Why Analytics Are Key to Effective Recruitment
Digital analytics are transforming the recruitment process by providing new, creative ways for recruiters and employers to source and hire potential employees.
Many databases have been designed to collect and categorise information related to potential hires and recruitment, enabling you to clearly see which types of candidates and talent are drawn to your marketing and job advertisements. Having easy, organised access to this data gives you the ability to create a tailor-made marketing approach focused on the ideal candidate.
In addition, analytics provide recruitment agencies with ways to quantifiably measure variables important to the hiring process, including the number of interviews necessary to fill a job opening, the average time it takes to find and place a new hire, or the financial cost required per candidate. Staffing oftentimes comes at a high cost for many businesses, but using analytics to target appropriate candidates and track the recruitment and hiring processes leads to more cost-effective solutions.
Economic and efficient
Not only will the use of analytics save you money, but it also ensures that you are able to increase the quality of candidates being considered for your open positions. Utilising the data produced by the recruitment process can reveal valuable information regarding whether or not a potential employee will be a high-quality and high-performing hire. Hiring the wrong candidate can be detrimental to a company--it not only negatively impacts a team’s productivity, but also its valuable finances. Wasting time, money, and energy on hiring candidates who are ultimately not a good fit for your company can more easily be avoided by using analytics in your recruitment process.
Hiring for diversity is quickly becoming a key factor for consideration in the recruitment process, and using analytics allows you to target diverse hires. Because analytics allow you to monitor and categorise demographic information such as race, ethnicity, and gender, you are able to bypass some of the challenges of traditional recruiting methods while targeting for equity within the recruitment process.
Be attractive to high-quality candidates
One of the most valuable benefits of using analytics may not be one that immediately comes to mind: it also allows you to improve the recruitment and hiring experience of the candidate. Just as you are looking for the right fit in a candidate, the candidate is searching for the right fit in an employer. A high-performing candidate is likely impressed by a high-performing recruitment and hiring system. Inefficiency and poor communication will be a deterrent to them. New hires can often enter new roles disgruntled from the start because of poorly managed hiring practices. Ensuring an efficient process is more likely to keep a potential candidate interested in working for you and gives extra assurance that they will remain satisfied and happier once hired.
The variables impacting a candidate's experience are brought to light through analytics, allowing you to easily measure the effectiveness and value throughout your process. You will be able to access a number of factors, such as the time it takes to hire a candidate from initial contact to the signing of a contract. Even this can reveal whether or not a candidate is likely to withdraw their application, so assessing the analytics of your process can serve to help you mitigate the likelihood that a candidate will become dissatisfied with the process, increasing the odds of keeping strong and suitable candidates interested.
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