Organisations have been looking at refining the recruitment process for a long time now. Human resources departments are constantly exploring ways to hire the perfect candidate and once hired, the means to retain him. An invaluable resource in this entire procedure is the historical data that a firm has on its employees.
If analysed effectively, this data can provide information on employee performance, the type of candidates most likely to leave, the percentage of those who will quit within the first six months of being hired, etc. Companies can dig into the enormous amount of readily available data they have to come up with innovative ways of making decisions.
There are multiple ways to evaluate employee information to arrive at certain conclusions.
- One can identify groups of employees with similar metrics to make an intuitive assumption regarding performance drivers, motivating factors, commitment, etc. These assumptions can then provide lessons on employee commitment to the company, etc.
- Analysing and plotting data can help managers to predict performance. These predictions can then be used to decide whether additional push in terms of more adverts, promotions, sales incentives, etc., are needed to achieve targets.
- Attrition is an expensive affair for firms, both in terms of losing good employees and the increased cost of hiring a new candidate. Employee data can be used to create models that will help in predicting who will quit and when. Intervention can then be organised for high performing employees who are the most likely to quit.
- Once a suitable candidate is hired, how does one ensure that he joins? Predictive models based on historical data can identify the likelihood of offer rejection on an individual level. This means that the HR team can put in place follow-up actions that will ensure better acceptance rates.
In summary, the tons of employee data readily available with organisations can be put to excellent use by the HR teams using technology and analytics. This in turn can be used to come up with innovative ways to predict future employee behaviour. The time is nigh for us to forego established ways of recruitment and instead learn lessons from the past to figure out new and better ways to hire the best person for the job.