We are all aware that data is exponentially growing as it is constantly collected with every click and scroll. In fact, research from IBM has shown that 90% of the data in the world today has been created in the last two years alone.[1] Why not use this significant source of knowledge to enhance hiring?
Executive Network Group are proud to have incorporated data-driven recruitment as part of our wider 3D Framework. Our approach to recruiting uses data and evidence-driven decision-making, along with specialist recruiter’s knowledge to optimise the hiring process.
It is harder than ever to remain competitive whilst recruiting and retaining top talent. Data is out there, and it’s time to use it! Here are just a few ways that data-driven recruiting could improve your hiring process…
Removing bias:
Many interviewers, even with the best intentions, can be influenced by stereotypes, prejudice, and bias. This can lead to hiring decisions being largely based on a candidate’s likeability. Unsurprisingly, judgement on this ground can backfire. While a candidate can be very charming, this does not equate to excelling in a company. Equally, an extremely skilled professional may not sell themselves enough in an interview and could be overlooked. It is a fact that some people are simply more likeable than others, but that does not mean that they are the right fit for the job. By incorporating a data-focused software, you can prioritise skills, culture fit and many more variables before the interview stages. This will reduce the scope to be biased, as well as reducing time spent vetting unfitting candidates and allowing more time to be spent on those that have real potential to produce a more successful and diverse workforce. Indeed, “data-driven recruiting arms you with the knowledge you need to minimize bias and hire based on merit”.[2]
Removing assumptions:
By using data, we are able to remove the ‘guesswork’ from recruitment and replace it with logical and reasonable decision making. There are assumed hiring trends in every industry that are gradually being proved wrong by using data, for example…
“Xerox had traditionally assumed that those with call centre experience were more likely to succeed; however, analysis of the data proved otherwise. The data showed that candidates with experience cost more to hire, yet didn’t perform better or last longer than those without experience. The data also showed that those candidates who were active social media users had higher retention rates than other candidates. Another surprising insight was that creative types tended to stay with the company longer than inquisitive types. Analysing big data helped Xerox to cut the attrition rate at their call centres by over 20% – a significant and tangible financial saving!”[3]
While there is a wealth of insight hidden in the data, it tends to simply go to waste for most companies, and assumptions continue to be used rather than actual evidence. By changing this, companies can not only cut costs, but also build a more successful and long-lasting workforce.
Improve the quality of hire
Using outdated recruitment techniques, manually screening resumes, and hiring on a hunch feeling has led to a recent survey revealing that almost 75% of all hires turn out to be a bad hire.[4] By using data, we are able to improve the quality of each hire, in terms of both the process and candidates involved. This is because it can provide vital insights such as the ideal criteria to include in a job description to attract the best talent, as well as the most responsive job platforms for your industry. Such information can reduce the time and cost making the hiring process more efficient. Moreover, by using data-focused software, you can decipher required skills, values, behaviours, and many more variables. This produces a smaller, more filtered, shortlist of candidates which again reduces the time needed to complete the recruitment process. In addition, by ensuring that multiple requirements are initially considered, this will lead to a hire who is likely to be a success in the organisation and remain in their position long-term. Without a doubt, data-driven decisions eliminate most of the uncertainties within the selection process, allowing the recruiter to be more confident in their decisions.
The downside? Manual data collection and analysing trends can be very time-consuming. That’s where we come in. Executive Network Group have invested in data-led software, which is used along with our specialist recruiters, to make your recruitment requirements as effortless and successful as possible. It is time to eliminate gut hiring and assumed trends and improve the quality of hires by using data to revolutionise your recruitment.