Using data analytics to improve your talent acquisition processes can be a daunting, if not flat out overwhelming, task. The collection of data alone is so open-ended that most organizations have expressed just getting started with data analytics as a chief obstacle in leveraging this new trend in hiring.
As companies begin to understand more ways analytics can be applied to various aspects of their company, organizations are continually realizing the new benefits and opportunities that data can provide. And, in a recent e-book from LinkedIn, two key statistics were uncovered regarding data analytics in talent acquisition.
Specifically, LinkedIn noted that these two statistics are:
- Hiring teams are twice as likely to improve efforts in recruitment
- Hiring teams are 3x more likely to find ways to reduce recruiting costs and improve efficiency
Whiles these benefits are significant, they don’t come as much of a surprise. Talent analytics has shown time and time again how important they are to the growth, efficiency and overall health of a company when properly leveraged. This report acts as demonstrated proof that talent analytics not only works, but can put your organization ahead of others by keeping you competitive and active in the recruiting world, while providing bigger payoffs with cost reductions and efficiency improvements.
The challenge, as it always has been, is finding where this data comes from and then applying that data successfully. In regards to finding the data, two of the best places to begin is within your own workforce and through your own candidates. Use your current employees to build a foundation of data, analyzing who is successful in your organization, why they’re successful, what makes them successful, and how you can sustain that success. You can also use your hiring efforts for data collection. By evaluating what separates a good candidate from a bad one, using feedback from hiring assessments to build qualitative data, and following candidates from their initial interview all the way through their career as an employee of your organization, you can track skills and traits that are crucial to the employee’s success, and then reapply those skills into your hiring processes. In a way, you’re continually improving your hiring processes with data, while maintaining continuous data growth.
Having the process stated is much different than actually getting the process started however. We at FurstPerson recognize this, and help mitigate these challenges by offering hiring assessments that work with you to collect data that’s critical to achieving the goals of having accurate, reliable data that can be used in analytics. For more information on how these assessments can help with your data efforts, request a discussion with us today.
Topics: Talent Selection Ideas