Recruitment is one of the most challenging and complex tasks, as it requires a lot of data, analysis, and strategy to make informed decisions. You also need to be able to anticipate the future trends and needs of the talent market, and align their recruitment strategy accordingly. This is where predictive HR analytics can be a game-changer for recruiters.
Let’s dig a bit deeper, learn more about predictive HR analytics, and see how you can use it to elevate your recruitment game.
What Is Predictive HR Analytics?
Predictive HR Analytics is the use of data mining, statistical techniques, and machine learning to analyze historical and current data, and predict future outcomes and behaviors.
Predictive HR Analytics is a branch of People Analytics that focuses on forecasting future outcomes and behaviors based on historical and current data. It uses various methods and tools to collect, process, and analyze data from various sources, such as resumes, assessments, interviews, performance reviews, surveys, social media, etc.
Then, predictive HR analytics applies algorithms and models to identify patterns, trends, correlations, and causal relationships among the data. Based on these insights, it can generate predictions about future events and actions, such as who is likely to apply for a job, who is likely to perform well in a role, who is likely to leave the organization, etc. Predictive HR Analytics can also provide recommendations and suggestions for improving the recruitment process and outcomes, such as which candidates to target, which channels to use, which messages to send, which offers to make, etc.
Benefits of Predictive HR Analytics
Predictive HR Analytics can provide many benefits for recruiters and HR professionals. Some of the main advantages are:
- Reducing hiring costs: Predictive HR Analytics can help optimize your sourcing strategies, reduce their time-to-hire, improve their offer acceptance rates, and lower your turnover rates. By using data-driven insights, you can avoid wasting time and money on unqualified or unsuitable candidates, and focus on the best-fit candidates for each role.
- Improving hiring quality: By using data-driven insights, recruiters can identify the key skills, competencies, traits, and values that predict success in a role, and assess candidates based on these criteria, you can enhance your selection methods, increase their hiring accuracy, and improve your retention rates through predictive HR analytics.
- Predictive HR Analytics can also help you reduce bias and discrimination in your hiring decisions by using objective and standardized measures.
- Enhancing candidate experience: Predictive HR Analytics can use various data points, such as email open rates, click-through rates, response rates, etc., to measure and optimize candidates’ interest, satisfaction, and loyalty. This allows you to improve your communication and relationship with candidates throughout the recruitment process.
- Personalizing candidate engagement: With predictive HR analytics, you can tailor your communication strategies, content, and timing to each candidate’s preferences and behavior. And by using data-driven insights, you can send personalized messages, offers, and feedback to candidates, and increase their response rates and satisfaction levels.
Types of Predictive HR Analytics You Should Know About
Predictive HR Analytics is not a one-size-fits-all solution. There are different types of predictive models and methods that can be applied to different aspects and stages of the recruitment process. Some of the common types of predictive HR analytics are:
Sourcing Analytics
This type of predictive analytics helps recruiters to identify the best sources and channels for finding qualified candidates for each role. Sourcing analytics can also help you optimize your employer’s branding and marketing strategies, as well as attract more passive candidates.
Screening Analytics
Screening Analytics is designed to help recruiters filter and rank candidates based on their fit for the role and the organization. It can use various data points, such as resumes, assessments, video interviews, etc., to evaluate candidates’ skills, competencies, personality, values, and cultural fit.
Hiring Analytics
With hiring analytics, recruiters can make better hiring decisions based on data-driven insights. Hiring analytics uses various data points, such as performance reviews, feedback, surveys, etc., to predict candidates’ potential, performance, retention, and impact on the organization.
Engagement Analytics
This aspect of predictive analytics helps you improve your relationship with candidates throughout the recruitment process. it pulls information from various data points like email open rates, click-through rates, response rates, etc., to measure and optimize candidates’ interest, satisfaction, and loyalty.
Real-World Application of Predictive HR Analytics
Predictive HR Analytics is not a theoretical concept. It is already being used by many organizations across different industries and sectors. Here are some examples of how predictive HR analytics is applied in real-world scenarios:
The search engine Titan is one of the pioneers and leaders in using predictive HR analytics for recruitment. Google uses an algorithm called QDroid to screen and rank candidates based on their resumes and online assessments. It can predict candidates’ future performance and retention based on their past achievements and behavior patterns, which helps improve the quality of hire for Google. [1]
IBM
Another good example is IBM, which utilizes predictive HR analytics to improve its talent acquisition and retention strategies. The international business machines firm leverages a tool called Watson Talent Frameworks to create customized job descriptions based on the skills and competencies required for each role. The tool also helps IBM ensure the right talent by suggesting the best candidates for each role based on their fit with the job requirements and the organization’s values. [2]
Amazon
Last but not least, the household name in the e-Commerce game uses predictive HR analytics to improve its recommendation system for customers. Amazon applies a tool called Item-to-Item Collaborative Filtering to analyze customers’ purchase history, ratings, and browsing behavior, and recommend products that they are likely to buy. This tool can also be used to recommend jobs to candidates based on their skills, interests, and preferences. [3]
Manatal’s Predictive HR Analytics Tools
To implement predictive HR analytics effectively, you need a reliable tool that can collect, process, analyze, and visualize data from various sources.
An ATS can help recruiters to automate their tasks, streamline their workflows, track their progress, and enhance their candidate experience. Manatal is a cloud-based, AI-powered recruitment software that comes fully equipped with reports and analytics features you can use to measure and optimize your recruitment efforts.
Manatal offers a range of features and benefits for recruiters, such as:
- Candidate sourcing: Manatal helps recruiters to source candidates from over 2500+ job board integrations, a branded career page, a LinkedIn extension, a referral program, and more. Manatal also enriches candidates’ profiles with data from their LinkedIn and 20+ social platforms, creating comprehensive and searchable profiles.
- Candidate tracking: Through the use of Manatal, you’ll be able to track candidates throughout the recruitment process, from application to hiring. In addition, Manatal also provides a feature-rich and highly customizable applicant tracking system that allows recruiters to create pipelines, stages, actions, and workflows that suit your needs.
- Candidate matching: Within a few clicks, you can find the best candidates for each role based on their fit with the job requirements and the organization’s values. Manatal uses a powerful AI engine, search tools, filters, and candidate scoring to rank and recommends candidates based on their skills, competencies, personality, values, and cultural fit.
- Candidate engagement: Manatal comes with the ability to help you improve your communication and relationship with candidates throughout the recruitment process. The tool enables you to send personalized messages, offers, and feedback to candidates via email or SMS. It can also be integrated with calendars and mailboxes to optimize time management and scheduling.
- Reports and analytics: We’re saving the best for last. With Manatal, you will be able to efficiently measure and improve your recruitment performance and outcomes. Plus, with Manatal’s dashboard and a full reporting and analytics suite, you can easily track all of the key metrics like time-to-hire, cost-per-hire, quality-of-hire, source effectiveness, etc.
Imagine having the power to streamline the recruitment process while being able to conveniently pull out important data and come up with a stronger hiring strategy within a few clicks. Sounds good, right? All of that can be possible with Manatal.
Don’t wait any longer. Start a 14-day Free Trial today, discover Manatal’s innovative features, and see how it can transform your recruitment within a few clicks!
Citations:
1. Here's Google's Secret to Hiring the Best People | WIRED
3. The history of Amazon's recommendation algorithm - Amazon Science
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