Talent acquisition is more than just writing job postings, distributing them, and forwarding on the people who self-select to apply. Today's successful recruiters are using data to help them better navigate the candidate landscape. For example, the Society of Human Resource Management (SHRM) found that 73% of recruiters used statistical job analysis to find the best candidates. Data can transform the way companies envision jobs, find and communicate with candidates, and handle the interview process. Here are some different strategies your talent acquisition team can apply to help you improve your recruiting efforts.
Algorithm-Based Technology for Talent Acquisition
Using an algorithm, computers are able to parse large amounts of data much faster than the human eye. They can find patterns of behavior, candidate qualifications, or even keywords that should be added to job postings to increase their visibility to job seekers. Putting algorithm-based technology to work in HR can help free recruiters to synthesize these insights and take action on them. As SHRM states, we're in the midst of an HR technology evolution that will change how recruiters do their jobs. Companies that start now will be well-positioned to lead the way in years ahead.
Applicant Tracking Systems
The right HR software can play an essential role in helping navigate the world of recruiting data. Applicant tracking systems in particular can help you gather insights into metrics such as open positions, days until filled, number of applications, number of interviews, offers, and more. By taking a systemic look at your recruiting process, you may be able to use HR software help you find ways to streamline and optimize each step. For example, if there's a two week gap between submitting a finished job posting to the hiring manager and capturing feedback, this information can reveal a major opportunity for improvement. Look through your process for practical performance gaps that can be identified with help from capable HR software.
Improve Your Sourcing Strategy
Talk to hiring managers throughout the company to capture anecdotes, and look at your candidate tracking and previous sources of candidates. Are there job boards, professional organizations, or other institutions that may serve as strong partners in helping you attract the right candidates? You can also create a financial model that looks at your open positions, where they're posted, the cost, and the results. Creating similar charts for past positions may help you quickly understand which sourcing activities yield the best results.
Track Time and Costs
Tracking your HR team and interviewer's time can help you quantify how much effort and how many dollars are spent recruiting for a specific position. Combine this data with expenses such as job ads, promoted social posts, and outside recruiters to understand the full financial impact of your work. Data can show areas that can be trimmed from the budget as well as areas where additional information could help your business succeed.
No matter how it's obtained, data acquisition can play an important role in helping modern talent acquisition teams make smart decisions about their company's hiring processes. Embrace the latest technologies to help put your company in the best position to challenge the competition for the best available talent.