Predictive software and apps are transforming recruitment and retention
Talent analytics is used to identify and attract talent — the right people, not just anyone. Acquiring talent is one of the biggest differentiating factors for a business in our competitive and fast-paced world. It is a success necessity equal to the ability to engage and retain an organization’s top workforce performers.
Let’s start by defining what talent analytics is and how it works. Simply put, it’s a practical application of big data techniques onto human resources. It takes into account the data of past, current, and potential employees to produce actionable insight. By utilizing talent analytics a business can more easily identify top employee qualities and use this valuable information to hire precisely the right candidates. Conversely, talent analytics also delivers measurable workforce retention benefits through employee performance evaluations and risk assessments.
Organizations today are fortunate in that a growing marketplace of new and powerful software and apps exists to mine and analyze big data sets. These tools are designed to help enterprises assess their cultures and find people who fit within their strategies, their cultures, and their teams, as well as the open jobs themselves. Talent analytics changes the way organizations attract, acquire and retain top talent.
Utilization of talent analytics gives HR managers the data they need to recruit better candidates – not only faster but also with more cost-effectiveness and objectivity. Analytics technology is driving a transformation that will eventually alter an organization’s HR function. The end result will be a process that is more integral to business goals and strategies than ever before.
Talent analytics empowers organization leadership, HR administrators and direct managers with insights that enable them to determine who is the best candidate to hire. The technology delivers this benefit by increasing the efficiency of the process and widening the pool of candidates all while keeping costs low. Predictive analytics also helps companies better analyze turnover, conduct more effective succession planning, stay on top of certifications and training and identify top performers. These are the factors that better ensure your workforce is effectively engaged.
Many points of interaction throughout your recruitment, hiring and retention processes exist where talent analytics can come into play. Following are a few innovative technology pathways your organization or team may want to consider:
1. Predict Successful Hires
Use talent analytics to compile and analyze the success traits of existing employees. Assess both tangible and intangible traits and align your screening practices with these success characteristics. This approach is especially useful for high-volume hires. Talent analytics can also help you identify a limited number of questions that tend to differentiate between good hires and poor hires.
2. Define Your Use of ‘Best’
Graduates of the top schools are not necessarily the top performers in their fields. Consider this point when screening for good candidates: avoid recruiting only from the “best companies and invest the time and effort to recruit the “best performers” in their fields. Look at skills over experience. Consider results more than just degrees. Evaluate class rank rather than the institution. Widening the scope of your search may appear intimidating, but that’s where talent analytics enters the process. Technology gives you the ability to look at a very broad set of criteria and scour the Internet to help you find the best candidates.
3. Check Into Their Networks
Social listening has become the new frontier in social recruiting. It has become common practice for companies to use the likes of LinkedIn and Facebook as essential social recruiting sources. But talent analytics can take that insight even further. Through the use of natural language processing technology combined with trends across platforms, talent analytics solutions can help to identify strong candidates before they even become job seekers.
4. Frame Your Interview Teams For Success
We all know that first impressions are important. Much like the candidate, interviewers bring strengths and weaknesses to the table. The calibre of interviewers is especially critical in that they serve as the introduction to your organization. Talent analytics can help you compose an interview team that will jointly deliver a comprehensive assessment of each candidate. Understanding the strengths and weaknesses of each can also be used to conduct training that improves overall recruiting and interviewing skills across the company.
5. Align Cultural Fits
The most capable and high-performing candidate can fail in a company whose culture is not a good fit with theirs. Most typically, the interview process will centre on an applicant’s resume and the original first impression. Second and even third interviews can still miss appraising whether the candidate will fit in with the company’s overall culture. Talent analytics can identify candidates that are better cultural fits, which in turn increases the potential for placing new hires in positions and with teams where they can thrive.
Talent analytics is on track to becoming the essential tool used to create successful talent management processes in competitive business environments. Substantial benefits will accrue to companies that take full advantage of new workforce technology approaches. The effects are largely due to the scope of rich data that can now be considered, which allows for more detailed insights into both candidate recruitment and top talent retention.
QuitAlert is an accurate and reliable predictive SaaS HR analytics technology platform that saves you money, so your company can stay competitive. Let us show you how QuitAlert can help you create and sustain a positive workforce culture for your business.