Possibility. Probability. Both terms are based in statistics. Both start with a “P.” And both have 11 letters. However, there is a large divide between the two.
According to Merriam-Webster, if an event is “possible” it is “within the limits of ability, capacity, or realization.” Yet possibility does not guarantee probability.
A possible event becomes “probable” if it is “likely to be or become true or real.” For example, in business, it is possible that one hiring decision could lead to a beneficial result for you company. But is it probable?
From a statistical standpoint, probability is a spectrum. The goal of any decision maker is to move an event from the low end of the spectrum to the high end – essentially increasing the probability that a decision is correct.
How is this accomplished? By learning to love data analysis.
Large corporations use teams of analysts and mountains of data to carefully craft each decision to maximize success. However, a small business can be just as successful as a large corporation if they have the right information and the best tools at their disposal.
In the hiring space, you need to maximize the probability that you have made the correct decisions – it is too expensive not too. But how can you maximize the probability? Collect more data. Intelligently score skills. And have a smart system to help you evaluate.
Deconstructing Data
In the information age, data is king. Yet analyzing hiring data can be a daunting and seemingly impossible task to many small businesses. However, rather than running from data, small businesses should embrace the potential knowledge that increases their probability of success
After all, data is simply unrefined information that can be easily converted, given the right tools. By tracking information such as hard and soft skills, years of experience, and educational requirements, hiring managers can compare applicants objectively and make the most informed decisions possible.
Scored to Perfection
In an ideal world, every awesome applicant would be easily identified. When an applicant walked through the door, they would have a large neon sign above their heads screaming: “I’m the best person for the job!” However, sometimes in the real world, the signs are not as easy to read.
By adding additional features to your hiring process, you can intelligently score applicants to find the best person possible for your position. For example, don’t just ask for a resume of past accolades, ask them what usable skills they bring to the table. If they already know and understand your project management software, give them a gold star. If they have an advanced degree, add another star. By asking more questions, and creating scoring system, you can accurately compare applicants and increase the probability of finding the right hire.
Savvy System Use
Once upon a time, hiring an applicant involved listing an ad in the newspaper, receiving resumes and cover letters via snail-mail, and scheduling interviews over the phone – all in the hope that the right applicant would miraculously arrive at your door. Thankfully, the internet and online hiring systems have made many of these outdated practices obsolete.
With the right tools at your disposal, you can streamline your hiring process to funnel the strongest applicants through your online hiring system. Applicants can be tracked, coded and classified via a stylish, user-friendly interface – ultimately allowing you to hire the best person for the job in half the time.
In business, and in life, the key to success is to understand the distinction between possibility and probability. The goal is to increase the probability that you decisions are not just possibly – but likely correct. Will you make the right decision every time? Possibly - but probably not. However, you can increase the probability of success simply by focusing on good data, properly scoring skills and using smart decision making systems.