How Can Data Optimize Your Small Recruitment Budget?

Recruitment How Can Data Optimize Your Small Recruitment Budget?

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Optimizing a recruiting budget

Until recently, the hiring process for most organizations has been primarily based on guesswork. When considering a candidate, you could never know for sure if they were going to do a good job. Gut feeling and manual screening can only help you get so far, right? As a result, it’s not too surprising that up to 75 percent of all hires are actually bad hires. 

This same unscientific approach causes an array of other losses, too. The fact is, for many companies, the hiring process is tedious, long, and overpriced. When you use a traditional process for recruiting new employees, you are going to interview countless people who aren’t qualified for the job, which wastes your time and resources.

However, when you use a data-driven approach, like the solutions offered by HR Payroll Systems, the entire process is more efficient, easier, and even more cost-effective.

An Explanation of Data-Driven Recruiting

Put simply, the process of data-driven recruiting means that data is used for optimizing the entire hiring process. There are many bigger organizations that have a large amount of data available during the recruiting process, including:

  • The total percentages of bad hires
  • Referral data
  • The length of the average hiring process
  • Hiring sources from every candidate
  • The cost of a new hire

Even though there is quite a bit of insight hidden in this data, for the majority of companies, it often goes to waste. There are some ways that using data-driven recruiting may improve an organization’s hiring process significantly.

For example, it is possible to improve the efficiency of the process by eliminating unnecessary interviews. This is going to reduce the amount of time it takes to hire and reduces the related costs.

Some of the other ways that data-driven recruiting is beneficial can be found here.

Eliminate the Need for Decision Making Based on “Gut Feelings”

As most people know, anything in business that is based on a “gut feeling” instead of reasonable and logical decision making may backfire. While a candidate may be an amazingly charming individual, it doesn’t mean they are a good fit for the position. Rather than making hiring decisions on a person’s likeability and their resume, try to see what types of tools, such as recruitment software, is available to help satisfy this specific part of the process. This allows a hiring manager to decide on a person’s skills and personality.

With data-driven decisions, it’s possible to eliminate the uncertainties that often come with a new hire. This makes it possible for you to be more confident in the person you ultimately choose.

Improve the Quality of the Hire

There is a significant difference between A-players and C-players. By hiring the best employees, it will significantly improve the performance of a company in both the short- and long-term. With more traditional hiring, this is a process that can be difficult. While a person may seem great during the interview, this may not translate when actually performing day-to-day tasks.

However, by using data-driven recruiting, it’s possible to significantly increase the likelihood that the right hires are made.

Reduce the Amount of Time it Takes to Hire Someone

If a company’s hiring time is worse than the average for the industry, there could be several things that will help. First, it’s important to figure out what is being done and how long each step of the process takes currently. By doing this, it’s possible to figure out what part of the process is taking too long.

When it is time to recruit and hire new employees, work smarter, not harder. Using data-driven recruiting methods can help you do just that.

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