Employers are constantly looking to get ahead of the curve when it comes to recruitment strategies and predictive hiring is a new niche some companies are tapping into.
State-of-the-art predictive hiring software is developing all the time and is providing an edge to those who want to pair up the ideal candidate with an advertised position using these modern tools.
Here is a closer look at what predictive hiring is and whether it can work for your business.
What is predictive hiring?
The process of predictive hiring is using information available from both potential candidates and the role they are applying for to determine whether or not they are well suited for one another.
Thomas, the leading talent assessment provider, has produced predictive hiring software that can assess the likelihood of a particular candidate doing well if they were appointed. Effectively, it’s a model that paints a picture of someone’s future in a work position.
The amount of vital data accrued by companies, paired with algorithms and assessment tools, can give predictive hiring an edge when compared to traditional methods, where employers will make a decision based on a small number of interactions with a candidate.
In the same breath, a nervous interviewee may struggle in those limited meetings and high-pressure situations, but in the long-term, they could be a successful appointment.
Predictive hiring software is a way for companies to cut out those potential missed opportunities, using a body of data to find the right outcome based on facts instead of feelings.
Does predictive hiring work?
If the software used is well researched and easy to use, like that provided by Thomas, then there’s no reason why predictive hiring cannot enhance a business’ search for staff. Thomas’ software is based on the individual needs of each company and each position too, erasing any concerns of a one-size-fits-all approach.
Continued strides in software development mean that more and more data about candidates can be captured, including details that would never have previously been factored into recruitment.
This extra layer of information makes the process of bringing new staff in more efficient and if used correctly, staff turnover will decrease and business continuity will increase.
There are practical examples of predictive hiring working for businesses too.
Safelite, a glass company in the United States, benefitted from predictive hiring software. After shadowing and assessment workshops were carried out as part of a predictive hiring scheme, a model was implemented for future recruitment; since then, new hire retention has improved by 27% and performance is up 36%.
Predictive hiring software can also be a significant time-saver. Although some employers will always want to meet a candidate before appointing them, the entire process can be streamlined if predictive hiring is in place, whether it’s used in the early stages of recruiting or just at the very end.
And as the classic saying goes, time is money, meaning a more time-effective recruitment drive will only have a positive fiscal impact on those who amalgamate it into a search for staff.