What do the numbers say about your talent strategy? There is no doubt that we operate in an increasingly data-driven society. Data and analytics skills are highly desirable and becoming the norm on job ads.
Analytics is also increasingly playing an important role in organizations’ recruitment and talent strategies. Considering the cost of hiring mistakes and the need to hire the right people to help your organization thrive, relying solely on your gut feeling just doesn’t cut it anymore.
Why the increased focus on analytics in recruiting?
“The exciting potential behind talent analytics is that it has fueled the science side of power recruiting and hiring – using data, metrics, and analytics to understand who you should be sourcing and from where, for example, instead of making decisions solely on gut instinct,” says Frank Moreno on Talent Management and HR.
How to Use Analytics to Enhance Your Recruiting Strategy
There are countless ways companies can use advanced analytics to refine talent management. Some of the ways metrics can be used include:
- To identify skill and talent gaps: New types of jobs and skill requirements are popping up all the time. Analytics will be able to help you identify the specific skills and types of talents your company needs. It’s not just about job titles and experience. You will be able to drill down into specific skills, activities, and attributes you need from a candidate.
- Increase the quality of hires: All companies want to hire the best candidate for the job. But it doesn’t always happen. Analytics can help you create candidate profiles and understand the key attributes that outline what a quality hire looks like for a specific role.
- Identify the best sources to find candidates: Knowing where the best candidates are found can help make your recruiting process more focused and efficient. Knowing where to look can give you a hiring edge.
- Improve the candidate experience: Analytics can help predict and bring to light certain areas of your recruiting process that are negatively impacting the candidate experience. For example, you’ll be able to understand at which points candidates begin to withdraw their applications, how long they spend on each step of the process, etc.
- To hire more efficiently: We’ve all seen it before. Companies go on a hiring spree and then only a short time afterward are forced to do layoffs. Analytics can help your organization better predict hiring needs. It can help you anticipate changes in the workforce and economy, helping you better understand your talent needs.
Learn More About Talent Strategy
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Technology (IT), Accounting and Finance, Consumer Goods, eCommerce and Retail, Financial Services and Insurance, Startup, B2B and Industrial, Operations and HR, Professional Services and Legal, Media, Digital and Marketing, Pharmaceutical and Life Sciences, Emerging Technology and Telecom, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.