why are talent acquisition analytics important?
Randstad Sourceright’s 2022 Talent Trends research shows that 79% of human capital and C-suite leaders say talent analytics play a critical role in sourcing, attracting, engaging and retaining the right people to their organization. Just about the same percentage (78%) say the same of external market intelligence.
And it’s no surprise why. You can use market data to determine the right geographies to recruit from, where niche skills can be found and at what cost. The same dataset can be used to identify where diverse candidates are centered and how employers can create jobs in those areas.
When integrated with workforce data, you can target your recruitment efforts specifically to address skills and diversity gaps in your strategy. If you can effectively leverage this information, your organization will be better suited to adapt to the uncertainties ahead.
But, while there has been tremendous growth in the volume of data collected in recent years, companies are still struggling to convert numbers into insights. A McKinsey survey of CEOs revealed their organizations “lack the ability to embed data analytics in day-to-day HR processes consistently and to use analytics’ predictive power to propel better decision making.” A recent report from Oracle cites continuing challenges for using analytics across organizations of all sizes.
Accessing relevant information and developing actionable insights can be complicated. And many businesses don’t have the resources, expertise or capacity to develop forward-looking insights. Other businesses, however, are using internal data scientists or partners to better understand their workforces, the talent landscape and the market overall.
what are people analytics and market intelligence in talent acquisition?
People analytics and market intelligence are forms of data analysis that help you make smarter decisions about your workforce. Today, the impact of talent acquisition and retention strategies on business outcomes has never been more important. People analytics and market intelligence provide measurable, meaningful insights both to inform strategy and communicate results.
For example, talent analytics metrics can help you report on the success of your talent acquisition programs or identify roles that are typically difficult to fill. And market intelligence can help you convince stakeholders to take a different approach to recruitment based on supply and demand data, or help you determine competitive pay to better attract the right talent.
While data capabilities are not new, more organizations than ever are investing in them. Our 2022 Talent Trends research finds that 73% of talent leaders are investing in HR analytics — the highest level tracked since we launched the Talent Trends research in 2016. More importantly, companies are now marrying many sources of data to drive predictive capabilities that allow them to better plan their workforce.
As data grows more meaningful through AI processing, and as employers single out the information most relevant to their needs, people strategies become more effective and aligned with the company’s goals.
3 questions you can ask to get started.
- How can we leverage data to identify where process improvements can be made to accelerate access to talent?
- Which tools and partners will provide predictive and prescriptive recommendations based on our company’s people data?
- What do we need to change or have in place to be able to convert vast volumes of workforce data into actionable insights that impact talent acquisition outcomes?
how to get started with talent acquisition analytics.
Every company is experiencing a flood of data about their people, so human capital leaders need to know what to do with all this extra information and who in the organization can benefit most from such insights. When developing a data strategy, ask fundamental questions, like “What are my goals?” and “How can I drive value through analytics for my business leaders?” to drive your plan. Here are five more ways to build a robust people analytics strategy:
- Invest in the data scientists and engineers who will bring greater rigor and ensure data integrity through management best practices.
- Avoid information overload and burnout by limiting the data sets to those that offer the most valuable insights. It’s OK to start small and build up.
- Prioritize building data dashboards that are simple, easy to train for and accessible for all relevant stakeholders who need the insights they will provide.
- Explore data governance paths, to ensure the data is leveraged and accessed in an effective, accurate and compliant way.
- Partner with talent analytics and market intelligence specialists if you lack the expertise or resources to make sense of the data.
- Think ahead: identify a roadmap for data capabilities today that can evolve and better support your future workforce needs.
about TalentRadar and Randstad Market Insights
Translating raw data, constantly shifting market trends and industry experience into insight, our data scientists bring you the predictive HR analytics you need to make informed business decisions and to quantify and articulate the impact of your talent strategy on business results.
TalentRadar, our proprietary talent analytics platform, brings all of your talent data sources into a single view. With a visual dashboard, you can forecast talent needs, manage skills supply and demand, and measure recruiting performance. The integration of technology and human expertise adds an unprecedented level of intelligence to your recruiting and workforce strategy.
Randstad Market Insights is an exclusive market intelligence platform created with the Randstad Digital Factory that pulls job posting, government and operational data from more than 50,000 sources around the globe to give you a full view of labor market trends. Our data scientists use AI to extract, normalize, categorize and code more than 70 distinct data elements for both the contingent and permanent workforce, down to the skills level.
When these HR analytics tools combine, our Talent Advisors provide you with unrivaled access to smart talent data that leads to smarter business decisions and better hiring results. You can review market demand for specific roles, understand overall demand and competition, analyze market pay data and bill rate data, identify adjacent skills, forecast recruiting times and more.
Answer questions like:
- Where am I losing talent and why?
- What country will have the greatest supply of engineers in three years?
- When should I hire permanent talent versus contingent?
- What changes can we make to drive greater workforce diversity?
- Where should we open our new data center, based on talent availability and rates?
people analytics case studies
Learn how employers around the world are using people analytics to achieve their hiring goals.
BASF uses talent data to meet diversity & inclusion goals.
“... without data, you’re just another person with an opinion.”read the case study
life sciences company gains contingent workforce clarity, saving $800,000.
After talent analytics illustrated greater savings potential, and without compromising talent quality, the life sciences company expanded its supplier network and potential talent pool.read the case study
insurance company fills 75% more roles in less time with market intelligence.
Using Randstad Market Insights, the company recognized that many of its contingent hires eventually converted to permanent roles. As a result, licensed customer service reps were sourced and hired directly, reducing onboarding time to just four weeks.read the case study
find the talent hidden in your data
Are you ready to learn how talent analytics and market intelligence can help you remain agile despite uncertainty ahead, uncover savings or source high-demand skills?
people analytics Insights
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