Are you sure you want to logout now?
A recent article in Forbes magazine highlights, “Those HR teams who can seamlessly work with data are the ones who will recruit most successfully in the coming years.” So what does hiring driven by data analytics really entail?
ERE Recruitment Intelligence explains: Data is the raw capture of information or statistics used in analytics. Analytics, imperative to survival, is using that data to predict what the future may hold.
Let us understand this with the help of the example of Xerox. The company was investing heavily in training employees and realised that each employee leaving the company was costing them a lot. They wanted to remedy their hiring process in order to ensure that they hired candidates who would stay with the company for longer periods. They implemented data analysis in their hiring process to help Improve Talent Acquisition.
The focus of Xerox’s effort was to identify correlations between efficient, long-term employees and their scores on personality traits. They found certain personality traits indicative of a good employee and focused their hiring efforts on applicants with similar traits. The result: Premature attrition rates fell by a fifth during a six-month trial.
Whereas the requirement for each organization differs, most recruiters create a model focused on data analytics approach: Select applicants and then statistically measure the success of each step of the model. For example, if the conversion rate from an applicant to the job offer is low, then the recruiters might want to change the way they market the job vacancies in order to receive applications from more suitable job seekers. Once they start receiving applications from desired candidates, they can continue to analyze conversion data from each of the stages to increase the quality of their methodology. The data to be collected would be specific to each organization and each job role. This data analytics approach is great for helping Improve Talent Acquisition.
Recruiting expert, Michael Morell stresses that data is not much help without the requisite analysis. And rightly so. The challenge with data is not the collection but it is the ability to analyse and understand the data. Hence, the best recruitment teams and HR teams must have the right tech and tools as well as the expertise to use the collected data. Morell says, “Personal interaction and communication remain powerful sources of data — often more effective than publicly available information about candidates.”
In predicting workforce requirements: Predictive analytics can provide understanding about the organization’s hiring needs, filling vacancies, and understanding if a company is lacking talent, among other crucial aspects related to the workforce.
Conducting root cause analysis of attrition: Data analysis can reveal the root cause of attrition and help in using this information to make positive changes within the organization.
Targeting available talent supplies: By building a detailed map of qualitative and quantitative data about the availability and supply of talent, organizations can save ample time in searching candidates and reach out to the right places in times of vacancies.
Defining candidate success profiles: Predictive modelling can help employees identify the candidates who possess the right traits for particular jobs. This can help organizations assess how successful and valuable a candidate would be to the organization.
Once organizations have collected data and analyzed it, the resulting information could be used to narrow down the right process or the specific needs, particularly to Improve Talent Acquisition. With the engagement of background verification agencies, organizations can further strengthen their decision-making related to hiring. For example, academic background check results can be matched with data from interviews, document verification results can be matched with the information and answers provided by the candidate during interviews. For organizations, reports from various background checks can form a key part of data collection.
Data-driven recruitment, although, long-term, can shape the business in driving profitability and in creating an efficient organization. However, its short-term results are beneficial too. For those working in the HR, data-driven approaches can revolutionize performance. Are you willing to jump in?
The onset of COVID-19 clubbed with the speed with which it was declared a pandemic led to worries, s...Read More
Be it a budding company or an established conglomerate, hiring a new candidate is an investment for ...Read More
Gone are the days when employees background check was limited to last employment verification, drug,...Read More
Internal Communication is imperative to maintain the engagement of employees for every company. &nbs...Read More
Misleading employers in a resume occurs more often than expected. It is such common practice that in...Read More
What do you consider your employees? An asset or a liability. Many of them consider their employees ...Read More
Social Media has been the game-changer for every business over the years. It is estimated that at le...Read More
Your company might be organizing team-building activities in or outside of the office. Every organiz...Read More
Contract-based support staff verification is necessary to address vulnerabilities and create a safe ...Read More
Bad hires have cost Zappos over $100 million, as estimated by CEO Tony Hsieh. Two hiring mistakes se...Read More
Southwest Airlines allows flexibility to employees. They are allowed to have fun at work and even gi...Read More
Irrespective of its size, every organization has support staff members. Though they are not involved...Read More
“Internship” the word is synonymous with experience, learning, and much more. Internship...Read More
Disruptive innovations are developing new business models and eliminating outdated ones. Due to this...Read More
In times past, employers had to handle HR processes manually, spending an ample amount of time compi...Read More
In today's hypercompetitive world, many business leaders are realizing the fact that the best ta...Read More
Diversity and inclusion (D&I) is an essential topic of discussion in almost every Organisation n...Read More
It is becoming increasingly common for employers to screen potential employees through a criminal ba...Read More
The Client In this case study, the customer is a well-known microfinance organization situated in K...Read More
- Elucidating on the Global Economic ripple effect of the crisis on Banking Regulations and Financia...Read More
“In countries at all levels of economic development, a woman’s personal preference is th...Read More
Over the past decade, FactSuite has earned a reputation as one of India's most premium authentic...Read More
Client: The client is one of Singapore's largest staffing and workforce management companies.&nb...Read More
Since its debut in 2008, the cricket spectacle known as the Indian Premier League (IPL) has captured...Read More
Client: A company seeking to verify the credentials of a potential hire with some alerts in criminal...Read More
Ransomware attacks have witnessed a dramatic surge in India, posing formidable challenges to organiz...Read More
When it comes to hiring new employees, it is essential to conduct thorough background verification t...Read More
As the hiring process for new employees becomes increasingly complex, companies are turning to backg...Read More
Talent acquisition and talent management are crucial processes for any organization to attract and r...Read More
As workplaces become more diverse, it's crucial for employers to prioritize diversity and inclus...Read More
Introduction Under the visionary leadership of Prime Minister Narendra Modi, India is boldly emba...Read More
Table of Content Introduction This Is Why Background Verification Is Vital. Trustwort...Read More