Wouldn't it be great if you could have a crystal ball that told you how well candidates will perform on the job? Would you like to know which candidates will stick with your company for the long haul and which will leave after only a few short months?
While the technology to accurately predict the future doesn't exist yet, artificial intelligence and machine learning are opening up new opportunities to use data about the past to make better decisions about the future. Like weather forecasts, predictive hiring solutions use knowledge about past events to form models on which to base talent acquisition strategies.
Benefits of predictive hiring
Artificial intelligence solutions can't replace human decision making, but they can augment human choices. In other words, predictive hiring is a tool, not a replacement for traditional hiring practices. Here's what predictive technologies can accomplish:
- Increase quality of hire: Using historical data from previous hires plus assessment scores, predictive technology can help you identify candidates who exude the qualities of top performers.
- Reduce turnover: High retention rates are associated with lower recruitment costs. After all, if your employees are satisfied with their jobs, they're less likely to vacate those positions. Predictive solutions can help you understand why employees leave and how you can solve associated challenges.
- Speed up workflows: Screening resumes and parsing through assessment data takes a lot of time. Automated solutions can help recruiters visualize candidate data more readily so they can make informed decisions on a shorter timeline.
To achieve these benefits, predictive solutions require lots of reliable data. Check out our infographic below to learn more about how to measure the success of your strategy: