On the evening of May 14th, a group of Talent Acquisition (TA) leaders came together for a TALiNT Partners & Harver Talent Leaders Dinner in Chicago. The discussion highlighted the fierce competition for talent in today’s market, causing an increase in demand for more from TA teams in leveraging every advantage available. Data, key metrics, and talent analytics were the focal points in the room amongst these leaders.
From the outset it was clear that the main questions included;
– What are the different types of data available?
– How can TA best leverage data to make more informed decisions?
– What key metrics are TA leaders using today, and what’s on the horizon?
– Can talent analytics predict the future?
Data, Data, Data…
When you think about data and what that means exactly, it helps to start with what is available in the market today and how best to access it. However, an equally important point is once you have all this glorious data, what do you do with i? Data can empower TA teams in several pivotal ways; they can build a robust candidate pipeline by identifying skill gaps through workforce data analysis. This allows for targeted recruitment efforts focused on the right talent pools. Additionally, analyzing where high-performing candidates come from enables smarter sourcing strategies, maximizing ROI on the various recruitment channels. Furthermore, analyzing candidate behavior on your careers page allows for personalized communication, improving engagement and increasing application rates.
Data can also be leveraged to improve retention and engagement. Analyzing employee data helps identify employees at risk of leaving, allowing for proactive actions to address their concerns and offer opportunities for growth. Tracking employee sentiment through surveys and pulse checks allows for identification of areas for improvement and implementation of engagement-boosting initiatives. Furthermore, understanding employee career goals through data analysis will help TA teams to implementtargeted talent programs that foster growth and retention.
Building a data-driven TA culture is key to maximizing the benefits of this approach. Investing in data management tools and platforms is crucial for efficient collection, storage, and analysis of data. Additionally, training TA teams on data analysis and interpretation skills will empower them to make data-driven decisions. As Geoff Anthony, Lead People Scientist with Harver mentioned, “the health of the data and where it sits is paramount in the long-term success of an organization”.
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Metrics, Metrics, Metrics…
As with data, when we discussed key metrics being used today, there were many. One that stood out was the time-to-hire metric, by analyzing this metric TA teams can streamline workflows and improve efficiency. They can also evaluate the effectiveness of interview questions and assessments to ensure they accurately predict job performance. Additionally, data on salary trends and competitor benchmarks can be used to create competitive compensation packages that attract top talent.
One metric that everyone wished they had was the quality-of-hire, but no one had quite cracked that one just yet. I mean, what exactly goes into a metric like that, and what exactly could a TA leader do with the output? A few things that could come from this metric would be tenure of a hire and if the dollars and time spent were going to the right areas. This type of metric could also help to identify any managers within an organization that had an exceptionally high turnover rate, potentially highlighting an opportunity for coaching.
Talent Analytics… say what?
Talent analytics is the game-changer in the TA toolbox and if a leader isn’t harnessing this information they are navigating in the dark! By transforming raw data into actionable insights, it can empower leaders to build a stronger candidate pipeline, optimize hiring processes, and make data-driven decisions to identify top talent, reduce bias, and improve retention – all with the ultimate goal of building a high-performing workforce for the organization.
As we wrapped up our dinner, the consensus of the group was that by harnessing the power of data to inform strategies, optimize processes, and make data-driven decisions, TA leaders can attract top talent, improve hiring efficiency, and build a high-performing workforce.
Remember, data is a tool, not a replacement for human judgment. The key lies in striking the right balance between data insights and the human touch to create a winning TA strategy.
Connecting the talent ecosystem
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If you’d like to find out more about the next event and be part of the conversation, take a look at the next one here: https://talintpartners.com/event/talint-partners-talent-leaders-workshop-chicago/
