For human resources professionals and recruiters, the big data revolution is here. In a 2017 survey conducted by Inc. and the HR Certification Institute, 80 percent of respondents said their enterprises were either already using analytics for HR purposes or planned to initiate such projects within the next year.
Quantitative information is a powerful force, but organizations need the right tools and processes to plan for the future more effectively and sustain growth. Making the most of big data requires advanced recruitment software and careful strategy. With the necessary resources in place, staffing agencies and employers can operate with enhanced agility and arrive at wiser hiring decisions.
1. Optimizing a talent community
“Low unemployment makes it more important for organizations to market themselves.”
According to the Bureau of Labor Statistics, the unemployment rate dropped by 0.5 percent over the course of 2017, standing at 4.1 percent at the end of November. These low unemployment figures make it all the more important for organizations to market themselves effectively to workers who have in-demand skills. Data insights provide direction for recruiters’ efforts at establishing a distinctive employer brand and cultivating a pool of potential new hires.
Examining analytics findings can reveal how candidates hear about a company and come to submit their resumes. An online community centered on a job board serves as a centralized hub and provides visibility for recruitment activities. As hiring professionals take advantage of fresh insights, they convey a strong employer brand to applicants, making it easy to get in touch right away as opportunities emerge.
2. Improving your hiring criteria
Many factors go into choosing the right person for a job, and that decision can make a huge difference in an organization’s long-term results. A Gallup analysis found that when companies select among the top 20 percent most qualified candidates for open positions, it can bring about 10 percent higher productivity, a 20 percent rise in sales and a 10 percent decrease in turnover rates. On the other hand, making the wrong call often means losses due to diminished productivity and time wasted on the onboarding process.
The opportunities for boosting profitability and efficiency are major reasons why companies are investing in analytics for HR. When hiring professionals know what background and skills are correlated with success as a new employee, they can adjust their screening criteria appropriately. Staffers and HR departments can also make more strategic choices when reaching out to passive candidates via social media.
3. Using artificial intelligence to make better matches faster
One of the most significant ways that data is improving hiring is by allowing HR specialists and staffers to harness AI for candidate matching. With automated scoring, hiring professionals gain immediate perspective on what applicants are best suited to fulfill the requirements of a job. AI simplifies the process of sorting through applications and frees up recruiters’ time, so they can focus on personally engaging with candidates.
Jobscience was created to streamline and empower the work of hiring professionals by providing them with tools informed by the latest in data science. With AI staffing software integrated into Salesforce, finding great workers is faster and easier.