In today’s job market, time is of the essence when it comes to getting back to your candidates. Algorithms are faster and smarter than humans and help cut the interview and recruiting process down significantly.
In addition to cutting time down, prescriptive hiring algorithms also help reduce human bias and find candidates who are right for the position and company in the long run. When machines are allowed to make prescriptive recommendations using data, recruiters are freed up to spend time on forming relationships with and finding more talented people.
In a world with SMS recruiting dashboards, video interviews that make global face-to-face meeting possible and cultural fit assessments, why are half of candidates STILL waiting this long to hear back? It certainly doesn’t fly in the world of dating and here’s why, if you are competitive recruiter working in a high-volume environment, you shouldn’t either: Prescriptive analytics can get you to the right answer sooner.
Recruiters can’t afford to wait a week anymore
There are as many jobs as people looking for them and that doesn’t take into account the skills gap. Make no mistake, talented candidates neither want nor need to wait around for you to figure out your tech stack. Someone with prescriptive analytics on their side doesn’t need to wait for every assessment result or hiring manager gut-feel to come back, they have science on their side.
Once applicants enter the pipeline, prescriptive analytics can quickly identify who should be interviewed. Often, the recommendations from these tools are instantaneous. Your company sets the parameters based on:
- Who is currently successful in the role
- Your ideal candidate skills/background
- Personality types that suit the business
- Skills tests or assessments
These parameters guide the data collected in the process and offers recommendations to the recruiting team. These scoring methods are critical to receiving accurate prescriptive analytics.
Candidates appreciate R-E-S-P-E-C-T
Revolutionary, right? One way to win the current talent battles is to bring those who are a fit further in the pipeline faster and to eliminate those who are not a fit with equal efficiency. Why? Because the job search is a very personal thing. If you can’t quickly tell someone whether or not they would be successful at your company or in a certain role, you could be holding them back from the job that IS a fit. Prescriptive analytics can help you give candidates the respect they deserve. And they expect it today more than ever. Research shows:
- 60% of job seekers have quit an application in the middle due to its length or complexity.
- Talent is 4 times more likely to consider your company for a future opportunity when you offer them constructive feedback.
- 55% of candidates disagreed with the statement, “Companies are responsive to me during the application process.”
If you think that candidates aren’t paying attention to which companies get back to them in a timely manner, or give them appropriate levels of professional respect and feedback during the interview process, you’re on the wrong track. Prescriptive analytics allows you to give candidates the right answers, faster and builds trust in your employer brand and a better candidate experience all around.
Your Hiring Managers need you to get it right
Hiring managers would rather let a position go unfilled than to make a bad hiring decision. They have long used data to make decisions, but that data is not much help without analysis. Recruiters and hiring managers need the right tools to drill down data and provide meaningful insight.
And frankly, there is too much incredible technology out there to get it wrong today. Prescriptive recommendations can significantly help companies hire the right candidates faster and more efficiently, which is critical in high pressure, fast paced situations like high volume hiring events. If your hiring managers are begging for a position to go unfilled due to mismatch, it’s time to evaluate your metrics and invest in prescriptive analytics straightaway!
High-Volume = High Stakes
When you are recruiting in a high-volume environment, like hiring events, you find that one stalled process, one mismatched employee, one small delay can have a domino effect on your success and metrics. Prescriptive recommendations, in contrast can have a huge, positive impact on:
- Identifying top talent, including the best time to speak to them and why your company or role is attractive to them
- Building a talent pipeline through the use of demographic, talent and economic data
- Responding faster and better to interested candidates and even which methods to use (text or email)
- How to tweak things like duration, location, occupation, and industry to attract more qualified candidates
- Cost: Prescriptive hiring can use ads to place an open position where the data shows a qualified candidate might be. As soon as your ad gets enough attention or applications, the algorithm takes the postings down.
High-volume recruiting and hiring events are competitive enough without hobbling your team with old-school recruiting technology that fails to harness prescriptive analytics. The various processes and intelligence affected above are reasons enough but wait, there’s more…
It doesn’t have to be so hard
Prescriptive recommendations make things simpler for everyone. For the candidate, it reduces complexity during the application process and matches them faster and better. For the recruiter, it allows for more requisites to be filled with better candidate experience and quality of hire (which also impacts retention, something recruiters are being tasked with more and more). For hiring managers, it reduces their constant involvement to setting parameters early on and making a final simple selection - so they can get back to their daily work. Prescriptive analytics can boost metrics like:
- Application drop off rate
- Candidate satisfaction
- Time to hire
- Quality of hire
- Offer approvals
- Offer to onboarding time
- Short-term attrition
- Employee engagement
...just to name a few!
Implementing this system ultimately allows recruiters to build meaningful relationships from the beginning rather than worrying about items like placement and smaller, more tactical duties. In other words, prescriptive hiring uses your company’s data to find you the best talent for your company. Talent the algorithm believes will stay long enough to make a valuable impact to your business.
This article was originally published on the Oleeo Blog.
About Jeanette Maister:
Global talent acquisition technology leader with extensive experience in global talent acquisition, applicant tracking systems & recruiting technology, recruiting metrics and process. Deep insight into all aspects of campus recruiting strategy. Recognized for driving growth and helping clients transform their recruiting efforts.
