Organisations need to approach talent acquisition strategically so they do not recruit at short notice with limited resources, leading to poor hiring. Talent acquisition analytics can be leveraged to focus talent acquisition strategies on the most successful sources and secure the right talent.
How talent acquisition (TA) analytics works
Talent acquisition is no longer simply filling an open position; hiring managers now focus on filling skill gaps in an organisation. The stakes are higher, hence the need for analysing candidate and recruitment data. TA analytics discovers unique insights that can help organisations make fact-based decisions in recruitment and onboarding processes and, consequently, meet business objectives.
Some common metrics used in talent acquisition are:
- Time to fill
- Time to hire
- Yield ratio
- Offer acceptance rate
- Sourcing channel effectiveness
You might also be interested to read: Talent Acquisition Today Is Nothing Less Than A War For Talent
Benefits of TA analytics
- Research confirms that metrics is a powerful tool for making informed, strategic hiring decisions. In a research, Bain & Company found a staggering 40% variation in the productivity of organisations that adopted analytics for talent acquisition compared to those that didn’t.
- It helps organisations identify the strengths and weaknesses in their current talent acquisition processes and improve quicker and hassle-free processes for candidates and talent hunt teams.
- The data is crucial for organisations in taking real-time decisions and anticipating potential challenges as the organisation progresses.
- It removes bias from the process. Data is unconcerned about biases/prejudices that may creep up in a hiring manager.
Tips to leverage talent acquisition analytics
1. Set clear short and long-term goals: Setting clear goals about what the organisation wants to achieve from analytics will help determine what data, information, and metrics need to be gathered and analysed.
2. Gathering data: Collecting sufficient amounts of reliable data takes time that depends on several factors such as the size of the organisation and the industry.
3. Determine the areas that require improvement: Armed with data, it’s time to analyse and pinpoint the key areas that need strengthening. For instance, if data shows candidates wait too long to receive offer letters, creating a more efficient hiring funnel is essential and improving the low offer acceptance rate.If there are multiple areas of improvement, rank them in order of priority and tackle them strategically.
4. Hone your analytical capabilities: Data literacy is crucial to getting insights from the data gathered. You need not be a data analyst, but reading and understanding the data is essential to use it effectively. Consider upskilling in areas such as data-driven talent acquisition or people analytics.
5. Track and compare progress: Regularly monitoring and tracking is an essential aspect of talent acquisition analytics. When you change any part of the business based on data, compare current and previous results to ensure you are moving in the right direction.
A data-driven, evidence-backed talent acquisition improves the employee’s journey and performance and helps the organisation achieve its short and long-term talent needs. Companies that employ TA analytics have better chances to thrive as a business when it comes to attracting and keeping top talent.
References:
- Talent Acquisition Analytics: Why You Need It + 5 Tips For Success (aihr.com)
- How Talent Acquisition Analytics Function Works? 4 Benefits of Talent Acquisition Analytics – Zigsaw Blog
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