Ways Recruitment Analytics Can Power Up Your Hiring Efforts

Posted by PegasusKnowledge on March 22nd, 2021

In order to grow and get ahead of competitors, the best organizations need to stay on top of their game all the time. This begins with the strengthening of internal processes and calculating their effectiveness in driving your business forward.

Given that your employees have a critical role to play in fuelling the success of your business, talent management and hiring processes should also be given the same amount of attention, if not more.

Despite a wide talent pool being available in the country, surveys have shown that 69% of employees often face difficulties in finding the right fits for open positions.

Yes, finding talent can be quite a challenge. However, it is critical that you hire them fast to fill up critical positions. Inability to do so affects your bottom line and also leads to project delays.  

That’s not all. To propel your business ahead, you don’t only need to source qualified talent, but you also need people who will complement your company’s culture, and stay productive and driven at the workplace. HR departments often struggle with these aspects of recruitment.

These requirements can easily be filled with the help of recruitment analytics. It can also play a critical role in streamlining the entire talent acquisition process.

What’s Recruitment Analytics?

Recruitment analytics involves the usage of data-driven recruitment metrics and other useful insights to find good candidates for a wide range of roles in your company.  It also helps to keep a track of their performance once they become a part of your organization.

This is a handy tool as it:

  • drives down recruitment costs
  • helps you to gain a wider understanding of all the aspects that have a bearing on how hiring takes place.

Such predictive workforce analytics solutions analyze and consolidate data patterns and break them down on your dashboard so that you can come to better, well-informed hiring decisions in the future. This will be instrumental in improving your staff fill rates, reduce time taken to review applications, boost the screening and shortlisting process and make it more accurate too.  

With the help of these insights, you will gain information about:

  • The time taken to hire new employees
  • Whether candidates are right for the open positions
  • Offer acceptance rates
  • The amount of money you are investing in filling a vacant position
  • The efficiency of your HR department in hiring employees
  • The performance of the freshly hired employees and their satisfaction levels
  • The effectiveness of the recruitment funnel
  • Workforce composition

Your company’s talent is the backbone of your business. So, it makes sense to invest in a variety of people’s analytics solutions in order to hire the right matches and enhance their productivity and job satisfaction levels.

While most companies are using these business intelligence solutions in powering up their customer acquisition efforts, HR departments are yet to harness the full potential of candidate data to boost their hiring efforts and thereby play a bigger role in fuelling business success.

But better late than never. Happy employees eventually translate into better performance at work, which means better business results. So, set your HR team for success with the help of such people’s analytics solutions today!

Author’s bio: The writer is an HR specialist and this article is about the advantages of using recruitment analytics.

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Joined: August 26th, 2020
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