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Why Should Your Organization Use Predictive Analysis?
Finding a candidate who has the right skill set and fits the mold of an organization can be a challenge — and every company knows how important it is to have the right fit. Using predictive analytics in talent acquisition is an important tool that drives good hiring decisions. Many of us have heard the saying, “Don’t invest based on emotion, invest based on good and proven systems”. Hiring is very much the same, you need to focus on using a system that consistently works to hire individuals who can do the job well and provide a lasting impact on your organization.
In the midst of sifting through what could seem like countless resumes, employers risk overlooking the most qualified candidates and damaging their company’s reputation and brand by not handling applicants’ interest appropriately. Quality candidates will likely get snatched up by competitors that have tools to quickly find, engage, interview, and hire the people they need.
Organizations that manage the process appropriately — acknowledging all enquiries and communicating clearly with potential candidates — will create positive impressions of the company’s brand, which will make future hiring more productive when organizations face fewer applicants and a more competitive marketplace.
Businesses that don’t have tools to filter the incoming applicants are going to find themselves shortchanged, drowning in an endless volume of resumes — and quality candidates may get overlooked in the resume tide. So, what if talent managers could hire or promote someone and predict whether or not the individual would work out?
Answering these questions and navigating this process is a daunting task given that there is pressure to quickly get the right candidate in a climate of multiple qualified people looking for work. A good fit represents future success for the organization; a bad choice represents a burden on the business and added costs. Essentially HR leaders are in the quest to gain CONFIDENCE & CONTROL to hire the RIGHT talent. While Hiring or Selecting Right is not perfect….It is about systematically managing the risk and costs by using the RIGHT tools and the RIGHT processes. Investing in Systems and Partners that can help you systematically collect and meaningfully analyze market data for business decisions will be the way forward for organizations.
How to Use Predictive Analysis in Talent Acquisition
Tools to Aid the Process
There are many different HRIS/ATS tools on the market that will help manage the flow of resumes and help businesses optimize their recruiting process. Recruitment management solutions offer tools to assist recruiters and hiring managers with the entire hiring process — from requisitions, sourcing, and applicant tracking and management all the way through the interview process to the job offer and on-boarding: ESSENTIALLY MANAGING DATA.
However about 30-50 percent (and in some industries much higher) of hiring decisions made end in failure, according to recent research by a HR solutions company. It is astonishing how companies tolerate these failure rates, given the costs associated with poor job performance and staff turnover.
According to Zach Thomas of Forrester “Forward-looking analytics that push well beyond traditional metrics are the cornerstone of this effort. But siloed systems, inconsistent data, and a lack of benchmarks and tools have made this increasingly difficult to achieve. To address this problem and become more strategic, HR professionals must get their arms around the data, identify key performance indicators (KPIs), settle on a technology approach, and infuse the data into their organization.”
With HR professionals increasingly turning to Predictive Analytics, all that is set to change. The Wikipedia says Predictive Analysis uses different techniques that will analyze historical and current data to make predictions about the future behavior. Organizations with the ability to predict which new hire has the highest probability staying or leaving a company and of turning out to be a top performer will successfully compete for Top Talent.
Top 3 benefits of using predictive analysis in talent acquisition
1. Reduce quality candidates being overlooked in the resume tide with the use of ATS platforms and HRIS systems
2. Save recruiter time early in the recruitment process
3. Systematically manage the risk and costs by PREDICTIVELY hiring the RIGHT candidates
Think of it as a system – a hiring system that you build and fine tune over time. In the years to come HR organizations will manage their workers like strategic assets, and one way to do that is with predictive analytics and managing data, making it a critical element of all human resources departments.
Related resource: Best Hiring Practices-Top Questions Answered
Related Blog post: 4 Steps to Hiring Quality Employees in Less Time