In present-day market conditions, predictive analytics has become an important tool for employers to improve the hiring process. By combining data and current inputs, predictive analytics assist employers in making predictions about candidates and helps in making the talent acquisition process more efficient. To understand how, let’s take a closer look at it.
What is predictive analytics?
Predictive analytics is a kind of data analytics that incorporates data in detecting patterns and then uses those patterns to predict future behavior. Predictive analytics cannot exactly predict the future, but it can reflect what might occur in the future after considering past examples. The ability to make such observations helps make the recruitment process shorter while giving strong results. When working in a competitive market, this ability helps employers recognize top talent and present them with an offer swiftly in comparison to their peers.
In the talent acquisitions process, using predictive analytics for hiring has received much praise and investment for its benefits. Various technological advancements have helped in refining predictive analytics in the last few years. The development of cloud-based applications has enabled the growth of predictive analytics in hiring, which is used to integrate employee lifecycle data into one data warehouse. New applications are allowing data storage, processing, and analysis at a much more affordable price. Further, business intelligence machines have become cost-effective and powerful, making them easier to deploy.
What are the prerequisites of using predictive analytics in hiring practices?
There are numerous benefits to using predictive analytics in pre-employment hiring. Employers must be aware that using predictive analytics requires investment in business intelligence and applications for storage and management. Organizations must have technical teams that have a good understanding of technology infrastructure, data modeling, and relevant experience to develop and review analytics. If they do not have the technical expertise, it may be challenging for you to utilize predictive analytics to its maximum capacity.
Further, models should be built on dependable data captured constantly throughout the recruitment process. It is vital to note that data by itself cannot disclose all facts pertaining to hiring. As a manager, you must go over the data carefully and determine what it is indicating about hiring trends and make conclusions accordingly. Talk to your HR team and hear their observations gained during the candidate search and interview process.
How can predictive analytics help me with the hiring process?
Predictive analytics can provide various benefits to both employers and candidates. For the former, this helps in providing shorter candidate search times and good quality hires over a quick timespan. For candidates, it provides a better recruitment experience creating a positive impression that influences their decision regarding an offer.
Predictive analytics can help enhance sourcing
In comparison to traditional techniques, predictive hiring methods can help identify stronger leads much quicker during sourcing. As soon as requisition is opened, sourcing using artificial intelligence that incorporates predictive models can provide a strong list of potential candidates. An AI-based sourcing solution can also tell the recruiter how well a prospective candidate’s profile matches the job opening. It can also reveal how likely they are to leave their current position. Having such information enables recruiters to perform their duties more quickly and determine who the best candidate would be for their objectives.
To make the best use of a predictive analytics sourcing tool, employers must first establish what they are seeking in their prospective hire. This requires assessing past data on hiring that reveals how the performance was of the hires. It is vital to go over previous data because employers may detect that factors predicting success are not what they believed them to be.
For instance, all past employment experience may be considered a crucial factor while making the right hires for a particular position. However, data might reveal that not all past work experience is relevant in making the right hiring decisions. Instead, the previous ten-years-experience might be the only information needed to determine how successful a candidate will be within the organization.
When the employer has arrived at data needed to determine qualities that can predict the success of a candidate, predictive analytics using AI can help identify candidates who possess these qualities. This technology will search social media profiles, job boards, and talent communities to identify groups of top talent who would suit your requirements. The tool will use all the data that it can gather to make predictions about a candidate. Then, the recruiter can utilize this to decide who it can target for next steps in the hiring process.
The more a recruiter uses the sourcing tool, the better it becomes at predictive hiring. Constantly providing data to the system helps it to learn and make close to accurate predictions about the success of the candidate. It is important to always use correct data about former hires, which includes pre-hiring and post-hiring information. Following recruitment, always provide post-hiring information to the system so that it can improve its search mechanisms during the following hires. Talenx.io provides predictive hiring solutions for organizations who are interested in using it for their next hire. If this is your first time using predictive analytics, it may be beneficial to get assistance to make your hiring process hassle-free.
Predictive analytics can be used to make recruitment more efficient
Predictive analytics may be used throughout the hiring process to make every step manageable and more efficient. This tool can assist you by determining whether a chosen candidate should be eliminated or moved further along in the hiring process. For instance, an employer might receive 150 applications for a position. When the resume is being screened initially, this tool can help eliminate those candidates whose profile does not have the necessary qualification, skills, or experience. Following a phone interview, more candidates can be eliminated. This process will continue until one candidate is left, and the employer makes the hire.
A careful review of the entire recruitment process will allow you to estimate how many applicants are required to complete the hire. To achieve this, you require plenty of data that tell you more about the qualities of the ideal candidate. The more data you have on this, the better your chances will be in predicting future hires accurately.
Predictive analytics can help make the recruitment process efficient by giving you an understanding of what your recruitment process looks like currently. You can use this knowledge to reduce the number of applicants you need to hire the right candidate in the future. This results in a reduction in time and expense needed to fill a position that also improves the quality of your hire.
The quality of available data influences the outcome of the hiring process. This data can reveal facts about the perfect hire that you may not have known earlier. For example, you might have hoped that your best hires would be graduates of a specific program at a recognized university. With this assumption in mind, you may have spent significant resources in recruiting those candidates. A predictive analytics tool could show you other programs at different colleges that may be providing similar training and skills to students as the program at the recognized institution. Such students or graduates may also be matching your hiring requirements.
When you have enough data about the successful candidate, you can make modifications to the entire recruitment process. Identify which sources help you find the right match, and then spend your recruitment marketing budget on those sources. Reduce or eliminate options that do not yield good results. This will help you begin the hiring process with strong candidates, thereby reducing the number of applicants you require to make the perfect hire.
Predictive analytics can help improve the speed at which hiring takes place
Considering the advantages of predictive analytics listed above, you can gather that it can make the hiring process much shorter. As you develop a quality of hires, your understanding of who is best suited to work in your organization improves greatly. You can then deploy tools that would serve as top indicators of potential job performance.
When you are hiring the next candidate, you can easily determine who matches your job model and then swiftly advance them to the next stage of the recruitment process. This will help you save time, which you can then utilize to do other tasks.
When searching for a predictive analytics solution for your organization, it is vital to work with a partner organization that has experience not just with the technology but also with the entire talent field. You should consider a partner that has the ability to respond to the unique challenges faced within your industry and can provide a solution that is customized to your needs. If you need assistance with using predictive analytics for your organization, consider using Talenx.io. With support from Talenx, you are 86% more likely going to make a good hiring decision and improve your company’s performance by 80%.