With increased focus on quality over quantity, the need to make informed decisions has dominated the talent acquisition process rigorous. Poor decision making in talent may cost you more than you anticipate. It not only makes a monetary difference but also affects the productivity of your workforce.
Ever wondered why having recruitment analytics for decision-making is critical to success? Well, intuitive hiring methods can’t work in the competitive talent market today. You must analyze, plan and act in accordance with the data available to you for optimizing hiring processes through data analytics.
To ensure that you ace your recruitment process, this blog unveils the ways through which you can make strategic workforce planning with recruitment data across various talent acquisition stages.
Table of content
Role of recruitment data in strategic decision making
Analytical hiring by making informed decision through the recruitment data is not just beneficial to enhance your quality of hire but,
- To increase efficiency: Data gathered can be used to make rational decisions influencing your metrics such as time-to-hire. For example, you can check the interaction with emails sent to the candidates to optimize the process at any stage such as speeding up the time-to-hire.
- To uncover the hiring issues: Data analysis detects the bottlenecks in the process such as lengthy applications, application drop-off points, HR metrics fall. It helps you to identify and propose actions to streamline the process and increase the time-to-hire.
- To improve decision making: By analyzing the past success recruitment data, you can identify the pattern such as skills, qualification, experience needed for the open position to predict future success and making a better candidate selection.
- To strengthen diversity: Taking an insight into the demographics data throughout the hiring process allows you to identify the pinpoints of biasness and can help you to foster a more diverse talent candidate pool.
Importance of data in interview stages.
Leveraging data in talent acquisition can boost your process through allowing you to make a structured and well-informed decision.
We’ve classified this sub-section into two broads where strategic workforce planning with recruitment data can help you construct reliable decisions:
Sourcing:
- Sourcing channel selection:
While choosing your recruitment channel, analyze the most effective channel in terms of cost, quality hire and adherence to timeline. For attracting top talents choose the recruitment channel which satisfies all your factors like your budget and target candidate audience.
- Demographic selection:
Utilize the past data to choose a specific demographic to ensure that you acquire a diverse talent pool and skills to approach a qualified candidate pool. You can leverage job posting analytics to identify the keywords to attract quality applicants.
Selection process:
- Performance measurement:
Implement skill-based assessment for the candidates aligning with the job requirement. Analyze the assessment carefully and use the Data to evaluate the candidate’s performance to measure the top performers.
- Fair process optimization:
In the case of a panel interview, take feedback from fellow interviewers about the candidate. Analyze the interview scores from them to ensure that the shortlisted candidates don’t face any bias with respect to gender, religion, race. Take initiatives to mitigate the discriminatory practices during the selection process.
Power up your recruitment process with data.
Data analysis in the hiring process can help you identify the bottlenecks in the process and the factors causing inefficiencies.
To ensure that you identify the gaps and loopholes in the process, here are some essentials that can help you to make a smooth shift towards a data driven hiring process:
Each serving the benefit to increase process efficiency, these metrics determine the improvement areas.
- Identify the blockage:
To analyze the factors causing incompetency in the process you need to follow more practical approaches. For example, you can conduct a monthly or quarterly feedback system for the hiring managers asking them questions like “What were the challenges you faced during the recruitment?”, “Do you find the available recruitment sources reliable?”, “What changes would you like to bring to the process to increase efficiency?”
Once you receive the needed data, take actions towards removing hurdles.
- Include technology:
We all know that visual data such charts and graphs can be more helpful to pick out the points that need amendments. Data gathered through graphics will allow you to make quick decisions. You can use recruitment software to do the same.
- Prioritize candidate experience:
Gather feedback about interviews and the application process to accumulate information about the areas you need improvement in. You can use that data for your next recruitment drive to make sure that your process is simplified and adheres to the timeline.
“A good leader walks with everyone.”
Being the HR leader, you are empowered to lay the foundation of a well determined and data focused organization. As much as implementing the above discussed strategies is important, educating the workforce around you is equally important. Here are some ways to amplify the necessity of data driven organization:
- Conduct training programs to equip the HR managers with why having a data-driven enterprise is essential.
- Encourage open communications about data insights among recruiters, HR team and hiring managers.
- Embrace a culture of improving through continuous learning using review and feedback data.
By 2025, smart workflows and seamless interactions among humans and machines will likely be as standard as the corporate balance sheet, and most employees will use data to optimize nearly every aspect of their work.
Insights by McKinsey
The organizations today are rigorously working towards redefining their recruitment process to achieve a successful hiring. Proper analysis of data improves your decision making, reducing the cost and increasing the turnover.
Many companies still don’t believe that strategic workforce planning not only yields you returns in the current scenario, but it can also help you understand the future talent needs.
The road to be a data-driven organization is not that complex. You can start today and make your every decision worthy.