Over the years, your company has most likely collected a significant amount of numbers and statistics from your recruitment efforts. Without context, this information can be useless—but by taking the right steps in using the data, you can vastly improve your recruitment strategy.
How do numbers translate to elite talent?
The goal of every HR department is to find the best talent for the position available. Time and time again you've probably hired a candidate who looked great on paper, but just didn't pan out for one reason or another. It happens to every company, so you're not alone. The key to leveraging data lies in your faults and accidents—after you understand those, you can begin to use the numbers to your advantage.
Data can be used to review decisions you've made, how they've worked in favor of (or against) your company, and how you can identify great hires more quickly in the future. Think of it as "Moneyball"—the story of how sports embraced analytics—but for a recruiting department. Here are a few areas you can look at to help formulate a strategy centered on big data moving forward, according to Career Builder:
- Job listing coverage: Review the areas you're recruiting from and cross-check them with your turnover rates. Do people from one area tend to fall into a higher category of turnover rate? Where have you found the most candidates who have both excelled at their job and stuck around the longest? By categorizing retention rates with hires from different regions, you can begin to narrow down your recruiting search and yield the best talent.
- Losing candidates in the process: When you lose a candidate during the recruitment process to another company, log how long the process took you. If you're finding you lose more applicants the longer the process is, it may be a sign you need to speed things up—or restructure your methods and procedures.
- Compensation: How much you pay for a certain job may be lower than the industry average, which can keep applicants away from your listing. Use a salary aggregator like Glassdoor, and connections within your industry, to understand where some of the elite talent is going and why. It could be for something as simple as a couple of extra days of paid time off or work from home benefits.
How do you get data?
Acquiring vast amounts of data is a tricky procedure to do manually—it would involve countless hours of logging information into a spreadsheet. An applicant tracking system (ATS) can log this information for you with every résumé submitted. This allows you to focus on interviewing candidates and responding to them quicker, knowing the information will be readily accessible when it's needed.
Companies that quickly adjust to recruiting with data in mind will immediately be a step ahead of the game. A recent Software Advice study found 63 percent of small businesses aren't using analytics at all in their recruiting methods. Move to the front of the pack with analytics guiding your smart hiring decisions.