Data driven recruitment is on the rise – and for very good reasons. You may have heard of this term as people, talent or HR analytics, but essentially, they all mean the same thing - the application of statistics, modelling, and analysis of employee-related factors to improve business outcomes. From candidate habits to trends in productivity, there’s a wealth of information available for you to utilise, you just need to know how to harness it.
How data driven recruitment can help your company
Making use of this method will allow you to make smarter, and more informed decisions regarding everything to do with talent management. There’s no longer any need to take chances and go on ‘gut instinct’, instead you can make calculated decisions on the things that really matter. Making choices based on facts and data has countless benefits for your business, and is always going to be the right move. Here are a few ways that it can help transform your people strategy.
Improve your recruitment process
There’s no doubt that having the right people on your team is vital for business growth. And the best way to ensure that you find these professionals is by hiring through a specialised recruitment process, which has been developed and adapted following people analysis. According to Bersin by Deloitte’s WhatWorks brief, employers who use data during recruitment are three times as likely to reduce costs and twice as likely to improve their recruiting efforts. Much of this is down to being able to see which methods have been successful in the past and then focussing on the processes used.
Data can allow you to identify if your employees are thinking about moving to another company, and help you address the problem early. By tracking behavioural patterns and problem areas in the business, you can use analytics to start looking for underlying causes and develop strategies to pre-empt losing valuable talent. Similarly, you can use the information to find out which activities maximise employee engagement and invest in these areas too.
Predict hiring needs
Data driven recruitment and strategic business planning go hand-in-hand. The two can be used to calculate future demand and the workforce requirements needed to meet them. Mapping external markets and having a database of your team’s achievements and skills will allow you decide whether it is best to hire more employees or upskill your people, creating a way of acquiring talent through informed decisions.
With all recruitment activity tracked, and employee profiles recorded, you will be able to see where you are falling short in terms of creating a workforce that genuinely represents your client base and the wider community. You will also be able to leave unconscious bias at the door, and introduce a more fair and systematic approach to finding the right talent, as you are recruiting based on science, rather than speculation.
Why a joined up approach is needed to maximise benefits of data driven recruitment
An in-house talent management team is best positioned to utilise people analytics to its full capacity, and is also needed to harness the full power of big data. As they will have an overview of the entire business, and a true understanding of the company’s goals, they will be able to make decisions in line with this. To really make data driven recruitment work, you need to have open access to all departments in the firm so that creative solutions can be devised. With data on employees often kept in separate systems, it is already difficult to get a big picture view of what long-term success of a hire looks like, which is another reason why it is important to have someone positioned in-house and that knows the company inside out. Calling on both talent analytics and wider metrics will put your business in a stronger position, you just need the right people managing the process.
For more help with creating a sturdy and personalised recruitment process in-house, get in touch today.