Despite the 180-degree turn in the job market and hiring demands in recent months, one expectation has remained for recruiters: Improve hiring performance. Many recruiting teams are deploying enterprise hiring platforms to make recruiting virtual. They’re finding that platforms that integrate artificial intelligence (AI) and analytics enable them to take strategic recruiting to new levels and impact their key performance indicators (KPIs). Here’s what they see in terms of measurable results:
New hire performance – With the use of predictive analytics in pre-hire assessments, recruiters can identify the candidates more likely to outperform their peers on the job. Modern Hire’s AI-powered pre-hire assessments focus on core competencies to predict new hire performance in specific roles. These pre-hire assessments are ready to implement for dozens of job families in healthcare, retail, hospitality, and other industries. Modern Hire also works with recruiting teams to customize pre-hire assessments to predict candidates’ organization-specific performance. Recruiting becomes more strategic when recruiters can identify and advance the candidates more likely to generate bottom-line results as measured by their organization, such as higher sales, immediate productivity on the job, or successful customer engagement.
Turnover risk – Recruiters are also using AI-powered analytics for more strategic recruiting that measurably reduces new hire turnover. Modern Hire’s predictive analytics can help recruiters better understand turnover drivers in their organization and relate those post-hire data points to pre-hire metrics. Rather than predict new hire performance, Modern Hire’s pre-hire assessments predict turnover risk in these cases. Armed with this data, recruiters can filter out the candidates most likely to leave within the first three or six months on the job. In situations where recruiters don’t always have a large pool of talent to hire from, they can use this data to adjust their cut scores to balance turnover risk with getting all open positions filled. It’s this kind of insight that enables more strategic recruiting and better outcomes on recruiting KPIs.
Upgraded hiring process – Enterprise hiring platforms enable TA teams to level up their performance against metrics like time to fill, quality of hire, and recruiter efficiency with an upgraded hiring process:
- Time to fill: An enterprise hiring platform can combine candidate data across steps in the hiring process. This eliminates redundant steps for candidates in hiring and shortens the length of the process. Platforms like Modern Hire also integrate automated workflows for interview scheduling and candidate advancement in the screening and evaluation stages. With these platforms, recruiters can eliminate up to six entire days between the application and interview steps for candidates, and improve time to fill up to three weeks.
- Quality of hire: By identifying the candidates most likely to outperform their peers early in hiring and moving those candidates through a streamlined process, recruiters can get to the job offer stage faster and bring more high-potential candidates into the organization. Read about improved quality of hire as measured by new hire performance in these case studies:
- Recruiter efficiency: With decision-support from predictive analytics and the automated workflows available in enterprise hiring platforms, recruiters can devote more of their day to strategic recruiting. They have more time for activities like identifying new sourcing channels for a more diverse talent pool and spending time building relationships with A-list candidates – all activities that can make a positive impact on recruiting KPIs. Some organizations measure improved recruiter efficiency through savings of full-time employee hours; others measure it through annual cost savings that can run in the millions.
Organizations are also turning to Modern Hire for more strategic recruiting through Hiring Blueprints. Hiring Blueprints leverage the Modern Hire platform and provide a repeatable, proven method to evaluate candidates for nearly 60 specific job families. They are designed to help recruiting teams accelerate hiring for high-volume positions by driving better hiring decisions and increasing recruiter efficiency. Learn more about strategic recruiting with Modern Hire’s enterprise hiring platform.