In an interconnected world, the roles of big data and analytics are becoming more apparent than ever. For example, data and analytics technologies often play a crucial role in providing a clearer and concise picture of candidates, in a similar way to how we developed a configuration feature at RChilli designed to omit biases like gender, race, age, etc., in recruitment.
Given the example above, it’s understandable how big data analytics has quickly grown into a multi-billion-dollar industry. In fact, TechTarget details how the demand for data scientists is booming mainly due to the fact that more businesses than ever are relying on insights drawn from data. Additionally, Maryville University illustrates how the U.S. business data analytics market will reach more than $95 billion by 2020 with annual data created worldwide set to skyrocket to 180 trillion gigabytes in the next six years. What this means for recruitment is that taking advantage of the improvements this technology can bring is now more crucial than ever.
CHOOSING THE BEST RECRUITMENT CHANNELS
For many employers, a large chunk of recruitment occurs via newspapers, job search engines, and head hunters. A Forbes article on how data analytics is improving recruitment explains that companies can use analytics to help determine which of these channels is most effective in finding new quality employees. This can be done by looking at their own recruitment records. Data analytics can help an employer find out where their top candidates were sourced from, be it the local newspaper's classified ads or a job-hunting website. With this info, employers can then focus their energy on the right channels and get higher quality applicants.
In line with getting the best candidates for a job, data analysis can even identify what traits should be looked for in the first place. In the case of JetBlue, the company had previously focused on the quality of “niceness” for its flight attendants. This was until customer data analysis performed by the Wharton Business School for the company actually found that customers prioritized having “helpful” flight attendants, rather than having ones who simply had a good attitude. JetBlue then reorganized their recruitment process accordingly, in order to provide a service closer to what their customers really wanted.
According to The Balance Careers’ guide on how human resources can utilize data, another advantage of data analytics is that internal data like exit interviews and internal surveys can be used to make the hiring process more competitive. When understanding popular reasons for employees leaving, for example, a company can pinpoint which policies and practices work and which need improving. In turn, the necessary action can then be taken to make the company a more attractive employer.
Analytics can also look at factors such as the pace the company’s been growing in the past few years in order to predict just how many new hires will be needed in the future. Combine this with the availability of turnover data and employers can easily predict how many roles will need filling within the following year or so. This provides recruiters with time to establish a connection with potential talent in advance, which allows both parties to thoroughly understand what the other has to offer.
Therefore, it becomes apparent just how much analytics can do for recruitment. In a world relying on technology, the early adoption of big data analytics can only provide a competitive edge for your business moving forward.