Why companies should start to use talent analytics and data analytics
It’s no secret that data analytics can have a revolutionary impact on talent acquisition processes. Being able to use qualitative data to make hiring decisions, find areas of improvement, and enhance the hiring process is game-changing – akin to using the internet to find information rather than relying on outdated methods.
And when it comes to the use of data, there seems to be little disagreement over how important it is. In a recent study from The Economist Intelligence Unit, 395 C-level executives were surveyed about their feelings regarding “big data” and 76% of CEO’s viewed the idea favorably, responding either “positive” or “very positive” on the subject. However, despite the positivity that CEO’s and other C-level executives feel, there’s a disconnection – less than half (48%) of them feel that big data is a useful tool, and implementation of such a concept is hindered by “a lack of understanding.”
Big data and the use of analytics is considered complex but important
Big data and the use of analytics can influence countless areas of an organization, and provide seemingly limitless insights on a company. But with something so sprawling in size and powerful in usage, just getting started is a daunting task. And while some particular areas are better to start with, this is a catch-22 situation: it’s so big and influential it’s important to do, but the size and impact hold companies back from getting something going because there’s so many places to consider.
With so much to consider, the first thing that should be considered is “where do we want to build data out from?” Knowing where you want to start cultivating information is as important as actually building a strategy itself, since you must know where your data is coming in from and what merits it brings to your organization.
starting your data analytics with the hiring process is beneficial
Starting data analytics with your hiring process is a strong area to begin with. Using pre-hire assessments to create a natural flow of data that is regularly collected and improved upon is key; and being able to then analyze the performance of employees and compare it to the hiring assessments is a crucial first step. Some reasons why starting your data analytics with the hiring process is beneficial include improvements on:
Employee Performance Analytics
By being able to use the data that comes through on job candidates, companies can compare how an employee performed on a hiring assessment to how they’re performing in the actual position they were hired for, using that performance information to drive improvements on the hiring assessments that target candidates who have personality traits and job skills that are essential to high performance.
Employee Retention Analytics
When employee turnover is an issue, the ability to look at the employees who left early and uncover common traits and skills from their hiring assessments can be an indicator of the type of candidate that would pose a risk for early stage attrition. If these traits and skills are identified, a hiring assessment can be adjusted to seeing which candidates possess potential turnover qualities, and which ones will remain committed to the position.
Hiring Process Analytics
By being able to continually evaluate your candidates-turned-employees, you’ll have a better understanding of what to look for in future candidates, and continue to evolve and improve upon your hiring processes with meaningful data.