To understand the value of talent analytics to your recruiting org, look to the HR analytics used by your colleagues in human resources and the power of that data for their work.
Human resources teams have long used people analytics (i.e., employee data) to make “people decisions”. They use ongoing feedback from their staff to enhance the quality of their work (e.g., improve employee retention).
In short, workforce analytics is a critical component of your HR team’s human resource management strategy. It helps them solve key business problems. And talent analytics can do the same for you and your talent acquisition team.
What we mean by ‘actionable’ talent analytics
Just as HR uses human-capital insights to enhance workforce planning and boost employee engagement, TA now uses rich recruiting data to boost team productivity.
- Actionable talent analytics is data on which you can take action immediately to realize better, smarter outcomes as it relates to your sourcing, nurturing, interviewing, and hiring.
But before you can make the most of of predictive talent analytics capabilities to enhance your performance, you need to build a plan around which real-time data each team member needs to succeed — and a centralized, intuitive solution in which your analytics lives.
How talent analytics can lead to better hiring
A concerted action plan to capitalize on candidate data and related insights empowers talent orgs small and large to turn potential employees in their pipeline into new hires.
- A prerequisite to mastering this approach, though, is having the right tech.
Consider Lever customers. They use Visual Insights to drill down into data regarding intricate facets of their recruiting and TA efforts. Our analytics gives them the intel they need to enhance candidate outreach and engagement and bolster their hiring conversion rates.
No intricate data skill sets required. Rather, LeverTRM users can take action on the analytics provided in our dashboards in a variety of ways with great ease (and speed).
Source and hire a diverse array of talent for each team.
A big part of success for Lever customers’ DEI efforts and building a truly diverse workforce is to routinely monitor their respective sourcing and hiring data.
Many of our customers use the EEO dashboards in Visual Insights. This shows them which source origins lead to the most diverse array of talent. If few diverse candidates are being added to their talent pool, they can see which sources do and don’t help them find the ideal prospects. From here, they can double down on the former and turn to the latter less often.
Maintain compliance by tracking candidate data requests.
The age of data privacy doesn’t just apply to consumers. LeverTRM users who collect and store prospects’ info in our solution must comply with various laws regarding how long they can hold onto prospects’ data and candidates’ data-deletion requests.
Thankfully, Visual Insights enables them to track their compliance efforts. They can see how long data requests from prospects remain open before being actioned and closed.
If it takes their talent org too long to comply with requests, TA leaders can address the issue with their team ASAP. This, in turn, prevents problems with candidates or regulators.
Keep tabs on key metrics, like time to fill for open requisitions.
Another area of recruiting where speed is of the essence is closing requisitions.
Let’s say the number of closed reqs (either overall or for specific teams, departments, and/or locations) continues to trend down over a 30-day period for a Lever customer.
In this case, the company’s talent leader can check in with recruiters struggling to fill roles to see what might be stalling their efforts. They can then update HR and hiring managers to note they’re working to resolve the issue.
When the closed-req numbers get back on track, the TA leader in question can share that data with relevant stakeholders to show they’re trending in the right direction.
Securing the right talent analytics solution
“The success of almost any initiative depends on its leaders, and talent analytics is no exception,” a trio of HR and business intelligence experts wrote for Harvard Business Review way back in 2010. And this remains truer than ever.
Talent analytics enables orgs of all kinds to improve in these areas mentioned above (among many others). The cumulative effect of which can lead to more intelligent, savvier recruiting and a higher likelihood of converting top talent.
- All you need is buy-in from your C-suite to get the right analytics solution.
More specifically, you need one that offers built-in, regularly refreshed analytics and empowers recruiters and other hiring stakeholders to use that data in their candidate relationship management strategies to outcompete other companies for top talent.
Learn how three Lever customers built highly successful data-driven recruiting strategies with the actionable talent analytics offered in our complete TA suite in our eBook.