Data is having an impact on every industry, allowing for more in-depth and insightful analysis which in turn can make processes more efficient. We’re generating data at a faster rate than at any point in history: 90% of the data in the world today was created in the last two years.
Recruitment is one such industry, one that has in the past only relied on intuition, and only really kept track of one metric: time to hire. This measures how fast a recruiter gets a candidate through the hiring process, but doesn’t take into account other metrics which can have a big impact on a company’s workforce.
We now have access to more data than ever, allowing recruiting to be based for real evidence-based decision making in recruitment. While data analysis can’t necessarily decide who should get the job, it can help streamline the process by ranking candidates based on specific criteria.
At every stage of the recruitment process, people drop out of the pipeline. There are dozens of different reasons for this, many of them outside of the hiring manager or recruitment agency’s control. However, data can enable you to understand why people leave, and from there you can start working on improving retention.
It also allows you to see how many applicants you need on average to get a single successful candidate. This ratio can then be improved upon, trimming down the initial number of applicants, saving time and money.
Data allows you to track past successful candidates for any given role, and will enable you to determine what factors contributed to their success. Just how important was their previous experience? Were they university educated? Asking these kinds of questions can create a framework for future hiring.
Beyond that, over time data can paint a picture of who performs best, and who should be promoted.
One of the major benefits of applying data to your hiring process is that you can accurately measure the cost and value of recruitment. Cost per hire is an important metric, and data can accurately track it over time.
According to research, talent acquisition teams are three times as likely to save money and work faster if they incorporate data into their recruitment strategy. It also allows recruiters to track which channels bring in the best talent. This is highly valuable information for recruiters and businesses.
It’s clear that data has a big role to play in the future of recruitment. Data still can’t tell why things happen, and it won’t fix problems on its own. But it can help optimise existing processes, resulting in a stronger, more motivated workforce that can deliver a higher quality of work.
Read about the benefits of RPO, or learn the values your recruitment agency should have.
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