• About
  • Partner
  • Contact
  • Blog
FurstPerson
  • Talent Forward
    • Talent Selection
    • Talent Development
    • Digital Delivery
  • Products
    • Skill
    • Ability
    • Motivation
    • Custom
  • Results
  • Resources
  • Media
  • Pricing
  • Login
  • All
     
  • Better
    Interviewing
  • Legal
    & Compliance
  • Contact Center Hiring
  • Talent Analytics & Business Outcomes
  • Talent Selection Ideas
talent acquisition Analytics

How HR Analytics Can Improve Your Hiring Strategies

Sandra Hess

Tweet

HR Analytics Can Improve Your Hiring Strategies

Your workforce is likely your most valuable, yet most expensive assets. In fact, you can expect anywhere from 40 to 80 percent of your total company budget to go towards maintaining your workforce. Hiring costs alone are now averaging at more than $4,000 per hire. Companies must find effective ways to maximize their recruitment strategies while keeping hiring costs manageable and the quality of hire high. Utilizing the right HR analytics can make this happen.

4 HR analytics that can provide insight to assess and improve your hiring strategies

Here’s a look at four primary HR analytics that can provide the insight you need to assess and improve your hiring strategies.


Analytics in Talent Assessment


1) Workforce Capacity Analytics

In order to remain profitable, it is vital that you frequently assess the capacity of your workforce. This is not about determining how many open positions you have in the company. It’s about taking a comprehensive assessment of the efficiency of your organizational structure. Are your employees maximizing their work time? Do you need to hire more employees to meet production? Can you reduce the number of employees in certain departments?

Capacity analytics is at the core of recruitment and without it your company cannot grow.

It’s important to regularly track your workforce capacity analytics and use this data to create a robust hiring strategy to meet the company’s growing needs.

2) Skills and Attribute Analytics

Does your workforce have the skills, qualifications and other attributes to remain competitive and even grow your business? If you don’t know the answer to this questions, it’s time to take a capability analysis. Start by determining not just what specific skills, experience, qualifications your company needs now and in the future, but also look at specific attributes, such as communication, problem-solving, and motivation that are needed in the workplace.

Capability analysis: skills + attributes

 

This evaluation will help you determine if there is a skills gap in your workforce. You can use this insight to target your recruitment efforts to attract and identify prospective candidates that can help fill in this skills gap.

3) Talent Acquisition Analytics

The only way to enhance your current hiring strategies is to first evaluate the effectiveness of your current talent acquisition process. How successful is your company at acquiring “ideal” candidates? Track metrics, such as quality of hire, time-to-fill, hiring manager satisfaction and first-year quality. This analytics will help you monitor the effectiveness of your talent acquisition strategies and determine where improvements can be made to enhance your overall hiring practices.

4) Employee Turnover Analytics

With unemployment reaching record lows, 87 percent of employers rank retention as a top priority. This makes it more important than ever to take a closer look at your employee turnover analytics. Conducting exit surveys and using valuable HR metrics, such as employee satisfaction rates and employee engagement levels can provide better insight into employee turnover.

Interactive Worksheet: Calculate Your Cost of Attrition

Why you should track both voluntary and involuntary turnover

It also is important to track both voluntary and involuntary turnover. Voluntary turnover could be indicative of a poor culture fit, lack of training or growth opportunities or other issues in the workforce. Involuntary turnover, however, is most likely attributed to a poor quality-of-hire. It’s important to take a closer look at why these employees were terminated and how to prevent such terminations in the future.

Utilizing HR analytics to craft, evaluate and modify your hiring strategies can improve the quality-of-hire, reduce turnover and enhance your ability to manage talent. FurstPerson’s dynamic Employee Lifecycle Analytics Engine can provide you with the data visualization and HR analytics you need to revamp your hiring strategies. Contact us today to schedule a discussion with one of our talent experts.


Analytics in Talent Assessment

Topics: talent acquisition, Analytics

contact us to learn more

Written by Sandra Hess

Sandra Hess is a FurstPerson contributor and experienced writer, specializing in Human Resources topics and marketing content. Read here the full story of her.

Feel like you could use some more productivity hacks? We've got it covered! Get over 100 tips, hacks, and tactics to have a productive day at work.

Like this?

Tips, tricks & hacks to make data-driven decisions and accelerate growth.

 

Subscribe to Email Updates

Enter your email to receive weekly updates from the FurstPerson blog

Resources

  • Partner
  • Our Insights
  • Blog
  • Site Map

Company

  • About Us
  • Media
  • Careers
  • Privacy Policy
  • Terms of Service

Products

  • Our Products
  • Contact Sales
call us: +1-888-626-3412

Subscribe to Trending Industry Updates

© 2021 FurstPerson, Inc. All Rights Reserved.