When it comes to recruitment SME’s seem to have a harder time of it than most finding the best staff. There are several factors you can blame for this such as the fact that an SME don’t tend to have a dedicated HR department to take care of all the hiring and firing. This means that those in charge have to make potentially business busting decisions where staffing is concerned as well as dealing with the everyday running of the business.
The old saying that a business is only as good as its staff is one of those which never goes out of fashion. Hiring the wrong person can have a massive financial impact on a business; and not in a good way. Not only could they make such bad decisions that your business starts to sink faster than a stone in a pond but it could also cost your dearly to rid yourself of this millstone. In short, making a bad recruitment decision can have a serious knock on effect that could potentially cost you a fortune.
So how do you avoid this? In a recent survey it was revealed that 41% of managers compromise on quality as they feel they couldn’t find the best candidate for the job by rushing the decision. 42% said that they had set a time frame on finding their new staff and in reality when you set these kind of limits on yourself the chances of finding the best person for the job are much lower.
That said, it’s understandable that you want that position filled asap in order to avoid your staff having to multi task which in turn drives down performance. This is where technology can come into play and take the pressure off in terms of making the wrong decisions. Sonia Browne, director with Dream Recruitment commented “Deep data science is set to change the landscape of recruitment forever. SME’s need to get on board and become aware of how this powerful new technology actually works and how it can be leveraged into the recruitment process to maximise benefit”
By harnessing data science and combining it with the commercial marketplace the hiring problems SME’s are currently suffering will soon be a thing of the past. This technology doesn’t just improve the whole recruitment process it completely shifts the paradigm and can bring down the recruitment time from around 60 days to only 10. Add in the factors of being able to find a higher quality of candidate and the fact these processes are both inexpensive and easy to use and you have greatly increased your chances of success.
The New Oil
Data science has been called the new oil that will power the information economy. On a large scale it can cut down considerably on the time it takes businesses to recruit top quality employees. This is due to the use of algorithmic processes which analyse details on CV’s within seconds and a shortlist of potential employees in seconds. Anyone who has sat trawling through CV’s will appreciate the benefits of this.
Career paths and qualifications are the biggest indicator as to who will potentially fit best into your company and finding new staff should be exciting. Due to the time involved, which could be better spent elsewhere, it often more frustrating than enjoyable. By bringing data science is the mix finding that elusive needle in the middle of the haystack has never been easier. No more will you have the best of a bad bunch signing on the dotted line, you will have the best; period.
The technology behind this recruitment revolution is very similar to the way a search engine works. Type in your main requirements in terms of qualifications or past roles and bam; the results are there. You will inevitably have an IT infrastructure already in place in your business and the time is nigh to take it that one step further and embrace data science.