How critical are analytical insights for a recruitment cycle?

From dial-up internet and brick-like cell phones to ultrafast broadband and touchscreen smartphones, the evolution of technology has been remarkable. In today's world, technological advancements are exciting and creating endless opportunities. Artificial intelligence (AI) and data analytics have grown in popularity and are currently widely preferred fields affecting many jobs as we move into the future. HR and recruitment are sectors that have been severely impacted by a slew of recent technology breakthroughs. Companies across various industries are now optimizing their recruitment processes by using analytical insights and the convenience of remote hiring. Technology has transformed the way jobs are advertised, how applications are tracked and shortlisted, how we communicate and interview applicants.

In a recent survey conducted by MeritTrac and Behavioural Economics and Science Team (BEAST), 87% of companies surveyed stated that their hiring efforts moved online during Covid-19. Companies responded to the change in three ways: some created ad hoc processes from existing systems and platforms, some hired external assessment companies to assist with the transition, and some leveraged more capabilities of existing platforms for the entire recruitment cycle – especially for interviews and onboarding.

Current challenges during recruitment

Presently, with innumerable displaced freshers and job seekers, there is a huge strain on recruiters to rapidly accommodate challenges presented by a dynamic economic scenario. Employers are struggling with mass quality hiring, especially when they have to manually operate systems and platforms that need specialization and reskilling. Tracking and sorting large-scale recruitment metrics produced by an overwhelming number of applicants is another concern that most recruiters face. Many organisations have difficulty devising an effective and structured selection process. Stakeholders find it difficult to make efficient, data-driven, optimum hiring or employee development decisions. Not to mention platform limitations like lack of centralized visibility to manage assessment processes, lack of control and coordination between departments, and so on. Recruitment and employee skill evaluation are being strategized around platform limitations.

Leveraging talent analytics to improve the hiring process

Recruitment analytics could be a game-changer in the hiring process. It is key to integrating data-driven talent sourcing in any organisation. Shifting to a data-driven system not only resolves the predicaments currently faced by organisations but can also make the recruitment process more effective and efficient. Analysing candidate and employee data helps pinpoint hiring bottlenecks, systematically structure and refine recruitment activities across the board. With the help of analytics, end-to-end recruitment processes can be executed efficiently and digitally, thereby optimising the operation cycle. It also increases the probability of matching suitable candidates to right jobs significantly. Analytical insights can help employers throughout the hiring process to find the most suitable candidates by generating reports, matching portfolios, and filtering candidates automatically. By eliminating manual processing, data-driven recruitment sets the stage for a more united, cost-effective, efficient and effortless system for the present and future.

Analytics help streamline and optimise the decision-making process

In the long term, in addition to assisting and planning the next hiring cycle, analytical insights help retain existing staff by reducing their workload drastically and making the hiring experience more rewarding due to its efficiency. Another impressive feature of data analytics is its ability to predict challenges and equip teams with appropriate solutions. This helps boost the appeal of organisations, both on a client and employee level. By tracking employee performance and potential, recruiters can guarantee more quality candidates and enhanced productivity for existing and potential clients.

The feedback loop produced by data analytics will create an efficient ecosystem and improve the relationship between recruiters and hiring managers. Data-driven hiring has the potential to evolve the entire recruitment industry by providing time for planning, in-depth strategizing and a more thorough result-generation process. What has definitely been lacking so far is a unified modular assessment ecosystem that could bring together the fragmented pieces of the hiring process onto a unified platform providing holistic end-to-end assessment solutions. Investing in a next generation digital assessment revolution will help organisations build powerful workforces, improve their decision-making process, and play an essential role in building up establishments.