New research reveals that organizations are ripe to gain more talent intelligence from their data.
By The Editors
In a challenging market, data plays a key role in enabling savvy talent strategies to help organizations achieve their goals and gain a competitive advantage. In fact, a recent LinkedIn survey found that 79% of top-performing companies rely on data analytics to inform their hiring practices. But which metrics have the most impact and where are areas for improvement?
A study by HRO Today and Sevenstep, a KellyOCG® company, revealed that while many organizations still rely on traditional recruiting metrics to shape their TA strategies, there is a growing need for more comprehensive data to stay ahead. Which areas do employers face the greatest challenge to maximize the potential that comes from the many sources of data involved in TA? The study surveyed HR decision-makers to measure adoption and trust levels across four data types: talent market conditions, TA process and performance, workforce planning and contingent workforce. The findings highlight the level of progress and potential for each area.
Talent Market Conditions
The study finds that not even a third (31%) of organizations are leveraging talent supply forecasts, labor market trends, and competitive intel for their recruitment strategies. So, it’s no surprise that satisfaction with the quality of data used for employee recruitment strategy is also low (only 44%).
TA Process and Performance Data
More than half (56%) of senior HR leaders employ data to assess the effectiveness of their recruitment processes, with the same percentage expressing satisfaction with data quality. They rely on metrics such as time to fill, quality of hire and cost-per-hire, among others.
Workforce Planning Data
As HR leaders understand the importance of proactively planning for the future, the study finds 57% use data to guide workforce planning. They are somewhat satisfied with the data available to them, including a range of metrics to assess current and future staffing needs, identify skill gaps, and make strategic decisions to optimize workforce allocation.
Talent Data for Contingent Labor Acquisition
The study finds this is an area for growth with only 18% of respondents leveraging data around the availability of skills, salary and rate benchmarks, and compliance for contingent workers. Additionally, just 24% are satisfied with the quality of data supporting their contingent labor strategy.
Investment in TA Technology Correlates with Higher Satisfaction
Organizations that invest more in TA technology report higher satisfaction with the quality of data used to inform recruitment strategies. They use metrics to measure recruiting performance to a significantly greater extent; and they have higher satisfaction with the quality of data, as well as the timeliness and extent of detail used to create workforce planning strategies.
For organizations seeking more robust intelligence to inform their decisions, the opportunity is at hand to gain an advantage over those who are not investing in their talent data infrastructure. They can invest in their own infrastructure or look for partners who bring advanced technology and expertise to the table. With current technologies, they can apply data to precisely determine how much they offer for their roles, how they improve TA speed and quality of hire, and how they engage the contingent workforce.
