You may have heard about predictive analytics but wonder how it can be used during the hiring process. Predictive analytics can help you glean insight into the effectiveness of your recruiting and hiring engine. The data this type of software can provide can help guide your future hiring predictions and improve your business. Here’s more about predictive analytics, an algorithm baked into Exelare and our state-of-the-art applicant tracking software.
What is Recruiting Predictive Analytics?
Using predictive analytics in recruiting means that you can leverage powerful software to analyze historical sourcing, screening, and hiring data to empower your future hiring decisions. By seeking out patterns in past data, predictive analytics offers recruiting and human resources the kind of crystal-ball-like information that can inform future decision-making. This isn’t science fiction, but it is computer science. These tools can help companies make better resource planning decisions. It can help guide decision-making around the best practices that help your recruiting teams work smarter. Predictive analytics can be harnessed to go back through your candidate hiring processes to determine which channels provided the best employees. Then your recruiting and marketing teams can target their effort towards the most lucrative and effective hiring channels so that you find candidates faster.
Some of the benefits of predictive analytics for hiring include:
- You can identify a better class of candidates for open positions.
- You’ll make better candidate job offers much faster.
- The software can help you understand which job offers are the most successful.
- It can evaluate skills gaps in your current workforce and suggest the types of skills to look for in the future.
- This, in turn, will give the candidate a better hiring experience.
One of the biggest challenges for smaller companies is knowing when to add resources at the right time for their business. Predictive analytics can go to work on resource planning to help lessen the risk of adding more employees at just the right time.
Employee turnover can also lessen with predictive analytics. Most employee turnover is preventable if you have the right tools. Predictive analytics can help organizations figure out when employees are most at risk of leaving and the financial impact this turnout might have on your organization.
Predictive analytics can review employee resumes, skills, and interview scoring to pull out the top candidates that the software predicts will have the best chance of success in your company. Predictive analytics can take some of the guesswork out of the hiring process, which improves your chances of success.
As companies continue to collect more and more data on candidates and employees, predictive analytics can help discern patterns into some of our most sensitive information. This is data that the naked human eye would likely miss, or take hours to discern. Predictive analytics can slice and dice data in new ways to not only support current decision-making but also to use this information to predict the probability of success for the future.
Partner With the Experts!
Exelare offers our clients the power of predictive analytics with our state-of-the-art applicant tracking system. Find out how we can help your business. Click here to set up a demo today.