Big data has shown its power wherever it is possible to apply it. Throughout the last few decades, when large data sets have been used in business in finance, data analytics has been steadily increasing its influence.
From marketing to operations management, all business departments have felt the need to make their procedures more data-driven.
One such procedure – recruitment can especially benefit from job postings data and analytics. In this article, we will discuss how using analytics on job post data improves hiring and other HR processes.
Understanding The Labor Market With Job Postings Data
Job postings analytics refers to the tools and methods of analyzing data extracted from online job postings.
It provides various insights that allow a better understanding of the current labor market and adjusting recruitment strategies accordingly.
Many types of job postings data can be used to generate such actionable insights. The most common and important types of information found in job ads are:
- Job titles,
- Salaries,
- Skills required,
- Years of experience required,
- Company location,
- Work model offered (on-site, remote, or hybrid),
- Description of internal processes.
Analyzing multiple job postings can add a lot of pieces of information about a particular firm, for example, how fast it is growing in the number of employees or which areas of business it is focusing on.
Furthermore, job postings data can help to see broader labor market trends, for example, the changes in most sought-after skills over a period of years.
With insights into these trends and the hiring activity of their competitors, HR managers are able to improve their own recruitment strategies.
The Revolutionary Impact On Recruitment
Big data and the growing possibilities of digitalization of work have already revolutionized recruitment in many ways.
The following hiring trends are directly related to the growing power of data and Internet of Things (IoT) technology.
1.) Increased Use Of Effective Remote Recruitment
Even when hiring for on-site positions, companies can go through all the stages of recruitment without requiring the candidate to come to the office.
Everything from identifying key candidates through job postings data analysis, to the final interviews with selected best fits can be done remotely for increased efficiency.
2.) Expanding The Scope Of Recruitment Automation
The growing capabilities of AI and machine learning allow for increased automation of recruitment procedures. Software tools can screen job ads and qualify candidates, reducing bias and improving the quality of hiring decisions.
3.) Measuring The Quality Of Hiring Decisions
Turning to data in hiring also enables a more objective evaluation of the hiring procedures. Firms can track recruitment performance by measuring such KPIs as cost-per-hire and time-to-hire.
Increased quality measuring also allows HR to improve hiring strategies by contrasting the initially determined quality of hire with the candidate’s actual performance.
4.) Using Predictive Analytics To Determine Future Hiring Needs
By looking at job postings data and tracking how fast particular positions are filled, companies can predict how much time and resources they will need to dedicate to future recruiting.
Predictive analytics are also used to determine future competitive conditions for recruiting specifically skilled talent.
Many other data-driven procedures are employed to improve candidate screening, recruitment, and onboarding.
Since the role of online job search could hardly be expected to decrease, the importance of job postings data for such processes is huge.
Effects Beyond Hiring
Successful recruitment goes well beyond signing a contract with the selected candidate. Onboarding and guidance through the trial period are crucially important for turning a new recruit into a truly great fit for the role.
Job postings data and analytics can assist here as well. By analyzing best-performing job postings, companies can gain insight into what aspects of company culture attract particular types of recruits.
Thus, the entire hiring funnel, from advertising all the way through onboarding, can be tailored to communicate these aspects effectively.
Additionally, job postings data allows for tracking retention rates of talent with specific skill sets. A high turnover rate of particular professionals signals that their needs are constantly not being met.
When hiring such an employee, additional analytics and work satisfaction tracking should be applied to raise the probability of retention.
Finally, job postings data can be used to determine the intensive hiring periods for companies competing for the same talent.
This information allows for adopting additional measures for increasing employee satisfaction and thus retaining the best talent during these periods.
All this information can be effectively managed with various data analytics and management tools like the applicant tracking system (ATS).
Constantly streaming job postings data to such systems allows the creation of extensive labor market databases.
These databases can later be used for all kinds of research related to HR and even beyond to examine market trends, growth of companies, and changing industries. Thus, job postings data provides a stepping stone for reaching various crucial business goals.
Ella Marcotte
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