Streamline Your Hiring Process with Predictive Analysis Techniques
In the past, interviewing panels had to make judgment calls about the people they recruited and hired to key positions. Their information was limited. They had the application, which served as an indicator of past performance to review. They also had the candidate’s interview to get a feel for the applicant’s personality. As any negotiation classes will tell you, whenever you make a deal, it’s important to have the most information possible on your counterpart. However, during an important deal like a job offer, companies often worked with quite limited information about which applicant would be successful.
Often, organizations would find themselves lumbered with employees who turned out to be completely different from the façade they presented in the interview. And the skills they promised to deliver may have been overstated on their application.
Today, recruitment and selection have become something more of an analytical process. The use of predictive analysis has made hiring a more exact science, which has the benefit of the organization in mind.
How does predictive analysis work?
A predictive analysis uses data, rather than human instinct, to determine if an employee will fit in at an organization and fulfill the job requirements. Here is how it works:
A predictive analysis software program takes an application and breaks it down into data. Previous employment experience is entered into the program, as well as the length of time the candidate worked at each position. Areas of expertise are categorized and fed into the program.
The data the applicant shares on social media platforms can also be incorporated into the predictive analysis. This can give the HR department a far bigger and more accurate picture of the applicant.
Software programs can also predict whether there is even a need for the position, before the company opens the role. HR should develop a program with an algorithm that looks at the GDP, projected growth rates, predicted company performance, and other factors, such as unemployment. This can provide recruiters with more information on the financial viability of taking on a permanent employee. Knowing this can help them decide whether they hire someone full-time or turns towards a part-time consultant or freelancer.
In the long-term, this can save the organization a lot of money. With all this information and advanced negotiation training, HR can secure a solution that’s optimal for the organization’s needs.
How will predictive analysis help you in your hiring processes?
1. Improved quality in the process
Predictive analysis can eliminate the need for decisions based on ‘gut feeling’ after an interview. HR will know more about an employee’s experience. A recruiter would know if the candidate tends to job-hop.
2. Better sourcing practices
Predictive analysis can help HR determine the best places to advertise the job. This can make the recruitment process less cumbersome. An online platform may be more effective than a recruitment agency. Predictive analysis can demonstrate which recruitment methods have been most effective in past hires, which helps HR to make informed decisions for the future.
3. Streamlined, quicker process
Your program can identify candidates who best suit your organization’s needs, based on objective data such as education and experience. This cuts down on time wasted with irrelevant applications from people who are applying opportunistically. It helps make fair candidate comparisons and can even calculate which of the applicants would be likely to accept an offer, so companies can be prepared for all eventualities.
What does the organization need to do to make predictive analysis effective in their hiring processes?
1. Hire an expert
Predictive analysis requires a computer program with an accurate algorithm and a programmer with knowledge of machine learning. The organization doesn’t need to hire a full-time employee for this. A consultant can be recruited to set up, maintain, and troubleshoot your system.
2. Integrate systems
HR may currently be using a set of systems to collect data about prospective employees. If these systems are not brought together to form one super-system, the data they yield is useless. Disjointed information creates distorted impressions about potential employees. A consolidated program will help to give recruiters the whole picture about an applicant.
What predictive analysis cannot do:
Predictive analysis is data-driven and objective. A successful predictive analysis project sets the tone for achieving your final target. It will help you complete half the hiring process; for the other half, you need to consider other key factors through a more human lens.
Predictive analysis cannot take into account a candidate’s personality or the soft skills a prospective employee needs, such as public speaking skills and interactive skills. So, predictive analysis cannot take the place of the interview.
It can only guide HR in the right direction to make sure they have the right pool of people in front of them. But the final decision must consider personality. The panel will still need to rely on skills gained in negotiation workshop to weigh costs and benefits of each candidate and to settle on the best hire. That means that predictive analysis cannot entirely take over the hiring process.
Can predictive analysis be used with existing employees?
Predictive analysis can give HR statistics on factors such as staff turnover. Where staff turnover is high, it is worthwhile investigating why. Then measures can be put in place to reduce it.
The academic qualifications of current employees can be analyzed to prioritize training and development opportunities in a constrained budget. Performance data and improved requirements can predict which employees might thrive if they were to be promoted.
A final word about predictive analysis
When used correctly, predictive analysis can be a helpful tool in an organization’s recruitment processes. However, it cannot (yet) completely replace the human factor that leads to the final decision. It’s a worthwhile investment to set up a predictive analysis program to assist the organization to make more effective recruitment decisions.
The Negotiation Experts are specialists in the B2B market and deliver bespoke negotiation training to their global clients. For more insightful posts and resources, visit their site: www.negotiations.com.