about how technology has changed the user experience in building strong employer branding.
Till then Happy Recruiting!!