How are Businesses Utilizing Data Within Their Hiring Strategies?

Back in the day, recruiting and data were not even mentioned in the same sentence. But now it’s a whole new world, with a wealth of software and analytics tools available to enhance your hiring process. And if you’re not putting them to good use at your company, you’ll quickly fall behind in the competitive race to attract and retain top talent.

What is data-centric recruiting?

The use of data to help make recruitment decisions is not new. What continue to evolve, however, are technological advancements that make hiring decisions more precise and accountable. Data-driven recruiting is the use of tangible facts and statistics – not just intuition and luck – to help you become more efficient, successful and cost-effective.

Why should you be embracing data as you hire new talent?

With a data-centric approach, you can benefit from measuring quality of hire, which indicates the overall effectiveness of your talent acquisition processes. Other key applicable metrics include cost per hire, time to hire, source of hire, candidate experience scores, and offer acceptance rates.

Data-driven recruiting can help you:

  • Allocate budget dollars: Perhaps tracking source of hire would determine which recruitment channels attract the most qualified talent.
  • Increase your hiring team’s productivity: You may want to track the number of emails recruiters send to candidates to find any specific stages where time to hire might be accelerated.
  • Pinpoint hiring issues: Do you need to redesign your application page or tweak the questions you ask? Or, will your candidate demographics reveal that you’re unwittingly discriminating against a protected group? The answer will be in the data.
  • Benchmark and forecast your hiring: For instance, if you have too few applications, you can make a more informed decision about either sourcing or readvertising a role.
  • Reach better – more objective and legally defensible – hiring decisions: Data analysis will help ensure that you select the best candidate based on concrete measures like assessment scores and structured interview results.
  • Make your cases for process improvements: Have you been struggling to win your case for an employee referral program? Perhaps you can present hard data that will solidify your position.

How do you shift toward data-driven recruitment?

Start by collecting data effectively. Then, act on it. You can use it to help improve all the metrics mentioned above. Use data to assess past practices and make an improved hiring plan for the future. Focus on big-picture numbers that will help you identify any weak spots in your hiring process so you can address and correct them – and ultimately, hire better.

As you build your effective hiring systems and strategies, including the latest technological tools to support your success, turn to PrideStaff Fresno for the guidance and expertise you need to make it happen. We’ll keep you abreast of the latest developments and at the head of the pack in drawing top candidates your way – and keeping them under your roof. Reach out to us today to learn more.