In our recent study "Artificial Intelligence for Recruiting Success," we discussed ways that new technology can save us time and effort while attracting a better pool of job candidates. In this article, we'll explore the benefits and uses of predictive analytics.
Simply put, predictive analytics is the process of looking at past data to determine what will happen in the future. Machine learning automates much of this activity for us, freeing up recruiting professionals for higher level work including in-person interviews, critical thinking, key decision making, and so on.
How does this help with recruitment? Programmed with your data on production performance and behaviors, attrition, employee life cycle, engagement surveys and any other metrics you choose, predictive analytics software can be "trained" to look for your ideal employee. It can scan all the available candidate sources, as well as discover overlooked talent in your existing applicant database.
The longer you use it, the better it works, as it learns from its own historical data, of the candidates hired, which resulted in the highest levels of productivity and retention. That information is then incorporated in its screening of future candidates.
Optimizing Job Postings
Want to laser target your audience and increase advertising ROI? Factors such as occupation, industry, and location, along with your company's requirements, predictive analytics can help you create job advertisements that precisely target your desired talent pool. The result? A greater response from desirable candidates and fewer responses from those who aren't qualified for the position.
The same software can be used to identify the best media for reaching your target audience and eliminate those with poor ROI. For example, you might allocate your recruiting budget primarily to online job boards, third-party recruiting firms, professional networks or social media, depending on what type of position you're hiring for.
AI can remove bias and expand your talent pool. Because they are purely data-driven, these automated tools look in places you may not have thought of, helping to eliminate unconscious biases and allow for an even playing field. As a result, they draw on a wider talent pool, increasing the effectiveness of your hiring process. AI can even help improve existing processes with little changes to your business. Take Textio, for example, a platform that assess a company’s existing job descriptions and offers suggestions to improve inclusivity. Free tools like Unbiasify, take it one step further, removing photos and names from applications, allowing recruiters to fully focus on the individual’s qualifications.
You’ve found the right people, so how do you keep them on the hook? Through AI, recruiters are using new tools to meet potential employees where they are, and fostering closer relationships. One of these tools is Chatbots. Once thought of as a tool to better bridge the gap between sales and customers, Chatbots have moved into the recruiting space to increase engagement and provide a stronger candidate experience. Chatbots can be used to answer common candidate questions, verify qualifications, and even keep applicants in the loop through the application process.
These tools can also be used to reduce the time to hire, adding AI powered automation to move applications through the hiring process
Predictive Analytics Providers
Using data combined with AI, you can make informed hiring decisions based on what you think the future will bring. Add some fortune-telling to your toolbox with solutions specifically tailored to HR's needs are available. Here's a selection of platforms that integrate with HR's existing software.
It's important to remember that — as with every other implementation of data analysis — the quality, security, and privacy of the data must be safeguarded. It’s best to phase in any new analytics, restricting the first steps to leveraging only the data you know is accurate, to ensure success. With time, though, you'll be able to reap the rewards of a more efficient and effective recruiting process.
Integrity Staffing Solutions is a full-service staffing agency and ranks in the top 2% of agencies across the country for quality service based on Clearly Rated’s Best of Staffing client survey. To learn more about Integrity or for help with your hiring needs, visit Integritystaffing.com or call 1-833-446-1300.