The Author, Bhuvan Desai, is VP – Client Operation at Uplers
Hiring the right talent for a job is a crucial first step towards a company’s success. Bringing talent onboard for any position comes with a significant financial implication and hiring the wrong talent not only leads to significant costs, but also in terms of project delays and missed opportunities. Whether it’s a startup or a multinational company, there’s a strong need to enhance talent acquisition methods. This is especially true now as many young professionals change jobs quite often, posing challenges for both hiring and retaining employees.
In this landscape, smarter talent acquisition has become the go-to solution. It’s vital for companies to improve how they find and bring in new employees. This ensures that the right talent are in place to drive the organization forward. Remote hiring has provided organizations with a wonderful opportunity to widen their search for top talents across the world. Yet, it also comes with its own set of challenges. This is where an informed data-driven talent acquisition strategy becomes essential. It significantly enhances the ability to bring the right professionals into a team, despite the geographical boundaries.
The valuable information derived from advanced people and Talent Acquisition (TA) analytics has a significant impact on business outcomes. The initial and most crucial step in addressing recruitment gaps is comprehending how TA analytics influences key stakeholders throughout the hiring process. It’s vital to recognize what benefits each stakeholder and the organization can gain from this data-driven approach. While generating smarter insights out of remote hiring, we should consider the outcomes each stakeholders are driving toward and what types of insights will support achieving those outcomes.
In the realm of remote hiring, obtaining insights begins with a fundamental consideration: the candidate’s reliability. Remote hiring necessitates assessing not only their technical proficiency but also their suitability for remote work. Moreover, it’s beneficial to gain insights into their dedication, enthusiasm, and alignment with the company’s purpose.
In today’s industry, remarkable tools are in use to evaluate technical abilities through coding tests and functional assessments. Communication skills are also evaluated. Live coding interviews are particularly useful, not only for assessing technical reliability but also for establishing a personal connection between the hiring manager and the candidate. The AI based interview platforms also help generating intuitive insights and reports about candidate giving 3 factor measurement about candidates reliability – Tech skills | Communication skills | Seriousness of candidates.
There are platforms that track candidates’ inclination towards particular roles or organization by connecting their actions for a particular role, topics on social media and his/her actions towards the same skills in different communities. The background checks that are a wholesome manual activity, are soon getting replaced with amazing blockchain based technology to give insights that are much beyond the horizon we have observed so far.
Furthermore, there’s an additional dimension to consider beyond evaluating the reliability of candidates in remote hiring. This pertains to the efficiency of the hiring team and all those involved in the hiring process. Some Applicant Tracking Systems (ATS) are designed with exceptional effectiveness measures for talent acquisition teams. This makes the whole hiring process simpler and makes talent acquisition much better, sometimes even ten times better than before.
Also, we can use advanced computer programs (like Generative AI) or really smart ways of looking at data from employees who are doing a great job in similar roles. With this information, we can make better questionnaires for the people who hire candidates. These questionnaires help the hiring managers figure out if candidates are a good fit by comparing them to the best employees we already have.
Few important metrics to be measured can be
- Quality of Candidate hired
- Sources of hire
- Volume of hire (efficiency of a recruiter)
- Time to hire
- Cost of hire
- Retention
- Business outcome post hiring
- Automated hiring vs manual hiring
A new and better way of thinking about hiring is through predictive selection metrics. These metrics go beyond just looking at a person’s resume to see if they’re a good fit for the organization or the job. Predictive analysis is a fancy term that means looking at data to make smart guesses about the future. In this case, we look at data from past hires in the same company or even different ones. We also check social media sites like LinkedIn or job platforms. This analysis can tell us more than just who to hire. It can also help us figure out how long a new employee might stay with the company and how well they will do. It can even help us plan for times when we might not have enough people with the right skills. All this helps the company plan better for the future.
The data needed for all these analyses can be gathered from various sources such as HR tools, learning management systems (LMS), project management tools, performance management software, and payroll systems. This information serves a dual purpose—it tells us about the types of talents that can excel and the patterns that matter. It also provides valuable insights into the potential return on investment for these efforts.
Customer relationship management (CRM) systems can assist in predicting customer behaviors and preferences. When integrated with intelligent tools, this can further aid in forecasting the necessary skills within our workforce or identifying potential skill shortages. This integration, however, requires linking these insights with our current suite of project management tools, enterprise resource planning (ERP) systems, and employee engagement software to accurately assess our existing capabilities.
Data stored on ATS is immensely valuable. It assists us in grasping how committed and dependable a candidate is. Moreover, it aids in estimating how long it might take to hire someone and how many people we need to hire to meet our business needs.
We’ve got a wealth of data from various sources at our disposal. This data enables us to predict future trends and generate meaningful insights that can improve our current approach to finding the right talent. All we have to do is ensure that we connect the dots, extract the necessary information, transform it into useful insights, and then put those insights to work when making decisions.
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