It's pretty amazing how split people are over the topic of talent analytics. "Split" in this context doesn't mean that people are disagreeing with one another. Rather, people being split on talent analytics have to do with whether or not this new method is right for them. "It's complex and hard to get started with!" they might say, while simultaneiously saying 'analytics are important to understanding what we're doing effectively, what we can be doing better, how we can be targeting better candidates....' It's a double-edged sword: the benefits are undeniable, but companies may not feel it's right for them. So, how do you fix that?
Recognizing that talent analytics might be right for you is the first step to getting an effort started in your organization, but how do you do that?
You can certainly read up on the topic (there are countless articles available on the subject) but you may want to look at your own organization and ask yourself some questions.
In a TLNT article by Joe Abusamra, different areas were presented to help an organization determine if they were ready to start an analytics initiative into their hiring process. Let's take a look:
Checking Your Pockets
What's the current cost of your hiring and staffing? Are your recruiting costs high? What about retention costs? Abusamra poses both of these areas as important questions companies should be asking themselves, and he's absolutely right in that regard.
Recruiting is an expensive endeavor. You spend time and money investing in attracting, identifying, hiring, training, and onboarding a candidate just to get started with a return on investment, and even then an ROI will take time. That's not even considering how much potential revenue you may have lost out if you're hiring for a revenue-generating position that's vacant! Hiring is costly, but even more costly is attrition. After going through all that effort to hire a candidate, just to lose them in a few short months because of a turnover issue prevalent in your organization is expensive at best, and devastating at worst.
Fortunately, analytics can help in both of those areas.
It bears repeating that analytics can help you identify which candidates are thriving as employees and which ones aren't. Using that data to isolate certain qualities about successful candidates and then funneling that information into your hiring process can help you target and hire candidates you know will do well because they have the same qualities as your successful employees. Likewise, you can improve your employee retention by using analytics to identify employees who are struggling or may not fit with the company culture and help the make adjustments needed to 1. succeed and 2. remain committed to the company and position.
If these areas are costing you too much, it may be time to look into talent analytics to stop the financial leak from hiring and retention struggles.
Competing at The Varsity Level
Ask yourself the following question: Are you recruiting and hiring top talent on a consistent basis? Ask yourself another question: Will you be doing that tomorrow?
Whether you answered no or yes to either or both of those questions, the point remains - no matter what you're doing today that's effective, it can easily go away tomorrow. People change. Hiring trends change. Adjustments will always be needed. But knowing where to adjust, how to compensate, and when to do so is equally as important as making sure you hire top talent today.
Sounds like a lot? It can be, but talent analytics makes it possible.
Talent analytics gives you insights. Important insights that tell you what you're doing right, what you're doing wrong, how you can be more competitive, and - most important of all - how you can remain competitive tomorrow, the day after, and each day after for a long time to come. If you're asking yourself "what can we do better to get the best talent available?" the answer is right in front of you.
Waiting For Better
Do you feel like you're waiting for better to come to you? Not in the sense that you're standing around, hands shoved into your pockets, looking left and right while thinking 'any second now' but more in the sense of 'if we keep investing in this strategy, it will pay off over time'?
If you are, you can stop waiting, because one of the benefits of talent analytics is the data is available as soon as you need it.
Now, this is a challenge - just because you have data at your fingertips doesn't necessarily mean you need to be reviewing it ever few days to see what you can change. If you look at information too closely and too often you're likely to struggle to identify trends and make accurate predictions on what's working and what isn't. However, real time data isn't a benefit because you're using it in real time. Instead, it's a benefit because it can prevent disastrous, sudden drop offs in quality of talent acquisition efforts going unnoticed, while also helping you identify trends more accurately over time - all while keeping the integrity of the data intact. To put it another way, you're not retroactively trying to account for data and worrying about making errors - that data is recorded in real time, retrievable in real time, and leverageable over time.
If you're wondering how you can get more timely strategies without feeling like you're waiting around for something to happen, start by looking into talent analytics.
What do you think? Leave a comment, and make sure you check out the rest of our series on Analytics in Talent Assessment!