In our world of big data, companies are using analytics for improving talent acquisition and employee retention. How do you measure success in your company? Big or small, any organization can capture information, look for patterns and customize a recruiting and retention strategy.
Data is the raw capture of information or statistics used in analytics. Analytics uses that data to predict what the future may hold. Metrics are the method of measuring results. Predictive analysis enables you to enhance recruiting as you accurately trace hires back to their sources and then link this information to the quality of hire. The right measurements bring speed and focus to talent acquisition. In some cases, allowing companies to look ahead and predict hiring needs before they occur.
According to McKinsey & Company regarding Managing Talent in a Digital Age, predictive analytics helps manage employee engagement. Analytics can identify employees likely to depart, flagging the need for mentoring, new jobs, or advancement to improve their satisfaction and engagement and thus decreasing employee turnover and raising productivity.
Capturing data and analyzing the details allows you to create a quality talent acquisition plan. Identify the people who understand recruitment, and have high quality interviewing skills to discern who is the right hire. Making a “gut” hiring decision is easier when you have some data to back up a job offer. You can start as simple as incorporating a pre-hire assessment that is benchmarked for each position, so you know what to look for in candidates to yield success.
Look to your talent acquisition team, internal and external, to help drive the business strategy in human resources. Shaping the business plan around effective talent management can drive profitability for your company. According to a study by MIT Center for Digital Business, the more companies characterized themselves as data-driven, the better they performed on objective measures of financial and operational results. Companies that used data-driven decision making were, on average, 5% more productive and 6% more profitable than their competitors.
When you have access to the right data, your forecasting is more accurate. You can predict what the talent needs of the business are and what you’ll need to accomplish over time. It may also provide indicators of traits that are most successful for each role in your company. Educating your business partners with this information results in better hires and helps your recruiting resources to identify the right talent for your organization while keeping the candidate pipeline full.
To find the right talent and grow your organization, talk with Maureen Hurd (262) 347-0575) or visit the About Us Page.