Do you know Laszlo Bock, Senior VP (people operations), told LinkedIn in 2013, “We looked at tens of thousands of interviews, and everyone who had done the interviews and what they scored the candidate, and how that person ultimately performed in their job. We found zero relationship. It’s a complete random mess.”
Now the question is how a tech giant like Google is still not able to find a solution to hiring problems? With so much data floating in and out of their server on per second basis, if a company like Google can’t work it out, what chances we have of finding the talent that can help us take the business off the ground?
Well, the truth is that we have a come a long way from when this statement was made, and today, we have access to a plethora of applications and data that can help us hire better.
In a recent interview with Slate Magazine, Prasad Setty, VP of People Analytics at Google said, “We make thousands of people decisions every day — who we should hire, how much we should pay them, who we should promote, who we should let go of.
What we try to do is bring the same level of rigor to people decisions that we do to engineering decisions. Our mission is to have all people decisions be informed by data.”
But you’re not google and people are complex. In order to break down this complexity to help you hire only the best talent, we have come up with a few suggestions to help you make data-driven decision.
Use Data to Optimize Hiring Process
Do you have ATS (Application Tracking System)? When was the last time you reviewed the source data? It has been proved that knowing the “source” of recruitment helps identify new candidate “moderately or extensively”. As companies embrace data-driven approach to hire new talent, adopting simple metrics, as simple as “number of hires” and where the hire truly came from can help simplify cost per hire which ultimately lead to better ROI calculations.
Use Niche Job Boards
With a plethora of choices available online, it is best to identify a niche job board to attract top talent with relevant experience and interest in your specific industry. It has been studied that 62% of the vacancies are posted to niche job sites, niche job boards, and publications as they are considered to be the easiest way to reach target audience directly, regardless of what type of candidate you are looking for.
Hire Recruitment Startups
Every year about 12 million people enter the job market, unable to find the right kind of job or company through job portals. New breed of startup recruitment firms are redefining the hiring strategies globally – bridging the gap between the expectation of companies and aspirations of candidates. Their innovative solutions and the ability to aggregating specialised skill sets at one place, these startups discover the right talent and help companies make better hiring decision.
Have you adopted any new technology to streamline your company’s hiring process? Did you include it in your business plan? How is it working for you? Share your feedback in the comment section below.