Today’s Top TA Data

New research examines in what areas data and technology are having the biggest impact on hiring strategies.

By Larry Basinait

Talent acquisition (TA) data equips HR leaders with insights that drive smarter, data-driven hiring strategies. Data allows them to identify and attract top talent, improve the candidate experience, identify gaps in diversity and enables proactive workforce planning.

However, TA professionals often face challenges in fully utilizing the data available to them. Which areas do employers face the greatest challenge to maximize the potential that comes from the many sources of data involved in TA? Further, does investing more in technology increase use or satisfaction with it? To address these questions, a new HRO Today report, sponsored by Sevenstep, In Data We Trust: Do TA Leaders have Confidence in their Talent Intelligence?, focuses on the experience of HR executives using HR data across areas related to TA.

Key Findings

This study reveals several key findings about HR leaders’ experience with four types of data: talent market data, TA process and performance data, workforce planning data, and data for contingent labor acquisition.

Talent Market Data

Market data applies to talent supply forecasts, labor market trends, compensation and benefits, and competitor hiring.

• The use of market data is minimal. Less than one-third (31%) of respondents feel they use external talent data for recruitment strategies to a large or very large extent.
• Satisfaction with the quality of data used for employee recruitment strategy is low. Only 44% are satisfied with the availability of talent needed to meet organizational demands. Further, only 41% are satisfied that they have the detailed cost benchmarks required for the talent they seek.

TA Process and Performance Data

TA process and performance data are metrics that help organizations understand how effectively their recruitment and hiring processes are functioning. Examples include time to fill, quality of hire and cost per hire.

• The majority of executives use hiring metrics to gauge recruiting performance. Just over one-half (56%) of senior HR leaders rely on data used to measure recruiting performance to a very large or large extent.
• About one-half are satisfied with the quality of hiring performance data. Overall, about one-half of senior HR leaders are satisfied with the relevance and timeliness of data and the extent of detail.

Workforce Planning Data

Workforce planning data encompasses a range of metrics and information that help an organization assess current and future staffing needs, identify skill gaps, and make strategic decisions to optimize workforce allocation. Examples include data on demographics, employee performance, and learning and development.

• The majority (57%) use data to a very large or large extent to guide workforce planning efforts. This includes where, when, and what kinds of talent will be needed.
• Satisfaction is tepid with the quality of data for workforce planning strategies. Just over one-half (55%) of senior HR leaders are satisfied with the relevance of data used for workforce planning strategies. Less than one-half are satisfied with the overall timeliness of data or extent of detail, 48% and 45%, respectively.

Talent Data for Contingent Labor Acquisition

This data helps organizations make decisions about hiring and managing temporary, contract, freelance, and gig workers. Examples include the availability of skills, salary and rate benchmarks, compliance metrics, and data informing the engagement process and supplier performance.

• HRO Today survey respondents have less of a focus on contingent labor data. Only 18% use talent data for contingent labor acquisition to a large extent, with no study respondents using it to a very large extent. Data for contingent labor is used to a far greater extent by procurement leaders or HR professionals with a broad involvement across talent types, but with nearly one fifth of respondents citing its use, the focus on the contingent workforce is significant in HR

• Satisfaction is low with the quality of data used to inform contingent labor strategy. Less than one-quarter (24%) of study participants are satisfied with the availability of non-permanent talent needed to meet organizational demands. Further, only 21% are satisfied with detailed cost benchmarks for needed talent.

Investment in TA Technology Correlates with Higher Satisfaction

In every area examined, respondents from organizations that are committed to greater investment in TA technology enjoy a higher level of satisfaction or greater use of the information gleaned from it. These HR executives:

• are significantly more likely to use external talent data in recruitment;
• are more satisfied with the quality of data used to inform employee recruitment strategies, such as data used to measure the availability of talent as well as detailed cost benchmarks; 
• use metrics to measure recruiting performance to a significantly greater extent;
• have greater satisfaction with the quality of hiring performance data;
• are far more likely to use workforce planning data; and
• have higher satisfaction with the quality of data, as well as the timeliness and extent of detail used to create workforce planning strategies.

To access the entire report, visit hrotoday.com.