How to improve recruitment with business intelligence
Business intelligence tools enhance recruitment by enabling data-driven decisions, improving candidate attraction, reducing turnover, and increasing employee motivation and productivity.
The 2018 Global Recruiting Trends report reveals that only 50% of talent professionals and hiring managers say that data is the top trend impacting how they hire. The number is surprisingly low, given that big data has tremendously impacted decision-making processes in various industries, including recruitment. Luckily, the number of recruiters using data in their work is growing, which is said to grow even more in the next few years. One of the greatest and simplest ways to gain easy access to real-time data is to implement business intelligence tools. Modern technologies allow for data analyses in larger volumes and at a higher speed. However, the most significant benefit is that these tools enable you to track changes and, more importantly, predict them. How can business intelligence help you improve the hiring processes in your company?
What is business intelligence?
Business intelligence is a set of tools that enable a company first to collect and then present business data in a graphic form, either as a chart, a map, a dashboard, etc. What makes business intelligence unique is that it does not analyse the data for you. Instead, it allows you to understand the condition of your business yourself. By visually presenting data, business intelligence tools make it easier to understand your company’s problems, spot new opportunities, and make more accurate business decisions. You can read more about how business intelligence works in general here.
Regardless of the industry, business intelligence tools enable companies to grow, especially when experiencing stagnation or dealing with the consequences of wrong business decisions.
One of the industries which find business intelligence highly beneficial is recruitment, as the solution allows recruiting companies, as well as HR departments in various companies, to do the following:
Advertise successfully HR professionals regularly spend huge budgets on open advertising positions on various job posting sites. The biggest mistake they can make is not keeping track of the most efficient channels and where the most valuable candidates come from. Tracking the performance of each of the job advertisements and each of the employees right from the moment they were recruited allows you to refocus your budget on the job posting sites which perform best. This way, you save time and money while finding great candidates.
Attract more candidates No matter how many jobs you post, the conversion rate may remain low. Business intelligence allows you to determine how many people are looking at your post or how many of them are applying. Owing to the above, you can improve the application form performance. You can conduct A/B tests to ensure you provide candidates with a comprehensible copy and a user-friendly interface. By developing a successful career page, you are more likely to attract more skilled and experienced applicants.
Reduce employee turnover Attracting many candidates is one thing, but drawing suitable candidates is what truly matters since hiring workers only to find out they are not skilled enough costs your company money. According to Employee Benefit News, hiring and training a replacement worker may cost over 30% of their annual salary. By introducing a skills assessment, you can use business intelligence tools in the hiring process to test and measure the qualifications of all candidates and thus choose the best one.
Increase employee motivation Monitoring the performance of your employees does not necessarily mean you want to track what websites they are visiting to ensure they are working. Instead, it allows you to ensure they have all the tools they might need to boost their productivity. Business intelligence enables you to give a team a complete picture of their performance to create a competitive environment and thus keep employees motivated. This solution is also helpful for team leaders who can easily spot improvement possibilities for each team member.
Highlight workload priorities Business intelligence tools are great for measuring the qualifications of candidates and tracking the performance of already employed workers, but they also improve the performance of the HR department itself. When experiencing work overload, HR specialists and recruiters can easily prioritise their tasks by defining multiple stages in the recruiting pipeline and thus segregating duties. This way, you can improve both your performance and candidate experience.
Whether you run a recruitment company or an HR department, business intelligence tools increase the productivity of organisations from all industries and enable them to make more accurate business decisions. By displaying data in a graphic form, you gain more in-depth insight into the performance of yourself and each employee, allowing the company to grow. You only need to consider how many recruiting processes you would like to monitor and thus improve.
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