Recruiting is evolving with technology at a frenetic pace. The future will be more machine-driven than perhaps ever before in the ever-expanding quest for recruiters who have to ensure they are hiring the best quality candidates.
Together, predictive and prescriptive analytics are the future in helping talent acquisition teams to move forward with confident sourcing, recruiting and hiring decisions. The technology benefits nearly every part of the process.
New research being unveiled in the new year from WCN and Universum will really bring this to light. Let me offer you a sneak preview of some of the findings.
- Competition is tougher than you might imagine – Where thousands vie for roles, only 2% make it to the offers stage, whereas an average of 70% of candidates find themselves screened out from the start
- Fallout rates are big so engagement is king – Decline, withdraw and renege rates vary across the world but a universal findings shows that from the thousands applying, the numbers falling into one of these three groupings are consistently in the hundreds.
- Diversity continues to be a big challenge – Female applications underwhelm male applications and ethnic mixes have significant gaps.
The need for data-driven evidence has never been more significant – recruitment will always be a battleground but predictive and prescriptive analytics enable organisations to create recruiting decisions that are:
- Free of inherent biases
- Faster and more efficient
- Based on probabilities/scores like schools attended, grades, work history, etc.
In essence, predictive recruiting scoring and analytics ensures you connect with the right talent, not just the right now talent. Let’s take a look at some benefits.
Predictive and prescriptive analytics can quickly identify the applicants or candidates who are more likely to perform well within the role. At a basic level, this obviously means that administrative burden is lowered. Recruiters save time ranking resumes or CVs and pre-screening applicants, creating a limitless capacity to connect with and screen potential candidates.
Predictive recruiting and scoring can also provide insight into the talent pool you've already formed, pulling candidates and applicants from the past. This technology ensures you are connecting with the right talent.
Predictive analytics open a window into the candidate’s skills and fit. Talent acquisition teams can use their predictive recruiting scoring to accurately assess candidates without even glancing at a resume. The technology cuts through the time needed for screenings by comparing applications and shortlisting those candidates who score highest.
Shortlisted candidates are most likely those that competitors want to hire. Predictive analytics pull those candidates to the top, giving you the competitive advantage in connecting with them quickly. Further, predictive analytics can help recruiters mine their existing talent pool to discover candidates who might have gone unnoticed in a manual or non-intelligent process. For instance, algorithms can help recruiters expand beyond longstanding criteria like having attended an Ivy League school, enabling them to find needles in haystacks and diamonds in the rough.
Shortlisted candidates are most likely those that competitors share an interest in hiring. They are qualified and skilled, making them a hot commodity. Predictive analytics pull those candidates to the top, giving you the competitive advantage in connecting with them first. Quicker response rates could mean the difference in a fielded or accepted offer. Additionally, recruiters are less burdened by paperwork and process, providing the opportunity to build connections with their candidates.
The more positive interactions between your company and talent, the better the candidate experience. Predictive and prescriptive analytics means a lowered time to hire and a decreased burden on the team or department with a job opening.
Predictive and prescriptive analytics can measure the percentage of diverse hires, helping organisations overcome discrimination. That way they can monitor where marks are missed and where improvements can be made for better diversity strategy success.
The future is here and it’s making hiring a whole lot smarter. With analytics, organisations can improve everything from the candidate experience to overall performance. So are you ready to embrace the future?
Charles Hipps is CEO and founder at WCN