A well-run business is one that can attract excellent talent. In the ever-changing job market, it is increasingly important to stay competitive in signing talented employees. Hiring people that are the best fit for your company has many positive outcomes, including but not limited to, decreased employee turnover, increased productivity, increased employee satisfaction, and more efficient use of company time and resources. Incorporating business intelligence analytics into your recruitment and hiring process is a terrific way to enhance the efficiency of the hiring process and increase the likelihood of hiring the best fit. Below are three advantages that BI can help your company make more accurate decisions and stay ahead of the curve.

1. Streamline the search process

Searching for qualified candidates can be a time consuming and resource exhaustive process, but with business intelligence you can learn what works best and reduce deficiencies over time. A first step in any candidate search process is to determine the necessary skills, key traits, or wanted characteristics in potential candidates. Business Intelligence can help you determine which skills, traits and characteristics are most important for each role in your company. It can also help identify potential roles ahead of time, optimizing the search process from the beginning. Evaluating your application forms and documents is another key step in streamlining your search process. Tracking metrics on the performance of your job applications or career page can tell you whether candidates are finding the application process is difficult, confusing, or outdated. Candidates will want a user-friendly interface that works and is easy to understand and complete. If your application process is cumbersome, applicants may decide it is not worth the time or effort to even apply, which means you could be missing great candidates.

2. Enhance recruitment

Collecting and analyzing data on which advertisement paths are the most efficient will allow you to spend your recruitment budget more effectively. Whether you use LinkedIn, AngelList, or other avenues, the important thing is tracking which ones bring the most qualified candidates. Tracking initial quality based on resume, experience, recommendations, skills assessment and initial interviews will help determine the quality that each recruitment avenue is attracting to your job posting. Skills assessments are valuable to help reduce employee turnover due to candidates not being as skilled as initially thought during the recruitment process. Even more important, once hired, track each employee’s performance over time from the moment they were hired. Having this data will help you see how each candidate from each avenue performed in the long term after you hired them. This knowledge will further indicate the quality of candidates you receive from a specific recruitment avenue.

3. Improve company culture and reduce turnover

Monitor employee’s performance and job satisfaction to gain key insights into the influence of your companies’ processes, training, and culture. Employee performance is a key indicator of the success of your recruitment and on-boarding processes and should be evaluated at regular intervals. Business Intelligence can indicate if your employees have everything they need to work effectively and pinpoint instances where more training may be needed or where management needs to take a more hands-on approach. These insights can also lead to ideas on how to increase productivity by keeping employees engaged. If employees are under stress from too much workload, this could affect their performance and satisfaction, which you could better predict with business intelligence analytics. The ability to predict before these issues arise increases the efficiency of your teams by not only increasing retention but also giving you information on whether more personnel need to be hired to adjust workloads. Furthermore, company culture is a key component for any company to cultivate. Business Intelligence can be immensely helpful in gathering and visualizing data from employee surveys on satisfaction, engagement, and growth. Having this data, companies can detect employees’ sentiment about the company and learn employees’ wants and needs to find solutions before any issues grow into bigger concerns.

Now that you have read about these advantages, we at ConradBI, are confident that you would agree that utilizing Business Intelligence can increase the efficiency of your hiring process, increase your companies’ ability to attract qualified candidates, enhance company culture which in turn can reduce the need to hire in the first place by reducing turnover.