How to Increase Interview-to-select Ratio in Talent Acquisition

Feb 12, 2016

Are you tired of wasting time and money interviewing a litany of candidates only to have the top prospects just walk away? Do you find it difficult getting the ideal job seekers to sign on the dotted line? Has the task of acquiring meaningful talent and integrating them quickly into the culture of your company become more of a burden than a job?

The biggest recruiting challenge

Finding qualified candidates — 53%
Finding the right technical skills — 41%
Getting hiring managers to make time for interviews — 33%
Making a decision on a candidate — 15%

-McQuaig Institute, 2014 - 'Global Talent Recruitment Survey'

The above survey statistics show that finding the right candidates with the ‘right skills’ continues to be a perennial problem for recruiters. There is obviously a gap in understanding and assessing the skills of candidates against job descriptions.

Interview-to-select ratio

The interview-to-select ratio reflects the quality of hiring and shows whether the talent sourcing process is good enough or not? It throws light on three aspects -

  • Are resumes and job descriptions being matched correctly by the recruiter or the HR automation system? Is the search and match correct?

  • Are the interviewed candidates and their skills being assessed and evaluated correctly?

  • Is the interview process effective? Are the steps involved in the hiring process good enough or not?

Hiring Managers need right technology to enhance talent acquisition

In the digital age, Hiring Managers need technology that helps understand unstructured HR data intelligently. Resumes and job descriptions come in various formats from different sources in mostly textual form. Traditional HR automation systems with their simple search functions cannot comprehend and analyze textual data the way humans do. Recruiters end up spending a lot of time and effort searching and matching manually.

Spire's Contextual analytics can increase interview-to-select ratio to 73%

Spire's contextual technology has the power to resolve problems that companies encounter in the management of their human capital supply chains. This is because it has the capability to decipher unstructured HR data with maximum possible accuracy. By using a contextual platform in addition to their existing automation systems, it becomes possible for recruiters to empower their talent acquisition process.

  • The contextual search is unlike any other normal search. It searches and matches keywords not on the basis of the number of keywords, but rather on the ‘relevance’ and ‘context’ keywords; in a humanlike manner. Hence it is able to pin-point the most ‘relevant’ resumes for a particular job description and even vice versa.

  • With more accurate resumes in hand, it becomes possible to interview quality candidates and increase the chance of hiring.

  • The contextual solution works with speed and unmatched accuracy. It can read thousands of resumes in a matter of few hours and perform robust searches using up to 1300 parameters at one go! Less time and effort is spent on the part of the recruiter.

By using contextual technology, the interview-to-select ratio can be increased to 73% in comparison to the prevailing ratio of around 30%. This is quite a leap and a great enhancement for companies.

A recruiter’s job becomes less stressful. Contextual technology has also proven to reduce time-to-hire by 40% and the overall cost of recruiting. In addition, there is also the benefit of being able to recruit diverse candidates without any bias.

Spire's contextual technology can also be used to attract and engage rightly skilled passive job seekers who could be converted to potential employees over time with real time engagement and professional rapport. This way, companies can develop their own talent pool of qualified candidates which is especially useful for on-demand hiring.

Filling vacant job positions with quality talent will no feel like trying to fit a square peg into a round hole.