Companies that rely on data expect a better financial performance. A Harvard Business Review study, “The Evolution of Decision Making: How Leading Organizations Are Adopting a Data-Driven Culture,” reveals.
This is a definite indication of the importance of data in the modern business world. There is and has always been a lot of pressure on organizations to take timely and accurate decisions and therefore more and more organizations, irrespective of the domain are considering data as an extremely important tool in their decision making process. It gives an actual proof of the factors which are working and which are not. Therefore, it is sensible to rely on the data rather than just going with your instinct. Relevant data is available, if one finds the right source, which makes things a lot easier for the organizations. But all this is of no use if organizations can’t analyse it to give the fair enough indication of the current situation and take their future decisions on its basis.
Departments like marketing, sales, R&D and IT have, long before started utilizing data in their decision making process. They understood that it holds extreme significance to compete in a data driven world. Unfortunately, recruitment is one of those departments which has not really taken complete advantage of the data analytics till now. It is high time they involve it in their hiring process. We just can’t afford to go with our instincts anymore. There has to be a balance between the data and the instincts to come up with the most accurate decisions.
Here are some of the advantages of using data in your recruitment process:
Learn from candidate behaviour: Data gives insights into the behaviour of the candidates. It can be a blessing for the recruiters as well as the company. It gives recruiters an opportunity to distinguish the sources from which they get quality candidates and know how the candidates are applying for the vacancies, where they are located and also what device they are using to search and apply for the jobs.
Evidence-based recruitment process: A recruiter who considers someone as a top candidate gets rejected by the hiring manager. This type of scenario does come up a lot in many organizations. A great deal of time gets wasted in such circumstances and the process to fill a particular position gets lengthier as well. In data-based recruitment, the recruiter gets the power to carefully analyse the candidate before forwarding him/her to the hiring manager. This increases the probability of hiring quality candidates in shorter time.
Discover factors that impact: Data gives you the ability to find which of the recruiting factors are having the most impact and which are not in the hiring success. For example, you may want to review the external sources on which you publicize the open positions. You get to decide on which sources to continue with and get rid of those which are not working. There is no denial that data makes your recruitment process even stronger.
Conduct video interviews: This is a new trend in the recruitment industry. With the help of technology, recruiters now have the ability to assess a candidate’s technical ability through videos. The candidates can appear for technical test using their smartphones from anywhere in the world. All a recruiter has to do is to go through their videos to check the reliability of the candidate. It is also an employer branding opportunity for the organizations.
Salary insights: Salary plays an important role in attracting a candidate. Many of the last minute backouts are because of salary. Recruiters should Paywatch and keep themselves updated with the salary trends in the industry. So every time a recruiter think of approaching the candidate, he/she know how much to offer as per the industry standards and can put the message across to the candidates who ask for unreasonable hikes.
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With an overall experience of 4.5 years, Akshay Moon is someone who specializes in content marketing and has always managed to create quality content. He is currently working with Rezoomex as a Digital Marketing Executive.
Passionate about sports, particularly obsessed with cricket, anything related to the game is enough to attract Akshay’s attention.