Today we want to have a look at another Recruitment Trend which kicked in already a couple of years back but will make massive impacts this year.
We want to go into the world of Data- Driven Recruitment but before we do that have a look at the journey towards it.
I can remember speaking to some mature recruiters, when I first started Recruitment at Huntress Group in London, who started their journey in the 90's, they kept complaining about the queues at the fax machines. Recruitment then was bulletin boards and newspaper ads and sending CV's in the post or via fax machines. Long live the filofax too.
In the mid 90's Recruitment changed forever when the first online job boards popped up with the likes of Monster and Indeed. For the first time applicants could apply for jobs online.
Fast forward 20 years Recruitment Companies are now producing massive amounts of data due to email and offline communication, CV's, data the internet is giving us, application procedures, candidate screenings, ATS and CRM input/output and interfaces to 3rd party systems and job boards, etc.
HR Analytics is definitely the future and the growth of intelligent Recruitment Platforms will reshape Recruitment.
The tech geeks have arrived, shout it out into the Recruitment World.
But what is Data- Driven Recruitment? It basically uses tangible facts and stats which helps you to select and hire the right candidates. It makes your Recruitment more efficient, it reduces costs and improves your hiring.
The metrics you have used in the past like time to hire, offer acceptance rate and source of hire are still used but what has changed is the way you use it.
Let's pick out the time to hire (TTH) as an example. In essence the quicker the hire process the better the candidate experience.
But is this the whole truth? It surely shows you how quick you hire but does it tell you how to hire faster? I don't think so.
Through Data- Driven Recruitment you can now put this process with the use of data into several steps and make it more actionable:
1. Application to Phone Screening
2. Phone Screening to On-site
3. On-site to Offer
4. Offer Extend to Offer Accept
5. Offer Accept to Start Date
Around these steps you can build nicely a Data- Driven Recruitment Strategy. You can even take it a step further and measure the time between these phases. If you see that in several hires there is a longer gap between one of the phases in particular you can then identify these inefficiencies and amend your recruitment process accordingly.
In a nutshell building a world class Data- Driven Recruitment Strategy and using the data you have clever will improve your workflows, will give you near-immediate access to records and metrics, will give you a real-time job matching and predictive analytics.
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