Transforming Talent Acquisition with Data Analytics
In many ways, sourcing talent has become a numbers game that encompasses the entire globe and a wide range of ages, cultures and ethnicities. Talent acquisition with data analytics enables any company to discard a blanket ïone size for everythingï approach and instead focus on being sleek, dynamic and approachable. Here’s what your business needs to do.
You Need Funds Up Front
Talent acquisition with data analytics is a recruiting approach that more than pays for itself, but first, you need to find the funds to pay for necessary software programs and HR personnel up front. The good news is that your business no doubt already has experience and some software for data analytics. For example, many companies track each employee’s life events, benefits/compensation and job progression. In addition, companies also conduct employee surveys, and keep that data to file to inform future moves. It’s possible that you can apply some of that software for talent acquisition with data analytics. You should also talk with your company’s marketing department, as it probably has tools you can borrow.
However, you will need data analytics tools to help in the long term. In that respect, it’s time to bring management on board. Persuading folks to expend money that has no noticeable or immediate return can be tricky, so you must involve management as early and as completely as possible. It goes the other way too; to take advantage of talent acquisition with data analytics, human resources personnel must fully understand how talent functions in the different areas of the business. It’s time for human resources to cross-train a little in other jobs and get exposure to these other worlds.
Data analytics involves lots of statistics and interpreting statistics, so it may be time to hire a statistician or two. Enroll in stats classes as well.
Sell the Benefits of Data Analytics
One tried and true way of getting management to approve the funds for data analytics is to explain its benefits. Here are a few.
-Discovering broad patterns/norms about employees: Employees from one country, say, England, do not emphasize the need for health care as much as U.S.-based employees. Instead, folks in England value trust and honesty among managers more than they do benefits such as health insurance.
-Identifying preferences: When you interview job candidates, you can ask them to list their top four preferences for a job. Do preferences emerge among the generations For example, Millennial workers/Generation Y workers are known to value work-life balance and constant career progression, while an older employee might place more weight on a retirement plan or company stability. Having this information on hand helps businesses decide how to entice certain employees.
-Segmenting employees: What if you could have a comprehensive list of the skills each employee in your company is proficient in, and skills that employees need to work on You can! Not only does this help you anticipate future needs, it also helps you write better job descriptions and ask better, more-targeted interview questions. Another benefit of segmentation is the ability to identify successful and underperforming employees.
It Is a Two-Way Street
Talent acquisition with data analytics does not mean that your company gets to relax and let numbers take over. To the contrary, you must work as hard as ever to cultivate your company brand and market yourself to current and potential employees. For example, Zappos.com touts its on-site gym, healthy eating options, massage chair, Weight Watchers meetings and so much more. Just as important, or more important than what you offer employees, is your business model and your reputation. Talent acquisition with data analytics only gets you so far if no one wants to work for you.
To get the word out about your company, include branding messages to aid recruiting in job descriptions as well as on your website and social media. It’s also imperative that you have a strategy to reach talent where they are: on their mobile devices.
Recruiting Metrics to Track
Track the following metrics as you perform talent acquisition with data analytics.
-How long it takes to bring someone on board: Start the clock from the first time you marketed your vacancy to the day the new employee actually starts.
-Where you find candidates: LinkedIn Your mobile website Track how many applicants per source, how many were qualified and how each applicant heard about the job.
-Hiring costs: Include direct costs as well as indirect costs such as the time managers spent in interviews and administrative costs such as drawing up contracts. Also include turnover costs and information.
-Offers and acceptances: Track your offers-to-acceptances ratio.
As you learn about ways to make all-star hires, turn to the resources here at Mighty Recruiter for further guidance.