Companies have utilized analytics for decades to monitor income, identify development opportunities, and enhance user engagement. While there's no doubt that these are important parameters to measure, it is as crucial to understanding how to enhance the satisfaction, productivity, growth, and commitment of the employees who keep the organization functioning. This is where recruitment data and analytics tools can help.
To attract the best employees, recruitment tactics and techniques are rapidly changing. In fact, by 2023, 77 percent of HR businesses are projected to employ AI for talent acquisition, up from 65 percent in 2020. Businesses can reform numerous HR procedures, including recruitment, turnover, training, talent management, and performance management, by utilizing the functions of recruitment analytics tools and solutions. Basically, these technologies are essential for developing a data-driven HR model for any company.
The main task of data analytic tools when it comes to recruitment is to track and analyze data about resources, including their skills, demographics, and performance. This data can then be transformed into actionable pointers, which can be used to make informed business decisions regarding the workforce. In addition, if the analytics tools are HR-specific, they can extract insights from unstructured data, such as employee goals and experiences, and provide predictive analytics to create an ideal growth trajectory that aligns the employee’s and the company’s vision.
In other words: recruitment tech with data analytic capabilities baked right in, or coupled with strong stand-alone analytics solutions such as Google Analytics, Microsoft BI, etc, can turn words and phrases on resumes and in applications into actionable insights. They'll allow you to predict which approaches work best for which roles, understand your pipelines, and communicate more effectively with your colleagues. Data allows recruiters to paint a picture of the possible.
Recruiting analytics tools enable the team to utilize statistics, modeling, and other analysis approaches to gain a quantitative understanding of organizational important metrics including absenteeism, engagement rate, recruitment cost, turnover, and time to hire. And: there are a lot of them. The field has been growing steadily for some time, and shows no signs of slowing down. Here, we gathered a short - and clearly not comprehensive - list of some of the better known options that get consistently positive reviews from their users.
TurboHire, an intelligent recruitment platform, is data-driven, organized, and interactive. It mixes human and machine intelligence to produce data-centric insights for candidate sourcing, screening, and evaluation.
In addition, TurboHire delivers military-grade protection for customer data and encrypted customer-to-cloud connectivity.
Using TurboHire, firms have reportedly saved more than 10,000 hours of recruitment time and $2 million in hiring expenditures while recruiting more than 50,000 prospects. More than 5,000 recruiters currently use TurboHire, including ClearTax, ICICI Bank, Cure.fit, Accel Partners, and Wakefit.
The analytics tools from Zoho Recruit can help companies boost their return on investment. Using Zoho Recruit, businesses can monitor the number of qualified candidates from each source. Additionally, they can determine where their high performers learned about their job openings. This will enable them to focus their efforts on the most effective sources and platforms.
Moreover, data-driven hiring allows businesses to maximize the value of each employee. So, organizations can calculate and measure important recruiting KPIs such as time required to fill a position, the offer acceptance rate, and others, with the Zoho recruit recruitment KPI dashboard. This helps them enhance their applicant hiring process.
Microsoft's Power BI workforce analytics software allows businesses to connect with different data source systems, like as Excel sheets, SQL databases, Machine Learning APIs, and even a live Twitter feed. All of these diverse data sources may be consolidated and incorporated into Power BI. Using Power BI's dashboarding capacity, the consolidated data may be converted into an HR dashboard to report and visualize data. There are three licensing options available:
Smartrecruiters' analytics capabilities equip HR teams with the necessary data and reporting tools. This helps to further their recruitment efforts. With end-to-end recruitment data analysis and real-time dashboards for managing recruiting data, companies can gain valuable information for their hiring process.
Moreover, this tool allows businesses to preserve historical recruitment data in their SmartRecruiters data mart. It also provides easy and immediate access to all candidates, open positions, and users for reporting and analysis purposes. Companies may also easily and rapidly export entire data sets for additional or manual analysis using this tool.
Pymetrics mixes gamification with behavioral technology to facilitate the hiring process. It utilizes a patent-protected set of 12 games to correctly and fairly assess cognitive and emotional traits. It also includes four extra games that assess quantitative and logical reasoning.
It promises a 75% reduction in hiring time, a 100% increase in output, and a 25% decrease in hiring expenses. Pymetrics also guarantees gender and ethical equality in algorithms through ethical AI design in collaboration with organizations such as the EEOC, the World Economic Forum, and Stanford University. It boasts a client roster of more than 60 multinational corporations, including Accenture, Tesla, Mercer, and Unilever.
Saba delivers solutions for workforce management to a range of organizations in various industries. This includes the manufacturing, healthcare, government sectors, and retail, manufacturing. Using this recruiting analytics platform, companies can acquire real-time insights into staffing procedures.
The dashboards are totally modifiable, allowing companies to adjust sources of data and reporting segments to their particular requirements. Saba exhibits the promise of data analytics in recruiting with dependable multi-device availability, third-party integration, trend detection, and automated reporting capabilities.
The Talocity SaaS platform enables "touchless" hiring. Talocity, an AI-powered video interviewing tool, is available in over 39 languages, and primarily offers four powerful solutions:
Talocity gathers tens of thousands of candidate-specific data points throughout its one-way video interviews. The AI subsequently augments the hiring team's decision-making with information from these interviews, directing time and resources to only the candidates with the highest potential compatibility.
With so many alternatives available, it may be challenging for companies to select the ideal recruitment tools for their company. Before looking for recruitment tools, companies should ensure that they have a firm grasp of their company's needs. Process mapping is key here - you won't know what you need to measure until you understand your processes. Then, selecting the right data analytics solution that best meets their requirements shouldn't be a problem.