Hiring the best talent is the most important factor for any company’s success, and the importance of having an efficient data-driven process can not be overstated.
Photo credit: Tima
A data-driven approach eliminates bias in the recruitment process
Recruiters empowered with data have more accurate insight into candidates’ capabilities and suitability.
Data-driven recruitment strategies enable recruiters to hire efficiently on a large scale.
With the explosive growth of the internet over the last two decades, it’s hard to imagine how efficient recruitment strategies were before that. It seems like a long period of time - and it is. Cast your mind back to when newspaper ads, recruitment agencies and headhunters were the best options for getting candidates for anyone who was hiring. You might not relate to the experience if you are a young professional, but this was the case.
The dawn of the internet revolutionized a lot of industries, including how recruitment works. If you were to compare then and now, you’d notice a huge difference not only in the processes but the tools and strategies too. And the biggest advantage, data is now everywhere. However, employers still face the same problem - attracting and hiring the best candidates. Hiring the best talent is the most important factor for any company’s success, and the importance of having an efficient data-driven process can not be overstated.
What is data-driven recruitment?
Data-driven recruitment is an approach that completely relies on technology and data to statistically analyze large talent pools to identify candidates with the required skills, work experience and personalities. You’ve heard the saying, “The customer is always right,” this doesn't apply in human resources. Not every applicant is going to be a good fit for the job. Therefore, using conventional methods of hiring such as reviewing CVs as the main filter of talent give room for bias to exist (we’ll talk more about this).
With companies recovering from the COVID-19 pandemic, the demand for talent is steadily increasing and employers (especially those in the scale-up phase) need to build a solid data-driven recruitment strategy to keep up with their workforce demands and competition for top talent. Good thing, you don’t have to be a data nerd to successfully implement a data-driven recruitment strategy. Platforms such as Fuzu provide you with next-generation tools to make this easy for you.
So what are the advantages of having a data-driven recruitment strategy?
1. Removing biases from the recruitment process
Diversity and inclusion are words that have become popular in the workplace. And while more people are advocating for these, employers constantly find themselves on a mission trying to close a host of gaps. So what could be the cause? At the highest level, the objective of any recruitment strategy is simple; find good hires quickly and affordably. But what happens when hiring decisions are distorted by unconscious bias? It’s human nature to have unconscious biases, however, when recruiting the right people for your organization, bias can be a hindrance.
To avoid this, employers are employing data-driven solutions and tools to boost diversity and hire the best talent. A case in point is how Fuzu is ensuring bias-free and equitable hiring outcomes by providing crucial data points. Employers are able to analyze applicants further through aptitude, personality and psychometric tests. These insights are presented through visual dashboards and help you to know applicants better. This has greatly promoted gender-neutral hiring as illustrated below.
2. You can easily recruit on a larger scale
Unlike the old times (remember the newspaper era we were talking about?), online platforms give you access to a larger talent pool. Finding potential hires is easier than ever before with incredible tools such as Fuzu built specifically for employers and job seekers to find each other easily.
However, there’s something more important than having a ton of applicants - attracting quality applicants. Each position being filled needs specialized attention. As a recruiter, you need tools that will enable you to filter applicants based on their skills, experience, location or better yet, rank the applicants for you. AI-based platforms come in handy when you have high volumes of applications by helping in the initial screening of candidates. This makes the process much easier and efficient because you can vet applicants before making the initial contact.
3. Reduce the time and cost to hire
Data-driven recruitment has proved to improve some of the extremely important recruitment metrics such as time and cost to hire. Using reliable platforms such as Fuzu optimizes your hiring process. From the word go, you are able to only attract candidates who match your role and collaborate with team members during the screening and shortlisting process making it time-efficient.
With these tools at your disposal, you’ll be able to leverage data to get a clearer picture of your actual cost per hire and analyze how long you take to hire. For example, how long does it take to shortlist applicants and schedule interviews? These tend to be the most involving stages of the hiring process, and by improving them, you can hire much more efficiently and keep your expenses under control.
4. Good candidate experience
Applicants’ experience during the hiring process is of great importance if you want to improve your employer brand and keep attracting the best talent. While it still is an employer's market, we live in the age where most people spend a lot of time-consuming information on the internet. They trust online commentary and reviews even when buying a small product or learning about a company’s culture before applying for a job.
Data-driven recruitment strategies provide valuable insights fast leaving you with more time for personalized feedback with top candidates. This ensures candidates spend less time waiting in between the hiring stages and that they don’t fall through the funnel.
Now that we’ve seen how crucial it is to make recruitment decisions based on data, what areas in your recruitment process do you think you can improve on? If you want to spend less time hiring, get top talent and empower your recruitment team, focus on having a data-driven recruitment strategy that will improve your hiring experience. At Fuzu, we offer a platform that’s AI-powered and has aptitude, psychometric and skills tests embedded in the recruitment process to give you a detailed analysis of your applicants.
We’d love to tell you more about how Fuzu works and how it can be an integral part of your data-driven recruitment strategy. Talk to us.