The use and analysis of HR data is up and coming in recruitment, and there’s a good reason why.
Every Human Resource (HR) leader knows the ability to attract the right talent at the right time underpins business success. Mastering this, however, takes more than intuition, instinct and good judgement. Big data may have become somewhat of a buzzword, but for HR leaders, the insights to be drawn from HR data are proving transformational in optimising business results.
In a recent Deloitte study on the use of people metrics, organisations using this data appropriately, report 82 per cent higher three-year average profit than those who have not yet adopted data analytic strategies or who are not using them correctly.
Simply put, if you aren’t keeping track of the numbers, you can never truly know what’s causing people to leave and what’s causing people to stay. Finally, HR data is enabling businesses to move away from the just-in-time approach to recruitment and adopt a more strategic method driven by empirical data.
Knowing who to target
The more an organisation knows about its workforce past and present, the better equipped it is to recruit the right talent. Tapping into these analytics enables employers to better understand the calibre of candidate, mix of skills, employee history and work experience required for each role. From here, they can identify traits of success on an individual level to determine who will thrive in each position, thus saving a great deal of time and allowing the creation of a strong talent pipeline through precision targeting.
Knowing where to look
The timely recruitment of skilled candidates is critical in competing effectively in a crowded market. Knowing where to look, therefore, is an immediate advantage. Harnessing HR data to determine which sources have previously yielded the best calibre candidates is the head-start every competitive business should take in talent acquisition.
With this information, HR teams can make more accurate, data-driven recruitment marketing decisions such as where and when to spend money to attract the right candidates.
Creating an efficient screening process
From the first response to a job ad through to the interview stage, refined recruitment processes are efficient and beneficial to both candidates and hiring managers. Identifying key pain points within their current recruitment process requires businesses to look under the hood of their screening techniques to determine what’s working and shed light on any unnecessary steps that could be streamlined or removed altogether. As well as time-to-hire, HR leaders should look at the success rate of placements to determine whether they are adopting the right approach in CV and interview screening.
Enhancing your employer brand
In the age of reviews, employer branding can make or break a company’s ability to attract talent. Taking a closer look at staff turnover trends through HR analytics will tell you if your retention strategies are working and provide valuable insight into employee engagement, job satisfaction and cultural fit. Early turnover of new staff can further shed light on your current recruiting methods and targeting criteria.
There’s no doubt that these analytics can help organisations to source the right talent at the right time. The next challenge lies in convincing high calibre candidates that your company is the next step in their career. To find out how we can help, visit our website and get in touch with the team today at hello@heatUK.com.