The success of the company is directly proportional to its members and employees. According to the analytics, it is confirmed that more than 70% of CEOs consider human capital as the most important factor for sustainable economic value. And the other 40% of them think that investing in employees and the public is the top preference for any company to operate successfully.
However, in today’s world, it has become very easy to target suitable employees by searching, hiring, and maintaining the best employees in the company. Data Science has made it far easier than ever thought and has become the new hero in departments like HR and recruitment. Let’s look at how Data Science is used in the recruitment process.
What Is Data Science?
Before moving further, you must have a brief understanding of Data Science. Data Science is a multi-disciplinary domain that uses various scientific techniques, systems, and algorithms to curate meaningful insights and knowledge from the vast collection of raw data.
Due to the increase in the digital economy, the world is shifting towards the mass of data for acquiring more information and creating their best decisions in certain fields. Specifically, we see the recruitment department as a huge contributor to this emerging database.
This helps the recruitment agencies to enhance their service, like updating candidate profiles, job specs, hiring decisions, interview decisions, salary, and company information. You can do all these things and learn to analyze them by getting a Data Science certificate online from Great Learning.
What Is Recruiting Analytics
Today, the professionals in the recruiting industry have numerous pieces of data at their fingertips, which is a good thing for all who are in the recruiting industry. This analytics has not come out of the vapor; it is thoroughly analyzed and learned by the data scientists to curate the data in new industries accurately.
But again, what is recruiting analytics? We must say that every company needs to hire a good employee in their company, and for this, they keep a hiring or recruiting team. So, this team earlier used their experiences and intuitions to select the candidates, but now recruiting analytics are developed, which helps them measure the candidates’ capability and set perfect hiring strategies according to their requirements.
Therefore, once any candidate applies for the job, the recruiting team gathers all the information of the applied candidate and gets the insight to make their unbiased decision. However, recruiting analytics is still evolving, and it is best until Data Science is behind it.
Use Of Data Science In Recruitment
Generally, data analytics may seem daunting at first, but once you know its uses, it will become easy for you to adapt to new things. The new HR analytic model is far more beneficial than the recruitment model. When you get some of the useful insight from analytics, you will understand the need to adopt it into your traditional way of hiring employees in the organization. And to do so, you need to get an overview of predictive analytics, along with several tools and data.
Predictive analysis is the method that various successful companies use to project the future success of their organization. It mainly uses a large collection of data and analyses its pattern to sort the talented candidates.
Moreover, the predictive recruitment process is very different from the traditional hiring process, and also it has several advantages. They are:
- Earlier, recruitment was done through screening resumes and intuition-based interviews, which were more likely to go wrong. But today, recruitment uses a predictive method; it becomes more certain to choose prominent candidates using data and algorithms.
- On YouTube, Instagram, or even Netflix, you must have seen that whatever you watch, the same type of content starts coming to your recommendations. This is how the potential employees are directly recommended to the hiring manager, saving much time and resources.
- Using predictive analytics prevents the wastage of opportunities, as the potential candidates are not rejected due to any biased or intuition-based selections.
- Many freelancing giants use this predictive analysis to improve their time for recruiting and retention. Data is usually used to identify the performances and personality profiles of the employees and to identify who all are going to stay for long or leave in a short span. Thus, according to the requirement, it sorts the candidates.
Recruiting Analytic Key Metrics
Now that you know what recruiting analytics is and how Data Science is useful for it, it’s time for you to make a sound strategic decision to enhance your hiring process at every single step. Let’s look at some key metrics that you need to make decisions and strategies in.
Identify which platform is bringing you more of the potential and qualified candidates. Analyze job boards like LinkedIn or company career pages, third-party recruiters, or employee referrals. Once done, filter them according to your preferences and get capable candidates.
Know how long it takes to fill all the vacant seats. And then, set some standards like when to start hiring, submit a requisition, and launch job ads.
Through the various study of Data Science in industry fields, it has been proven that a diversified company profile attracts the most qualified employees to apply. Therefore, to enhance the quality of applying employees in your company, make the job profile more diversified and appealing.
Cost And Experience
Determine the cost you can invest in hiring per employee. And make your decision accordingly. Moreover, see the employee’s experience and, depending on this, set your cost per hire.
Therefore, these were things that use Data Science in the recruiting process. So, once you design your profile with new developing methods and use predictive analysis to sort the potential candidates, you will fill your company with the talented minds of tomorrow.
However, you can learn data by doing Great Learning’s MTech course in Data Science for working professionals to use it at the various stages of recruitment. You can use it in recordkeeping, workflow, pre-screening, user interface, integration with several platforms, referral management, and assessments to build up the best cognitive environment in your company. You can get this course at an affordable price from Great Learning.