How Big Data Can Help Recruit and Retain Top Talents

Posted

Can a company measure the effectiveness of their talent recruitment and retention plans? This article from Recruiting.com, a company that specializes in custom talent acquisition software, outlines how big data analytics can be utilized by HR professionals and hiring managers:

Competing for talent, retaining top performers and implementing growth strategies have long topped the priority list for HR professionals. Until recently, descriptive data analytics failed to provide HR with information that provides actionable insights for proactive hiring strategies. Big data is the opposite of yesterday’s performance analytics. More than just telling you about your current workforce, big data uses predictive analytics to help HR build and manage a pipeline of qualified candidates. Today’s reporting tools provide such detailed insights, pinpointing the data that impacts a company’s immediate hiring decisions can be overwhelming to sort through. Here’s how you can use big data to transform your recruiting strategy right now.

Perfect your Hiring Strategy

The U.S. Department of Labor estimates that the cost of a bad hire can equal 30 percent of the employee’s potential first-year earnings. With big data, the hiring process doesn’t have to be “hit or miss.” HR professionals can use analytics to implement talent acquisition strategies based on targeted traits. For instance, start by looking at hiring data provided by your candidate management system such as:

  • How candidates entered your talent community. Whether it’s via your career site, job boards, or directly added to your network, you’ll know which source is your strongest for gaining top talent.
  • See where your candidates are coming from, geographically, to hone in on key areas that bring in candidates.
  • Learn what job categories candidates identify themselves with. The more you understand about your best candidates, the better prepared you’ll be to find more like them.

Increase Employee Retention

Employee turnover is a costly expense regardless of the size of business. A huge advantage of utilizing big data to predict employee behaviors is the opportunity to understand what makes employees motivated, engaged and therefore, more loyal to stay.

To better understand behaviors use tools such as, employee engagement surveys and exit and stay interviews to predict the factors that may cause employee dissatisfaction. If your staff works heavily in a team-environment, implementing team assessments to measure team dynamics helps the company gain insight on how the group is performing as a whole. Understanding the drivers of performance and retention also helps businesses identify characteristics of ideal hires based traits shared by top performers.

Forecast your Future Hiring Needs

Prepare your company for growth by combining your knowledge about the workforce you have now with big data that provides insight about the future of the workforce. For instance, what demographic trends affect your business? What economic demands have a foreseeable impact on the success of your business? Using big data to predict future trends and patterns will give you insight to the skill sets your company will require from future talent.

Dig into bigger insights to predict employee longevity with data that estimates average tenure by role. Doing so enables companies to estimate hiring needs due to expected employee churn. It can also enable organizations to work on retention strategies at targeted timeframes of employment. Additionally, this data can also help you pinpoint training and development programs at various stages of employment.

HR professionals can now dive deeper into data and statistics that go beyond surface level, enabling recruiters to engage in actionable hiring results. By implementing big data analytics your company can maximize quality of hire and proactively build a talent pipeline for future needs.

Another way to have an effective recruitment and retention plan is to utilize the services of staffing experts, such as SoloPoint Solutions. We dedicate our time in developing hiring strategies based on your company’s needs and culture. To learn more about our services, call us today at (408)246-5945 or (714)708-3639.

Leave a Reply

  • (will not be published)