5-Minute Overview On the Power Of Predictive Analytics For Hiring

Artificial intelligence, machine learning, predictive analytics – there’s lots of buzz about how technology will transform Talent Acquisition.

Do you understand what it means for you and your organization?

Get the basics in this five minute video and walk away understanding:

  • How Predictive Hiring minimizes the time you spend reviewing resumes
  • Why a candidate’s soft-skills are more important than where they went to school
  • Which soft skills matter if you’re hiring a BDR vs. an Account Executive (hint – they aren’t the same)
  • How hiring more top performers in Sales translated into nearly $6.9M in incremental revenue

Hire Faster: Three Steps To Hiring Efficiency

It is worth defining “efficiency” before we go deeper with our topic. By hiring efficiency, we mean to hire the right person using a shorter period. It does not help to increase the speed of hiring only to find out later we didn’t find the right fit.

Borrowing from a sales concept, we can examine the three stages of hiring for opportunities to enhance efficiency. The three stages are: top of the funnel (TOFU), middle of the funnel (MOFU) and bottom of the funnel (BOFU)

Improve Top of the Funnel (TOFU) Efficiency

Identify the right platform to attract candidates: It is easy to purchase software that pushes your job description to fifteen hiring websites. However, without careful selection and control, you might end up receiving many applications with a low fit. It is time-consuming to sort through applications to identify the candidates for follow-up interviews. Therefore, it’s important to identify the right hiring platform. For example, StackOverflow.com might be a good place for hiring software engineers since you can see a history of the candidates’ Q&A on the platform, whereas LinkedIn.com can help you target your job descriptions to candidates based on very precise past experience.

Improve Middle of the Funnel (MOFU) Efficiency

Screening and interviewing are the typical actions within this step. A useful way to increase screening efficiency is to have a clear set of assessment criteria and apply these criteria uniformly to all candidates. There are two important steps here: setting up a hiring profile and screening based on that hiring profile. The first step requires years of expertise and deep understanding of the job function to know what qualities to look for in a candidate. It can be a time-consuming process but it is important and worth the time commitment. As for the second step, performing the screening, software tools can be used to apply the rules systematically across candidates and greatly increase hiring efficiency. Examples of such software include Koru and IBM Kenexa.

Lastly, Improve Bottom of the Funnel (BOFU) Efficiency

Many things can be done regarding this last step. If the candidate advance through all rounds of interviews, what stands between the candidate and a job offer is the reference checks. Reference checks were historically conducted by speaking with former managers of the candidate and make sure there are no last-step red flags. However, as a recent article by Harvard Business Review pointed out, reference checks should not only be conducted with the former bosses but also with former coworkers, because former coworkers usually have a better picture of the candidate’s personality and team-working capabilities.

Conclusion

Remember, efficiency is about speed but also about hiring the right person for the job. By taking all three stages of the funnel into consideration, you should have a clearer picture of where in these steps your organization’s hiring processes can be improved. After all, hiring is a dynamic process. Only those who constantly scan their existing processes to look for improvement can stay ahead of the game – especially in a labor market where demand for top talent greatly exceeds supply.

Science Behind the Koru7™ Impact Skills

Koru is the expert in how to hire for job competencies that matter most — Grit, Rigor, Impact, Teamwork, Polish, Curiosity and Ownership

Top employers receive 250 job applications for every opening¹ yet 53% complain that they cannot find qualified applicants for entry-level roles.² Even when a hire is made, 20-30% of the time it is considered a mistake.³ How is this possible? Could it be that all those applicants are not qualified? Or could it be that we have been looking at the wrong signals to search through the stacks of resumes?

At Koru, we set out to research this problem and use analytics to shed new light on potential solutions. In this paper, we show how the Koru7™ Impact Skills are better criteria for hiring and more predictive of career success. Combining these measures with data analytics and best practice hiring techniques is showing early evidence in increasing performance, improving hiring efficiencies, build a more diverse workforce, and strengthening retention.

Sources

¹Sullivan, John. (2013, May 20). Why You Can’t Get a Job… Recruiting Explained By The Numbers.
²McKinsey & Company. Education to Employment: Designing a System that Works, 2013.
³Based on interviews with Koru partner employers and other high-growth companies, with a particular emphasis on early-career hiring.

Please complete the form below to get access to the The Science Behind Predictive Hiring whitepaper.

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Job Description Analyzer

Koru is the expert in how to hire for Grit, Rigor, Impact, Teamwork, Polish, Curiosity and Ownership — Koru7™ Impact Skills . In fact, we’ve built a successful company around just that.Getting best fit candidates starts with an effective job description. Do you know what skills, qualities, and experiences you’re hiring for? Is your job description attracting best-fit candidates?

We’ve analyzed thousands of job descriptions to identify how word choices map to our impact skills. So we decided to make our job description analyzer publicly available. Koru’s job description analyzer reveals which impact skills you’re emphasizing in your job descriptions today. Don’t worry, if it doesn’t align with what you’re looking for; we’ve got your back with some word choice recommendations on how to strike the right balance.

How it works: