Today, organizations acroos the world are leveraging the power of big data in everything, right from designing workplace policies to social media recruitment. Big data has become a buzzword in business circles today. Big data can help a lot when it comes to talent acquisition.
Here are 6 Ways how big data can help in recruitment process:
1. Analysing Historical Data
Data analytics is used to identify hiring patterns and trends based on existing data collected from the hires in past. It can help in reviewing the progress made by employees hired in the last couple of years, skill sets and experience levels shared by the most successful employees, sources of good hires and more. It also helps in narrowing down the characteristics shared by those who weren't make it on board or were unsuccessful after being hired. This helps in avoiding hiring of poor-fitting candidates in the future.
2. Screening Potential Talent
Based upon the information collected by analyzing past data, companies can make smarter decisions while screening new candidates. Big data can help in choosing the skills, education, and experience that are important for organization and the post, and sort through the talent pool more effectively. This process becomes far quicker and easier if applicant tracking software is used which automatically filters applicants based on relevant criteria, rather than manually screening each application(s).
3. Predicting Recruitment Gaps
HR data analytics can help in forecasting potential job openings. This is especially important for roles that seriously impact revenue generation. Companies can compare critical metrics for success in the business against past hiring trends to understand where there is a requirement of taking a proactive approach towards finding qualified candidates.
4. Identifying Hiring Obstacles
HR data analytics helps in finding historical patterns and predict future hiring needs. And, it also helps in pinpointing the hurdles in recruitment process. If the application process is too complicated, companies can lose good talent right at the start. Or, a complex onboarding process could be affecting new hire retention.
5. Interpreting Measurable Data
The biggest difference between big data analytics and conventional HR tracking is the evidence-based information. Not only can this be tracked more effectively, but also measured empirically to identify real results. This helps to demonstrate the value of new hiring policies or procedures to the team. Rather than relying on anecdotes, companies can present hard facts and statistics to back up all the recruiting efforts.
6. Reducing Time-to-Hire
One of the most important aspects of planning a recruitment strategy is minimizing the amount of time taken to hire a qualified candidate. A data-driven applicant tracking system can help, by filtering data, pre-screening applicants and reducing the amount of time spent searching for information. Along with automating many steps of the recruitment process, online recruiting software can also help with predicting future sourcing needs. This reduces time-to-hire and improves the organization's bottom line.
Therefore, leveraging the benefits of HR data analytics for business can transform the way of recruiting new employees, saving up time and money as well as ensuring better hire quality.