DATA-DRIVEN RECUITING: THE FUTURE FOR RECRUITMENT STRATEGY IN THE DIGITAL AGE
In the 4.0 era, the rapid development of digital technology has brought huge advantages to businesses that know how to take advantage of databases. Data-driven (data application) is not only used effectively in marketing, finance and accounting strategies, but is also being applied in the recruitment process by large businesses around the world, creating the term "Data-driven Recruiting".
In this article, let's learn about Data-driven Recruiting with Danaexperts.
1. What is Data-driven Recruiting?
Data-driven Recruiting is the application of platform and database analysis to the recruitment process, thereby making recruitment decisions.
In order to accurately evaluate the effectiveness of the recruitment process, recruiters often collect many internal and external indicators. For example, the candidate's application source; Recruitment cost; time to recruit people for a position, etc. This work contributes to eliminating the habit of unfounded speculation and personal bias; ensure transparent processes; and the company will find the most suitable candidate for that position.
2. How is Data-driven Recruiting applied?
Searching for candidates (sourcing)
Knowing where candidate profiles come from is an extremely important indicator for employers. At the same time, this is considered a typical example of using data to make decisions. During peak recruitment periods, HR must continuously monitor which channels bring in the largest source of candidates; and the best quality, how much does it cost for each application.
A company often uses many recruitment channels such as: Job website, billboards, Facebook Ads, Google Ads, headhunt, etc. So collecting and analyzing these indicators helps them promptly adjust their recruitment strategy. use. Whichever channel maximizes candidates and optimizes costs will be invested in. Any channel that is not effective can be temporarily discontinued.
Screening & selection process
This is the process by which employers screen "a sea of resumes" to select the most suitable candidates for the posted position. Data to be collected includes:
Resume screening – Education, work experience, qualifications,…
Skills assessment – Scores from company reviews, general abilities, personality, work orientation.
Interview – Score for each candidate's answer related to work experience; Communication skills and compatibility with company culture.
Candidate experience
Candidate experience is their general feeling about the company's recruitment process, throughout the time from the time the candidate submits the application; Receive interview invitations, face-to-face interviews, receive offers and onboarding.
When candidates have been onboard for a while, employers can further evaluate the candidate's level of satisfaction with the job (Candidate job satisfaction). Specifically, this index compares candidates' expectations during the recruitment process with the reality of daily work. A higher score indicates an accurate reflection of the job description for that position clear.
3. Benefits of data-based recruiting
Save time and recruitment costs
Collecting data will help employers "see" bottlenecks in the current recruitment process. From there, they will decide whether to skip that step; Or switch to automating that step to optimize recruitment time. But first, employers need to outline the existing process in general and each step; Collect important metrics such as:
- Rate of candidates dropping out
- Average recruitment time for each position
- Recruitment methods: Job website, recruitment events vs referrals (Referrals), headhunt,...
- Time budget for each recruitment stage (how long does it take you to find candidates and how long does it take to interview,...)
Besides, the data obtained during the recruitment process acts as a "picture" of candidate portraits (Candidate Personas). From there, it helps employers have a clearer view of the candidate pool they currently have, based on comparison with the ideal candidate model they are looking for. By focusing on the most important, most effective recruitment factors and eliminating unnecessary or poor performance processes, the total cost of recruitment will be significantly reduced.
Make accurate and objective recruitment decisions
The price to pay for wrong hiring decisions is extremely expensive. Recruiting the wrong person not only causes businesses to waste time, money, and effort, but also makes it difficult for employers to find replacement candidates. Therefore, correctly and comprehensively assessing candidate capabilities early on is the most important factor. And only data can help business owners and employers realize that; when the "intuition" factor in decisions has been completely eliminated.
By collecting and analyzing data in candidate assessment (assessment scores based on competency framework, structured interview results, online test results, etc.), employers will have for themselves the Take a more comprehensive look at each candidate's portrait, thereby having a more objective view in making recruitment decisions.
So Danaexperts has joined you to learn about Data-driven Recruiting. This is considered a new breakthrough in the recruitment trend of the 4.0 technology era. Knowing the advantages of using and managing data, employers can optimize the recruitment process, save time and costs, and achieve greater efficiency.