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 the fact that big data has had a tremendous impact on decision-making processes in various industries, including recruitment. Luckily, the number of recruiters using data in their work has been constantly growing and is predicted to grow even more in the next 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 the data to be analysed in larger volumes and at a greater speed, however, the greatest benefit is that such tools enable you to not only track changes, but more importantly predict them. How can business intelligence help you improve the hiring processes in your company?
Put simply, business intelligence is a set of tools which enable a company to first collect and then present business data in a graphic form either as a chart, a map or a dashboard, etc. What makes business intelligence unique is that it does not analyse the data for you, it rather allows you to understand the condition of your business yourself. By presenting data in a visual way, business intelligence tools make it easier to understand the problems your company might be dealing with, 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 inaccurate 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:
1. Advertise successfully
HR professionals regularly spend huge budgets on advertising open positions on various job posting sites. The biggest mistake they can make is not keeping track of which of the channels are the most efficient 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 for the job posting sites which perform best. This way, you save time and money whilst finding great candidates.
2. 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 and how many of them are actually applying and to thus improve the application form performance. You can conduct A/B tests to make sure 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.
3. Reduce employee turnover
Attracting many candidates is one thing but attracting the right 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 in order to test and measure the qualifications of all of the candidates and thus choose the best one.
4. 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 actually working. It also allows you to make sure they are provided with all the tools they might need in order to boost their productivity. Business intelligence enables you to provide a team with a complete picture of their performance in order to create a competitive environment and thus keep employees motivated. This solution is also useful for team leaders who can easily spot improvement possibilities for each of the team members.
5. Highlight workload priorities
Business intelligence tools are great to measure the qualifications of candidates and track 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 tasks. This way, you are able to improve both your own performance and candidate experience.
TO SUM UP
Whether you run a recruitment company or simply 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 graphic form, you gain deeper insight into the performance of both yourself and each employee, which allows the company to grow. The only thing you need to think of is how many recruiting processes you would like to monitor and thus improve.