07 Jul Using Analytics for Recruitment Can Increase Hires by 50%, Reduce Costs by 300%
The advantages of using analytics cannot be overestimated. In a study cited by Villanova University, HR professionals who used analytics for recruitment increased their quality hires by 50 percent while reducing their related costs by 300 percent.
Indeed, analytics is becoming a force to contend with in the present. This holds true especially for the predictive kind which analysts and industry leaders are tapping into to determine all the important information they need to remain competitive, such as market trends, consumer behavior, employee productive, and the efficiency and usefulness of various campaigns and projects.
Human resources and its related field, global mobility specialization, are also riding the wave to help improve the quality of their hires and continually engage their preferred employees and assignees. As explained in a previous blog, global mobility specialists are using analytics to transform big data as a source of information that can govern their decisions when it comes to things like measuring the costs of relocation and forming key performance indicators that align with corporate objectives.
Information is incrementally increasing and is more available to us now than it was in previous generations of corporate restructuring and behavior. The global mobility specialist who learns how to read that data and convert it into relevant useful information will have a competitive edge that can get him into the frontlines of quality recruitment.
In a survey conducted by HR Technologist, 48 percent of the participants say they will use analytics to assess the success rate of future campaigns; another 40 percent will tap it to retain their quality hires, and still another 38 percent will base their prediction of the performance of their workforce on it.
Despite or because of its increasing popularity global mobility specialists should set aside the temptation to just use analytics indiscriminately, or over-rely on it without constantly checking the relevance of its results and methods. Analytics is a tool of the human professional and not a replacement of his powers of analysis and creativity. It can not become an indirect excuse for abdicating responsibility. One does not simply turn off one’s brain and let the machine do the thinking for them, no matter how convenient or pleasant this opportunity presents itself.
These are the smart ways by which global mobility specialists can use analytics to work for them, instead of lulling them into unthinking complacency:
Stay on top of the data instead of being overrun by it. While machine-learning is gradually being incorporated into analytics, it still pays to remember that the results of analytics is pretty much determined by what you put into it. As explained by Georgetown University’s School of Continuing Studies, predictive analytics will base its projection into the facts you put into it. For example, it can come up with the top cities in northern California that are populated by the largest number of IT professionals. It can also compute the current salaries being asked for by these professionals. However, it may not be able to calculate the movement of these talents within and outside the state if the global mobility specialist does not include the variables of relocation and emigration. As such, in this example, analytics would not be able to answer questions pertaining to the future engagement of said professionals or the level of attraction that other cities might hold for them.
The bottom line: It still falls to the global mobility specialist to keep his ear to the ground and immediately spot any trend or sudden unexpected behavior out of the blue that can affect the outcome of the things that he is studying.
If the budget allows it, he can also deploy data specialists to do their own data mining and analysis to check or balance the results of analytics.
Constantly check your data. Analytics tend to weed out data as well as correlate them. As advised by Enterprise Innovation, global mobility specialists should not just accept this but take a look at what is being discarded. They can then assess whether they should truly junk this information or keep it for present and future use. They can develop this kind of instinct or sensitivity if they always keep their ear to the ground, as they learn how to anticipate sudden developments that can affect the way an entire industry or workforce reacts a situation.