All companies have different ways of hiring new talent. Others go the traditional route by posting job vacancies in newspapers, television, or agencies, while others use social media and online portals.
Both methods of hiring talent have their advantages and disadvantages:
Companies use an Applicant Tracking System (ATS) to streamline hiring. But, will it be enough? What about workforce data? Although these companies are adopting the system, it’s still a challenge to find the right candidate for the job.
ATS is designed to help recruiters screen the most qualified candidates through automation. Since companies receive a lot of applications from various candidates, ATS aims to reduce the time recruiters will have to do if done manually.
There are advantages to using ATS:
While there are advantages to using the ATS, it has its disadvantages as well:
Despite the disadvantages of using ATS, 98.8% of Fortune 500 companies use an ATS system to streamline their hiring process since they attract a lot of applications from different candidates.
Although using an ATS can help hire better candidates, recruiters and managers might not see the bigger picture of their workforce’s needs. They may have the necessary skills for the job, but they’re not the suitable candidates the team needs.
Incorporating the use of workforce analytics and data can help recruiters and managers make informed decisions instead of relying on the ‘gut feeling.’ Workforce data is important because:
Workforce data comes from many sources, including employee feedback and performance review.
The Human Resources (HR) team can also use the data to determine trends, see opportunities for employee development programs, risk management, and improve business goals.
HR can also use the data to fill new roles in the company. For example, the company is expanding a new department to do a specific task. HR can use the workforce data to see which employees they can pull from other departments.
HR can gain insights into why there are talent shortages and higher turnover. They can see what’s working and what’s not working for the company, thus being able to help the company in decision making.
A study from Harvard Business Review shows that 80% of a company’s turnover attributes to bad hiring decisions, and 45% was due to a lack of process. 40-70% of American employees search for another job, while the business sector spends $72 billion annually on the recruitment process.
Streamlining the hiring process through workforce data and ATS is beneficial. Workforce data can determine the reason for high turnover and set retention goals. Other reasons for streamlining include:
Recruiters gain more insights into what the company needs aside from the initial job qualifications they indicated when posting the job.
ATS can use workforce data to find and select better candidates for the job. Recruiters and managers can make informed decisions based on the workforce’s needs.
If a company promotes diversity, it can use workforce data to open opportunities to different sectors.
Companies will see improvement in their recruitment goals as important stakeholders are involved in decision-making.
ATS can only do so much in streamlining the hiring process. What might work in other industries might not work in another company. By streamlining the recruitment process using workforce data, companies reduce errors in hiring suitable candidates.
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