How to Leverage Data to Improve Hiring and Attract Talent
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According to Harvard Business Review, top performing organizations are 5 times more likely to use data to make decisions—a big step in the right direction from the way we historically gathered and used data. Data is no longer used as a supplement for decisions, it is used to empower us to make those decisions. It is used to spearhead change and make driving decisions that can affect a company's future. Data has come a long way — what was once seen as just groupings of numbers and percentages in spreadsheets and simple graphs, has now skyrocketed into an intricate and engaging process involving data visualization charts, complex figures, and entire presentations that compile numbers from across your business and analyze them in a way that actually makes sense. We now have the power to use data not just to reflect, but to move forward.
Given the low unemployment rate, there is intense competition in the job market. Companies across the US are looking for ways to standardize their hiring processes and try more innovative methods to attract and hire the best candidates. Businesses that leverage data are achieving some impressive results.
Harvest Relevant Data
Data-driven recruiting speeds the process of identifying, contacting, and hiring the best talent, with greater efficiency at reduced cost. Many companies already have the relevant metrics to be applied in a data-driven approach to hiring. Advanced software collects a range of data that can be accessed and filtered to develop a streamlined, effective hiring process, including:
- Candidate source
- Candidate location
- Cost-per-hire
- Quality of hire
- Retention rate
Correctly Analyzing Data
Data is useless unless it is correctly analyzed. To make the most of harvested data requires identifying the current areas of weakness in hiring, including bottlenecks, hiring problems, as well as evaluating what the competition is doing to attract and hire the best talent, and finding ways to automate the repetitive processes performed in HR. While it may appear that collecting and analyzing data for hiring is a task that will have a negative impact on production, the fact is that once these processes are established and functioning, HR personnel are freed to perform other tasks that will be of much greater value to a company.
Rework Your Hiring Process Based on Data
Your hiring process may have some processes that are close to antiquated. One of the greatest burdens on HR personnel is the repetitive processes they must perform to identify, contact, hire, relocate, onboard, and train new hires. Taking advantage of platforms that automate the process will streamline and expedite hiring and help avoid the risk of losing the best talent to another enterprise, simply based upon speed. There are a number of technologies out there that can help HR teams source and qualify potential candidates. As a side note, millennials in the job market are far more likely to be attracted to working at a company that uses advanced technologies like these.
Spread a Wider Net
The best talent often lives in another city, state, or country. When searching for candidates, it is vital to attracting people living in other locations, as many will be willing to relocate under the right circumstances. It is wise for HR departments to spread a wide net when looking for qualified candidates and have their employee relocation processes down to a fine art.
However, the number one reason relocations fail is that employees and their families struggle to acclimate to their new city. Using the power of data to help educate relocating employees or potential candidates about a city through the experience and advice of their future colleagues is one way to ensure this doesn’t happen. HR departments should consider surveying current employees about where they live, how they get to work, and what they like to do in their city, to equip potential employees with the data they need to make a better decision about relocating for a company.
Automated Platforms: Choose Right.
Leveraging your data involves implementing platforms that can automate as much of the advertising, hiring, onboarding, training, and relocation to a new city or state is a critical point in whether your company can keep up the pace. Any platform accessed by a potential candidate or new hire must offer features they appreciate, including being easy to access and navigate, no matter what process is being performed. Ensure any platform you choose in automating the hiring process is tested by many of your current employees before committing. Implementing new platforms can be a lengthy process – and far too extensive for you to choose a program that confusing to users, unable to integrate with your existing systems.
Data is a Two-Way Street.
You know a lot about the candidates you are trying to recruit – and they will find out much about your company within minutes. They will search employee reviews, look over social media posts related to your business, review your company website, and may interact with former or current employees. Introduce the culture of your company in the most positive light and put a human face on it – it matters now, more than ever. Data-driven hiring takes this into account when restructuring the hiring process.
Wrapping Up
Leveraging data dramatically improves the success of your recruiting program. When implemented correctly, technology allows for cross-functional visibility by bringing your data into one place, thereby increasing efficiency and powering strategic recruiting decisions.
Michael Krasman is a serial entrepreneur who has co-founded five high-growth businesses over his fifteen-year career. He is currently the CEO and Co-founder of UrbanBound, a cloud-based Relocation Management Software company that is reshaping the way employers offer and administer relocation benefits to their employees.
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