Technological advancements have made data analytics crucial for businesses to make informed decisions and demonstrate ROI on all initiatives. For Talent Acquisition and Human Resources teams, talent analytics has emerged as a game-changer.
Talent analytics allows recruiters and HR professionals to make smarter decisions about hiring, employee development, and retention.
At EG Workforce Services, we understand the value of talent analytics. We believe that leveraging data helps organizations find and retain top talent. Here are five of the best ways HR teams can leverage talent analytics as part of their recruitment strategy.
The Importance of Recruitment Analytics in Talent Acquisition
Talent analytics involves collecting and analyzing data related to your workforce, including employee performance, engagement, and retention rates. HR professionals can make impactful hiring, training, and development decisions. According to a survey conducted by Deloitte, 71% of companies see people analytics as a high priority. Harnessing the power of talent analytics also offers a competitive edge for recruiting top talent, enabling your organization to make informed hiring decisions that meet your unique needs.
Making inaccurate hiring decisions can be a costly mistake for businesses, impacting employee development and retention. This is why it is crucial to identify the right candidate for the job. Talent analytics can support recruiters in assessing candidates effectively by comparing their skills and experience with the job requirements. Furthermore, data analytics can identify candidates with a history of long-term employment, indicating their potential to stay with the company for an extended period.
Measure Employee Performance
One of the biggest challenges HR faces is measuring employee performance. While traditional methods such as performance reviews are useful, they do not always provide accurate insights regularly. Talent analytics can help HR teams measure employee performance on an ongoing basis by providing real-time feedback on engagement, productivity, and other key metrics.
Predict Employee Turnover
Employee turnover is a significant cost pain point for businesses, affecting productivity, morale, and ultimately your bottom line. Talent analytics can help HR professionals predict employee turnover by analyzing employee behavior, including attendance, performance, and engagement. This information can help businesses take proactive measures to retain top talent by addressing issues before they escalate.
It can be difficult to pinpoint turnover. EG Cares, our proprietary employee engagement data collection software, uncovers the true causes of turnover and improves employee satisfaction. For many clients, it’s brought their Employee Net Promoter Score (ENPS) from a detractor score to a strong promoter score.
Leverage Data for Employee Development
Effective talent development programs are essential for employee satisfaction and retention. Talent analytics can help HR teams identify skills gaps and suggest focused training and development programs to close those gaps. Data analytics can also help in identifying high-potential employees and providing them with opportunities to grow within the organization.
At EG Workforce Solutions, we find, keep, and grow talent. Our Talent Strategy solution, Empower, helps our clients efficiently grow their talent. One of our clients in the food manufacturing industry increased leader preparedness by 30%, leadership skills by 15%, and awareness of company policies by 11% with Empower.
Foster Diversity and Inclusion
Diversity and inclusion are essential for business success, and talent analytics can help HR teams foster both. Data analytics can assist businesses in identifying where their diversity gaps exist and create strategies to increase diversity. In addition, analytics can also help HR teams measure their diversity and inclusion initiatives’ effectiveness, ensuring they are making progress toward their goals.
Talent analytics has emerged as a critical tool for businesses to make informed decisions about hiring, employee development, retention, and diversity and inclusion. At EG Workforce Services, we recognize the value of talent analytics and are committed to helping our clients leverage data for smarter talent acquisition decisions. Implementing different types of analytics can significantly impact HR management by enabling businesses to identify the right candidates, measure employee performance, predict employee turnover, foster diversity and inclusion, and leverage data for employee development. By using talent analytics, businesses can find and retain top talent, resulting in higher productivity and better business outcomes.
About EG Workforce Solutions
We’ve been in this business for decades and have developed a deep network of professional connections. Whether they’re companies looking for talent, job seekers looking for work, or an up-and-coming store in need of some temporary help, we know the right people to bridge the gap between the hiring and the hired.
But what’s more, we get to know people. From employers hiring to candidates looking, we take the time to listen and learn. We hear your likes, talents, and needs. We gain an understanding, and with it, we’re able to facilitate lasting relationships between businesses and people.Back to Blog Page