This post about talent analytics was originally published in December 2019. It was updated with new information in June 2021.
Data analytics have revolutionized the way we do business.
Marketing executives can track customer preferences to predict behavior.
CFOs can get a real-time look at different business lines to track revenue and expenses across the organization.
HR executives can leverage data analytics to understand talent trends, job fit, retention efforts, and recruiting strategies. In fact, 70% of executives cite people analytics as a high priority in their operations. Your people are your greatest asset, and specific data sets, like talent analytics, help HR executives measure employee effectiveness and engagement and understand how to place the right people in the right roles.@ClearCompany says that #TalentAnalytics can help you to make more informed #hiring decisions. See how organizations are utilizing this data to create more #engaged workforces:
What Are Talent Analytics?
Talent analytics help managers unlock key insights about performance and productivity. Through your people data, you can identify specific contributing factors that impact performance throughout your organization. Combining observation with measurable data means decisions can be made more confidently. These insights can be applied to the larger strategic talent initiatives, inform recruitment and hiring efforts, and help manage individual performance goals for success across multiple facets of the business.
How To Use Talent Analytics For Recruiting And Hiring
Here are three key areas where talent analytics can make an impact on business value:
1. Streamline Recruiting And Hiring
Today’s job market is candidate-driven, which means a streamlined and efficient hiring process is essential. Talent analytics improve your ability to find, evaluate, and hire quality candidates quickly.
20% of your new hires will quit within the first 45 days on the job. An effective onboarding process can reduce that number and help your new employees gain proficiency at a faster rate. Automating the paperwork helps in the early stages, but getting your employees ramped in their role requires an understanding of your new hires’ potential.
That’s where people analytics comes in to help create a fine-tuned and highly-focused hiring pipeline:
- Organize and access past hiring records
- Manage criteria for skill levels and job function
- Set effective standards for managing and evaluating employees
Utilizing talent analytics enables hiring managers to easily identify what’s working, see future needs and opportunities, and standardize processes and expectations.
2. Get A Clearer Picture Of Your Workforce
With talent analytics, you have the opportunity to get a big-picture look at your company from a single viewpoint. Standardize your reports to quickly gauge the performance of your workforce in the context of the business as a whole.
A key aspect of managing productivity is ensuring you’re monitoring the overall health of your organization. Aspects of organizational health include:
- Churn rate
- Quality of employee onboarding, development, and evaluations
- Employee demographics and diversity
- Compensation discrepancies
- Team dynamics
- Goal alignment
By keeping your finger on the pulse of your organization, you can more quickly identify and diagnose problems — allowing you to adapt and make changes faster rather than resorting to triage when an issue is allowed to continue for too long. Monitoring organizational health and talent analytics together helps you see how the two affect each other and ensures that adjusting strategies doesn’t hurt one side of the business while benefiting another.With access to the right data, HR leaders can better gauge the effectiveness and #engagement levels of their employees. See why @ClearCompany says #TalentAnalytics are integral for your continued success:
3. Improve Recruiting And Hiring Strategies
Talent analytics make timely, data-informed performance decisions possible. Controlled data sets help examine business performance more accurately, and easy-to-use dashboards add useful context for managers and decision-makers. By examining the impact of measurable insights, HR executives can regularly assess the quality of hires in real terms. Talent analytics contributes to a more concrete understanding of the characteristics of a great hire:
- Cultural fit
- Productivity level
- Engagement level
- Future leadership potential
When you’ve identified the core traits of a successful employee at your company, you’re better equipped to adjust recruiting strategies, set goals, create effective training programs, and streamline talent management processes. You can increase efficiency across the business and prove the efficacy of your efforts with the real-time results talent analytics provide.
Quantifying and analyzing employee engagement helps you better understand the reasons employees thrive, fail, or become disengaged, as well as their response to changes, processes, and management tactics. Through talent analytics, you get a more holistic vision of what works and why it works, enabling your organization to set standards for best practices. When analytics are applied appropriately, the workplace is fairer; talent strategies are more impactful, personal, and meaningful; and productivity increases across the board.
ClearCompany can help you leverage your talent analytics to tackle the most urgent organizational challenges related to hiring, managing, developing, and retaining talent. Reach out to our product experts today to see how our Talent Management platform impacts the quality and performance of every new hire.