Companies are increasingly recognising the benefits of investing in tools to help them access talent analytics and insights.
Working from home forced a rapid adoption of technology resulting in a digital transformation in all parts of the business. For HR, this digital transformation has highlighted how utilising recruitment technology in the right way can provide significant results, ensuring HR has a much larger impact than simply creating efficiencies.
“Gartner estimates HR can boost an organization’s profit margins by 4% and drive talent outcomes by up to 23% by improving its analytical capacity. It’s not surprising then that 70% of organizations expect to increase their investment in workforce analytics in the coming years” (1) .
There are three key areas where data can feed into the decision-making process when developing Talent Strategies:
- Implementing an insight-driven approach can help build a strong foundation for talent sourcing & attraction.
- Enhanced visibility of the workforce helps make better, data-driven decisions for existing talent, retention, and planning.
- Analysing data to enhance insights that answer key HR questions and identify future trends.
These areas can result in benefits that can be felt by all stakeholders in the organisation.
It is, however, vital to point out that although technology provides you with in-depth insight by combining different types of data, you still need to interpret your results.
“Most companies are not realising the value from their analytics investments, with only 21% of HR leaders believing their organizations are effective at using talent data to shape talent acquisition and recruiting strategies” (2).
Partnering with an RPO Technology solution can support you with translating data into tangible insights, measuring and tracking performance to help maximise efficiency, and provide a personalised experience to stakeholders.
Technology is an integral part of our work processes, but we must not forget the importance of a personal feel and delivering a consistent and meaningful experience.
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(1) Min, J. (2018) 3 Areas That Workforce Analytics Create Business Value. Ideal Blog, 28 August, Available here.
(2) Gartner. (c. 2020) Talent Analytics. Make smarter workforce planning and business decisions with talent analytics. Gartner Insights. Available here.