Power Up Your Hiring Initiatives with Predictive Analytics

Author: Ian LeBruce
Date: 25/01/24
Time to Read: 5 minutes

We see it all the time. Recruiters and hiring managers struggling to build and scale bigger and better teams while also enabling objective hiring that is free from bias and prejudice. 

Given the number of people that are part of the hiring process in any organisation, manual processes, the over-reliance on siloed tools and systems, and the personal dispositions can all wreak havoc on the hiring function. Since hiring requires substantial time, money, and resources to sift through thousands of CVs and conduct hundreds of interviews, missing out on quality hires due to human errors and bias is a global problem. 

Predictive analytics and its role in the hiring process 

As data is becoming increasingly crucial in day-to-day life, HR teams can benefit greatly from analysing the massive volumes of data about candidates, company needs, industry trends, and more. Acting as a gold mine of valuable information, taking a data-driven approach to hiring is an absolute must in today’s dynamic environment where the struggle to plug the skills gap is rampant. 

Predictive analytics offers a great way to hire the best candidates for new openings consistently and efficiently. It offers endless benefits over traditional hiring practices. From providing insight into the effectiveness and value of recruitment processes to keeping track of high-potential candidates, to actively nurturing future hires and to creating a robust pool of skilled talent – predictive analytics plays a profound role in all elements of the hiring process.

The benefits

Saving time and reducing costs are two primary goals of any hiring manager. And that’s what predictive analytics helps accomplish. Platforms with built-in analytics capabilities offer a great way to save significant time and cost of hiring while maintaining objectivity. Using advanced algorithms to source, score, and rank talent, predictive analytics helps in identifying the best-fit candidates for each role. 

Here are what I consider the 6 most important benefits that predictive analytics bring to the hiring process: 

  1. Minimise human errors: Predictive analytics, along with smart built-in automation, helps in removing bias and human errors from traditional hiring processes. Instead of relying on human perception and judgment, predictive analytics makes use of candidate data to evaluate their skills and capabilities and align them with the requirements of the role. 
  2. Maintain objectivity: Rather than relying on human emotions or perceptions to recruit candidates, analytics allows for candidate CVs to be assessed on a myriad of different parameters to determine how the profile matches the job at hand. It also aids in assessing candidate performance capabilities and their career trajectory, benchmarking them against peers from similar job categories. 
  3. Recruit best-fit candidates: Recruitingplatforms with predictive analytics allow companies to source and recruit the best-fit candidates for different roles. When armed with candidate sourcing capabilities, recruiters can access millions of profiles from different platforms and use analytics to funnel the best ones directly into their ATS – thus ensuring quick and accurate hiring. 
  4. Predict candidate retention and performance: Predictive analytics can not only help in bringing the best people on board; it can also predict candidate retention and performance, allowing recruiters to make the best-informed hiring decisions. By assessing candidates on their length of job tenures and benchmarking them against industry standards, predictive analytics can better understand the industry and geographic variations and showcase factors that are likely to influence turnover in the future.
  5. Unearth recruitment roadblocks: Analytics also plays a huge role in unearthing recruitment roadblocks and inefficiencies. By constantly analysing tasks and activities, predictive analytics can deliver objective insight into the effectiveness of recruitment while empowering managers to take steps to improve operational processes. 
  6. Ensure timely hires: Given how complex and time-consuming the hiring process is, predictive analytics paves the way for proactive recruitment – rather than reactive. For instance, if an employee has handed in their notice, analytics can empower recruitment managers to float the opening in internal or external job portals and find a replacement – much before the current employee has left – giving sufficient time for knowledge sharing.

Summary

Modern recruiting platforms with built-in predictive analytics and AI capabilities open doors to several efficiencies in the hiring process. Being highly customisable, these platforms allow companies to drill down into specific analytics they require, tailored to their specifications, while also allowing seamless integration with existing ATS, job boards, and recruitment systems.

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