Talent analytics helps both large and growing enterprises improve hiring strategies, efforts, and outcomes to target and acquire the right people.
Filling up the skill gap is becoming more challenging for organizations in the post-pandemic job landscape. A recent global phenomenon, termed “The Great Resignation” , is the large-scale churn of employees as a record 4 million people in the U.S. quit their jobs, with around 10.9 million open jobs recorded by the end of July 2021. As the nature and scope of work changed drastically over the last couple of years, scouting for the right talent and managing the workforce demands a significant overhaul to ensure efficiency. According to Hyperight, 87% of organizations are struggling with filling the skill gap in their workforce.
It has become a game-changer for businesses by making the recruitment process transparent and scalable and providing more control throughout the recruitment process. In this blog, we will look at various functions of talent analytics and how to use it to improve your hiring outcomes.
What is talent analytics?
Talent analytics help organizations and HR managers process unstructured data generated during the recruitment process across various touchpoints, to gain crucial insights that can help them optimize processes and speed of outcomes. The recruitment process can then be redesigned and executed to ensure better utilization of time and money with the right strategy. However, traditional methods of recruitment involve a lot of guesswork and arbitrary metrics to measure hiring success.
Talent analytics removes the guesswork from the process and provides accurate insights on which organizations can plan their future recruitment strategies. These decisions include keeping acquiring and retaining the best talent, improving employee engagement, streamlining recruitment processes and channels, and setting benchmarks to evaluate recruitment success.
Here’s how talent analytics helps organizations make the recruitment process more scalable and flexible:
- Analyzing demand for a job profile: Talent analytics provides insights on current job aspirants in your target market looking for a particular job role with competitor analysis.
- Evaluating brand awareness: Understanding your brand awareness gives you a clear picture of ways to attract prospective candidates with the right strategy and channels.
- Ensuring outreach: Talent analytics tools provide crucial insights like bounce rate, click-through rate, conversion rate, cost-per-hire, and engagement to optimize your digital recruitment.
- Generating insights from audience response: Talent analytics use advanced recruitment measures like A/B testing for job description and social media engagement metrics to understand the audience’s response.
Now that we’re familiar with the capabilities of talent analytics, let’s look at one of the early stages of getting started – defining benchmarks to ensure the quality of recruitment outcomes.
Let’s see what these benchmarks are.
Benchmarks for talent analytics
Job segments: Your organization’s industry vertical or segment plays a major role in measuring cost-per-hire, the time to hire, and employee satisfaction. Generating segment-centric data gives you quality insights on recruitment in your niche.
Past results: Learning from your past recruitment experience is the best way to find out what works for your hiring process and what doesn’t. Organizations can use past data to predict the changes in hiring trends and upgrade the hiring process to make it future-proof.
Job departments: Hiring process complexity differs between individual and group job roles. Having a clear perspective on job position and key roles help organizations to further refine recruitment metrics.
Current market scenario: Real-time hiring factors like economy, trends, inflation rate, and nature of the job can significantly affect your hiring insights. It’s always recommended to keep these factors in mind while processing historical data.
Location: Even though we’ve witnessed a border-free work environment in the post-pandemic world, location still plays a crucial role in recruitment metrics. Understanding the local economy and employment trends in your target market/geography allows you to better track your hiring success.
Guidelines for effective talent analytics
Set hiring goals
Your hiring goals will keep on changing with time. It’s important to understand the new challenges in hiring, like choosing the right medium, allocating the right budget, and designing the right strategy. Working with a strategic approach while setting your hiring goals helps reduce guesswork from the start of the process and makes each step more result-driven.
Know your cost-per-hire
Cost-per-hire is a crucial factor in designing your recruitment strategy and it varies with the individual business. Before implementing your hiring strategy, it’s important to consider all the internal and external costs. You can incorporate technologies like an applicant tracking system (ATS) to understand how much you’re able to spend to hire an employee.
Optimize the recruitment program
Implementing the right hiring strategy is not enough. You need constant monitoring to find any shortcomings or waste of resources. Observing the hiring process on the key metrics takes the guesswork away and gives you more control over the process to improve at any point during your hiring campaign.
Last but certainly not least, timely reporting of your hiring process is crucial to maintaining an effective recruitment system. Reporting not only gives you historical data to plan your future strategy, but it also helps in understanding your company’s growth as a whole.
Role of technology in analyzing hiring success
Technology is one of the biggest efficiency drivers for HR and recruitment processes. Rather than delegating the entire responsibility to a human, organizations can speed up each stage of the overall program using digital tools with added accuracy. Nowadays, organizations opt for software as a service (SaaS) and customized tools to automate and analyze recruitment processes to make them more streamlined, result-driven, and information-rich.
Recruitment analytics SaaS is pre-designed software that provides a variety of tools to measure employment success using key metrics mentioned above. Key functionality of these tools includes generating real-time insights from multiple channels/touchpoints to enable better decision-making. Some examples of recruitment analytics SaaS are Erecruit, Phenom, Yellow, and IBM Watson Recruitment. These tools are prime examples of plug-and-play software designed and maintained by a single company.
The other way to approach talent analytics to by building custom solutions that give you complete control over its functionality and enhancements, while delivering personalized insights on custom metrics. These applications are usually designed from scratch to accommodate an organization’s unique recruitment processes, industry-specific metrics, and more, and overall help you do more with an enhanced user experience.
VBeyond Digital brings years of experience building custom solutions for recruitment firms and HR processes and can help you build powerful and customized talent analytics solutions using the latest tools in data science. Whether you want to customize your talent management SaaS platform with RPA and BPA or build customized software from the ground up, we have you covered.