Locating a skilled candidate can be one thing, but finding someone who is happy to stay in a new position is another. Without the right tools to predict an applicant’s compatibility to a role you are left with a guessing game which has historically resulted in costly employee turnover.
Hiring managers have an incredible amount of applicant information available to them, however Gartner has reported that only 21% of human resource managers feel their companies are using talent analytics enough to make informed business decisions.
Predictive analytics in recruitment can provide insight to enhance the effectiveness of your recruitment and hiring campaigns. In order to hire intelligently, managers must understand how efficiently collating data can help them make future hiring predictions, and therefore more accurate business decisions.
Predictive hiring technology leverages data collected to source applicants with the use of insightful metrics. Hiring teams need to use the data available to them to assist in making predictions about candidates and their hiring decisions. The goal of predictive algorithms is to narrow down the number of applicants to a manageable number before they are even presented at all to the recruiter, they can also highlight the top prospects with game-changing accuracy.
How predictive technology helps hire top talent
Predictive technology as a recruitment tool analyses historical data to make predictions about the future, these tools help form better recruiting decisions, as well as allowing HR teams to make decisions quicker and of higher quality.
” This need for speed and accuracy is important given research finds the best applicants are not on the market for long before finding a position. ”
Predictive technology software such as with Expr3ss! allows the whole hiring cycle including appointment to be completed within 3 – 14 days.
Predictive Technology assists hiring teams to:
- Quickly locate quality applicants for open positions
- Offer the role to the top prospect faster
- Facilitate an improved applicant experience
Predictive Hiring Technology to Curtail Employee Turnover
According to an article by Gallup employee turnover can cost an organisation 150% of an employee’s yearly income because of the time and financial expenditure of replacing that worker. In order to address that costly situation, predictive hiring technology aims to identify which applicants are more likely to fit the role, team and company culture.
By utilizing predictive hiring technology, recruiters are able to make predictions about which candidates are most suitable avoiding the wastage in time and cost of bad hires. The cost of such recruitment wastage can also be calculated.
Predictive technology software can consider job variables and business factors that could cause low retention of employees, thereby allowing for identifying more successful hiring and recruits.
How Does Predictive Hiring Technology Do It?
One can still see recruiters and HR managers using resume screening and interviews to conduct their candidate list sorting, and make employment choices. However, research has found this method to be ineffective when a high percentage of resumes contain misleading or false information.
Hiring solutions based on the analysis of an applicants’ personality are the way of the future, that’s because they enable us to predict the ability of a candidate to achieve success and sustainability with a new job.
It is now the trend to identify the specific traits that successful employee’s display within their organisation and match those against potential new recruits.
Predictive hiring technology assessment tools evaluating applicants without bias for who they are as a person, gauging their personality and what motivates them, this information is crucial to being able to reduce employee turnover and quickly. Using a predictive model of desired and actual personality traits of successful incumbents and matching those against applicants will result in higher performing and more satisfied employees.
With the influx of applications now for jobs, how much harder and stressful will it be for traditional recruiters to pinpoint the best hires without the help of technology?