Talent + Data = A winning formula for your enterprise
Hiring talent with your guts or data?
The Human resources process is at the cusp of a transformation. Thanks to the latest business intelligence tools and platforms like talent analytics and big data, enterprises are making informed decisions, which have enabled them to hire and retain a productive talent pool.
The answer lies in talent intelligence
In a dynamic competitive landscape and digital ecosystem, talent teams need to up their game with a recruitment strategy. That includes getting access to the latest labor market insights, workforce proclivities, competitive analysis, and talent location trends. In short, enterprises need to have ‘talent intelligence’, which will enable HR and talent acquisition heads to chart out a proactive strategy instead of the traditional demand and supply dynamics, which does not make the cut anymore.
68% of recruiting professionals say that the best way to improve recruiting performance over the next 5 years is by investing in new recruiting technology.
You can power your enterprise to use data and win talent
- Plan ahead of the competition
Without structured data, it becomes difficult for enterprises to benchmark their existing critical talent and skillsets. Data enables HR and talent management teams to identify key skills and analyze future recruitment trends. For example, when SAS, an industry leader in analytics, wants to recruit an expert in cutting-edge business applications such as predictive modeling, it begins recruiting up to 18 months in advance, even before the position is vacant.
- Gain location intelligence
It’s no secret that Silicon Valley is a hotbed for IT Talent and digital enthusiasts. That’s why it is a no-brainer for tech and software companies to expand their digital ventures in this part of the world. Pittsburgh has become a breeding ground for AI and autonomous technologies because of the thriving self-driving ecosystem. Names like Ford, Uber, and Delphi have set up their base and are offering 6-digit salaries for robotic grads.
Location intelligence can help you to identify, recruit, and employ the right talent from the most opportune location. Data can empower enterprises to leverage talent in areas where there is a shortfall or from locations where labor is available at a lower cost.
- Talent data beyond demand and supply
US, which is known to be the cradle of science and technology is right now losing out to Canada.
Toronto has seen a spike in technology jobs compared to any North American city over the past five years, including San Francisco, New York and Seattle.
Two pieces of talent-data are the major reasons for this shift:
a) Talent-friendly immigration – According to Center for Security and Emerging Technology, there has been a 75 percent rise in the number of U.S. residents migrating to Canada through Express Entry, the flagship skilled immigration program. Not just that, the government has adopted a more lenient approach towards skilled workers, and is also nurturing an eco-system for gen-next tech enterprises to relocate there. No wonder, big companies such as Google, Facebook, Twitter and Amazon have offices in Toronto, Waterloo, Vancouver and Montreal.
b) Lower talent costs – Companies have been smart to tap into talent data, which shows the cost of labor is lower in Canada as compared to US markets.This reason makes Canada a favorable location even when there’s plenty of supply of tech talent in US.
This point clearly suggests that talent goes beyond the demand and supply dynamics such as varying labor trends, market conditions and ease of doing business in countries.
- Business intelligence powers talent intelligence
Big data is your answer to attracting talent with the right set of keywords. These help enterprises and candidates to set the right expectations, which leads to a smoother recruitment process, job satisfaction, and higher retention in the future.
- AI Tools develop more effective candidate profiles, job descriptions, and the screening process
- Automation saves time by reducing the repetitive and monotonous jobs like scheduling an interview
- Predictive analytics can help organizations to predict future events based on past trends. These include certain behaviors of candidates, the best educational backgrounds for the enterprise, and contingency plans for future expansion.
Some companies are already doing similar automation in HR processes.
Hilton automates follow-up interviews of call center job applicants and schedules the successful candidates’ final offer-extension calls.
Google has a dedicated team within HR called “People Analytics”, which leverages data for employment-related questionsand reviews of managers.
- Tap the inner talent
Why focus on external data and trends for talent when you have hidden talents in the organization itself? It makes business sense too. Here is some data to support it.
Today’s digital tools and platforms enable enterprises to analyze performance data on various yardsticks and identify employees with critical talents and growth potential within the organization.
What’s the bottom line?
Data>>Insights>>Actions>>Repeat
That’s the credo for modern HR and Talent leaders. Turn data into meaningful insights to evolve skill sets and competencies to match the quick-paced technology landscape, track its digital ambitions, and position the right talent.