A growing trend in the world of data is the topic of talent analytics. According to IDG’s 2015 Big Data and Analytics Survey, the number of companies implementing data-driven projects has grown by 125 percent. The power of business intelligence has been extended to the recruiting world to find top quality candidates and improve employee retention. Is this new trend going to benefit your company and their recruiting practices? The decision on the introduction of talent analytics is fairly split, however the benefits are proving to be worth the implementation.
Do you know how much it currently costs to hiring a solid candidate?
How strong is your company’s retention rate?
Are there common threads connecting your most dynamic hires?
Understanding the benefits of including talent analytics in your hiring process is the first step in successful adoption. Hiring and recruiting is an important, yet expensive process for any company. You must put time, money and focus on finding the best candidates, training the new hires and on boarding them into your company’s processes to give the best opportunity for new hires to hit the ground running.
What if you knew ahead of time what qualities linked your top hires? Were they educated at specific schools or from specific industries or companies? If you were given insight to this information, your time and efforts could be reserved for quality candidates who fit these categories. Your hiring team could advertise your company’s openings more selectively. For example, promoting job openings in areas where your top hires would network. Hires found based on commonalities with your successful employees will have the greater likelihood to stay at your company for longer periods of time and be more productive while they are present.
In terms of retention, talent analytics would analyze the details surrounding employees who do choose to leave your organization. Trends connecting their departures would be spotted and noted in order to eliminate as much risk in repeat offenders moving forward. This is where talent analytics shine.
Analytics, in general, assist companies in making smarter business decisions quicker by using data they already are producing. By analyzing what qualities link top performing employees and what qualities are common with employees departing, you can improve retention and make adjustments to deliver great results for the company as a whole with high-performing employees.
Trends in hiring, in general and specifically in your industry will change overtime, but with data supporting your hiring practices, you will be in the know of all the trends and find top hires.
About the Author:
TopLine Strategies delivers the complete integration and development of sales, marketing and customer service technologies that enable corporate clientele to improve revenue streams and strengthen customer interactions. Our project management and consulting is designed to achieve timely delivery, 100 percent user adoption of the technologies we implement and deliver measurable returns on investments for our clients.