The term talent intelligence broadly envelops the hiring strategy that deals with the end-to-end hiring process using data-driven insights. It starts with the role creation step, moves to the candidate assessment and selection, onboarding of the employee, and finally ends with keeping the employee happy during their tenure. Organizations investing in an effective talent intelligence platform stand to benefit in the long run as they prioritize longevity instead of looking at filling a role as the end step.
For the longest time, the function of the Human Resources team was reactive – as the requirement arises, the role is filled without paying much attention to the bigger picture, so to speak. In recent years, most businesses have shifted from this approach by moving on to more sophisticated hiring methods anchored in data and labor market insights. Recruitment is a pivotal function in every business no matter the size, as employees are the backbone of the organization.
A well-crafted recruitment strategy is paid off in dividends when the right candidates are hired for roles, reducing employee turnover. 97 percent of employers plan to increase investments in recruiting technology to increase the quality of candidates hired. Investing in a talent intelligence platform to recruit and retain employees, equips the HR team to break away from outdated practices and tailor their strategies based on data.
Employee Recruitment and Retention
The demand for top talent in the market is at an all-time high as organizations continue to cope with employees quitting in staggering numbers. In such a scenario, traditional hiring methods pale in comparison to the AI-driven intelligence software that most organizations have swiftly adopted.
One of the fundamental steps in a robust talent acquisition strategy is gathering market intelligence to understand the rise in talent requirements and emerging skill sets in the industry. As talent acquisition is the stage preceding recruitment, sufficient emphasis on researching talent data and market trends is essential for the effectiveness of the recruitment process. Labor market analytics provide a broad outlook through meaningful insights to foresee any existing gaps and make plans for future hires.
Organizations prioritizing market intelligence can create effective recruitment strategies and stay a step ahead of the competition. By mapping out future talent needs via market predictions, businesses negate the possibility of scrambling to find the right candidate when the talent pool becomes scarce.
The function of talent intelligence transcends its applications from acquisition to recruitment. Not only is it required to derive insights about the market, but it plays a vital role in finding the right candidates that closely match the position and the company’s culture. Without a tool, recruiters are burdened with an overload of resumes – each position roughly receiving 250 applications* – and must assess the candidates’ competency manually. The numbers are doubled or tripled if there are multiple open positions or a high-demand role.
A talent intelligence tool helps sort through the noise and pick out the best candidates by comparing information to make data-driven decisions. It also opens the door for internal hires by reviewing their qualifications – an option that was seldomly used as the HR team lacked the resources and knowledge to assess a good fit.
What most businesses fail to get right is that new hires must not only fit within the company’s culture but also integrate well within a team. Team alignment is an important aspect of healthy work dynamics, and a talent intelligence platform helps the recruiter and decision-maker to align on candidate profiles. Using such a multi-function tool takes significantly less time to complete the entire hiring process than the traditional method. It also provides greater efficiency and an enriched candidate experience.
The role of a talent intelligence platform doesn’t end at recruitment; instead, it continues until the employee is acclimated to the organization. Employee retention must be at the forefront of a holistic recruitment strategy as the average cost of replacing an employee is anywhere between 50-60 percent of their annual salary as per a report by The Society of Human Resource Management (SHRM).
Nurturing employees by keeping them happy and motivated throughout their employment cannot be ignored. New advances in talent intelligence tools by incorporating AI have made it much easier for employers to assess every workers’ impact once they join the organization. Having a consolidated database of employees – their skills, achievements, experience, and contributions for analysis is the initial step to enable internal mobility. Skilled candidates can then be measured against opportunities for promotion or to fill a new position.
When employees have a defined career path within a corporate establishment with room to grow and diversify, they are willing to do their best and stick in the same organization. Over years, it builds trust and loyalty with the brand, making the employees advocates for the business.
While the adoption of a talent intelligence tool may seem like an added cost, its return on investment can be significant for a sound employee recruitment and retention plan. With a seamless interview and onboarding experience – both from an employee and employer perspective, candidates feel set up for success and organizations reduce behind-the-scenes hassle involved for a new hire.
In the long term, happy employees boost productivity and are much more likely to go above and beyond the expectations set for them. They are eager to put their best work forward that benefits the company and come up with innovative solutions to increase efficiency.
At JobsPikr, we provide labor market data and insights to equip your recruiting team to meet your business goals. Our product analyzes global trends to help you build a strong workforce by making data-driven talent decisions.
To know more about our talent intelligence tool, please contact email@example.com for a demo or product details.
*Data obtained from Glassdoor