Predictive analytics will continue to enhance the recruiting process in 2019. Companies will have a more efficient and effective process through which to source candidates, estimate their effectiveness on the job, and predict how long they will serve the organization. If your company is not already using predictive analytics, it will want to start doing so now.
What Are Predictive Analytics?
Predictive analytics use historical data to make predictions about the future. The technology uses statistics, machine learning and modeling techniques to create a predictive model that estimates the likelihood of a future outcome. Companies can use predictive analytics to make data-based decisions about the future to increase efficiency and effectiveness while lowering costs.
Understanding the Drivers of Business
The technology can help understand what drives performance, leadership effectiveness, and turnover. It can also uncover underlying inequities that may not be apparent, such as biased hiring practices, pay inequality and lack of diversity. Enhancing these areas makes the company a more attractive place to work.
Companies can predict a candidate’s performance potential and whether they may be a flight risk. They can also compare them against their competition in areas of recruiting, learning and development spending, organizational design and other talent measures. Plus, predictive analytics can optimize job postings, funneling and onboarding.
Streamlining the Recruitment Process
This technology can be used to attract and source talent. Data-driven tools can automate resume ranking and shortlist and prescreen candidates to save time. The technology increases the quality and diversity of the candidates as well. Also, predictive analytics optimize responses from job postings. Data analysis on industry, location, occupation and other elements can customize recommendations on receiving more qualified responses for open roles. Plus, the technology can determine the best locations to invest in recruitment campaigns for specific skills to optimize the talent pipeline.
Companies can assess, anticipate and preempt outcomes or candidate behaviors based on the data they receive. Companies gather data from sources such as social media channels and platforms, then incorporate the data into algorithms created from unemployment rates, growth indices, GDP, turnover numbers and other trends to determine future hiring needs. Companies also gather personal details, education, family background, work performance and behaviors, and other data on their employees, then correlate the information to determine a typical profile of an employee who will be successful within the organization.
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