How to Hire Faster Using Data-Driven Talent Acquisition: 5 Tips

Hiring takes precious time and resources: Most companies spend an average of 42 days filling a position and another 90 days to onboard. When all is said and done, it can take up to 12 months for new hires to reach their full performance potential, even when given the most thorough training — so it’s no surprise many companies are on a constant quest to hire faster.

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How a Data-Driven Recruitment Strategy Can Drastically Improve Your Hiring Process

Every company has its own unique hiring strategy, with some methods working more effectively than others. And while career sites, job boards, and recruiters all have their place in the process, these tools don’t always solve the top challenges of today’s talent acquisition leaders: hiring candidates who lack soft skills, are a poor fit for the role, or change their mind about the job.

Data-driven recruitment strategies help eliminate these costly mistakes, allowing top businesses to quickly find the right hires for the job and get ahead of their competitors. In fact, the right data can reduce annual turnover by 27%, increase performance improvement by 31%, and increase new employee tenure by 93% — all within the first year of implementation.

In this article, we’ll explain how to incorporate data-driven talent acquisition and help your company efficiently select the best candidates for the role.

 

Start Tracking Hiring Data
 

The first step to developing a data-driven recruitment strategy is to start tracking the results of the people you hire. Relevant metrics might include pre-hire screening questions, candidate experience scores, job acceptance rates, cost-per-hire, and more. The hiring process is full of data, but it’s often a matter of tracking and staying on top of it. 

Once you start tracking this data, you’ll have a better understanding of what you’re doing right in your hiring process and where you stand to improve. And because tracking performance leads to improved performance, you’ll quickly motivate employees to be more productive and effective in their roles.

 

Compare Data with Performance
 

Armed with the most relevant hiring metrics, it’s time to compare that data with the performance of those employees. This comparison process is the key to evaluating your past and better preparing for the future, so don’t take it lightly.

Start by measuring the top employee attributes correlated with performance, such as passion for the job, intelligence, or prior experience. Then analyze actual versus predicted performance, along with correlating factors and attributes of the most successful candidates.

The more hiring data you track, the more you’ll be able to increase the effectiveness and efficiency of your screening process. You’ll identify the attributes that lead to real success within your company and reduce employee turnover. You’ll even be able to determine where you went wrong with hires who turned over within the first few months. Likewise, you’ll have an easier time selecting new hires that have the optimal attributes for your company.

 

Look for Patterns in the Data
 

Even if your hiring process seems effective, there’s always room for improvement. Refine your strategy by continually tracking hiring data and comparing it with employee performance. The longer you track, the more trends you’ll discover. These trends will have a significant impact on the trajectory of your employee performance and the overall success of your company. Closed-loop technology and dynamic data will help you track these results and unveil the employee attributes that matter most.

Tracking hiring data and comparing performance results certainly takes time and effort. But keep in mind: the average cost per hire is almost $4,700, but it often reaches three to four times the salary for the position. This means a company could potentially save millions of dollars simply by tracking hiring data and incorporating those findings to optimize hiring efficiency.

 

Hire Better with Journeyfront
 

If you’re ready to start hiring more accurately, Journeyfront can help. Our customizable technology gives you automated insights that take the guesswork out of the hiring process, helping to improve employee performance, retention, culture, and more. We measure what matters, then use the data to analyze results and help you continually improve your hiring strategy.

With Journeyfront, it’s quick and easy to choose the best hires for any given role. Request a demo today and get better hires, guaranteed.

Amanda Fenton
ABOUT THE AUTHOR | Amanda Fenton
Amanda is a Content Writer for Journeyfront’s marketing team. She earned a bachelor’s degree from Brigham Young University-I in Communications, with an emphasis in Public Relations. Through prior work experience, her days were focused on deep diving into the best practices of all facets of marketing. Amanda is co-author of three college courseware simulations that cover topics like public relations, content marketing, and integrated marketing communications. Staying current with the latest marketing industry trends is a priority for her and, as a result, she has earned certifications in Advanced Google Analytics and HubSpot Academy’s Content Marketing. Outside of work, she plays tennis and golf and enjoys putting together colorful charcuterie boards.
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