Human Resources sits on the cusp of its next revolution – the age of data analytics. Data analytics is the force that drives newly founded organizations to the top of the hiring chain; surpassing companies that have stood strong for years. So, what is it that the Facebooks, Amazons and Googles of the corporate world have that others don’t? The answer is simply that they have begun to harness the power of data in innovative ways. Using correct and relevant information helps them leapfrog through the hiring process. This information might have taken years to obtain without the necessary recruitment analytics tools to guide them towards enhanced hiring techniques.
Fast-forwarding to recruitment today.
Recruitment, the most challenging aspect of Human Resources, is at the focal point of this revolution. With the crème-de-la-crème being swept up by a few handful of companies, it’s time Human Resource professionals deep dive into some serious recruitment strategies. Recruitment analytics tools enable companies to set up recruitment models that are reliable and measurable. The key is to shift the focus from historical data and intuition to current market trends and scenarios. For a landscape that is constantly evolving, only real-time data provides HR with the support it needs to make effective tactical moves. HR analytical tools put highly customized information such as talent densities, average closing times and targeted competitor intelligence in the capable hands of HR strategists and policy executioners.
What can the right strategy do for recruitment?
Strategic recruitment solidifies an organizations presence in a competitive recruiting environment. By adopting a strategic approach to hiring, companies can build themselves up as a preferred employer brand. This branding resonates with every recruiting effort made by the organization, thus amplifying its effects. A good strategy means better differentiation between hiring competitors and more derived value from hiring budgets. Not only do companies become excellent recruiters, but their unique hiring reputation spills over into retention. Employees who take pride in being hired at a company are less likely to leave it, thus lowering attrition rates.
A well formulated strategy employs the use of accurate prediction and forecasting models. By implementing these techniques in early stages of recruitment, an organization can build itself sustainable talent pools and strengthen its hiring caliber. HR can prepare itself for workforce contingencies and ensure smooth functioning of operations.
Fine-tuning strategy through recruitment analytics tools.
The key to a good strategy is reliable information. If leveraged in the right ways, the intelligence gathered from recruitment analytics tools makes a tangible difference to recruitment bottom-lines. Having the assurance of analytics tools, recruiting specialists can accurately determine how much time it will take to fill a position. This shifts the focus from speedy hires to quality hires. Talent concentrations indicate the best advertising avenues which leads to reduction in hiring campaign spends. It also pin-points niche talent pools, saves recruiting efforts and helps identify which recruiting pipelines are the most effective. Having competitive intelligence for recruitment makes all the difference between high performance hiring and sweeping up the industry’s left-over talent. It enriches the head-hunting capabilities of recruiters who are given talent-rich hiring options from the relevant industries. Competitor intelligence derived from recruitment analytics tools is no longer restrained to one industry. It spans across industries opening hiring avenues that recruiters might not have previously thought to consider.
The implementation of recruitment strategy can only come about with a change in the mind-set of the hiring hierarchy. By weaning strategists off intuition and experience-based planning, the organization paves the road for a more systemic improvement in talent acquisition.