Increasing staff turnover and the ability to find the right talent continue to cause headaches for UK CEOs and HR directors. The UK Business Challenges Survey 2015 carried out by Clarus Consulting found that these two areas are the major challenges facing HR and business leaders.
Adding to the problematic skills shortage is a fluid employment market. Today’s candidates don’t hold to the traditional ‘jobs for life’ view and are willing to change jobs more frequently if a company doesn’t meet their aspirations.
As workforce demands become more complex, HR must rely on big data to navigate its way through the maze of the talent crisis. Here are seven reasons why:-
Embracing the ‘Internet Of Things’ (IoT) : Built on cloud based computing, the Internet of Things (IoT) refers to increased machine-to-machine communication which will ultimately make everything ‘smart’. The growing number of IoT devices equates to more HR analytics for identifying potential candidates. The greater the availability of data and analytics, the more effective a hiring process will become, removing the subjectivity in candidate selection and the risk of a bad hire.
Predict turnover risk : People analytics predicts the areas and position in your business most likely to experience higher staff turnover, allowing HR to determine what strategies should be implemented to improve retention. Developing a candidate persona is for the first step in sourcing candidates for those hard to fill vacancies.
Develop profiles of target hires : Big data creates profiles of the candidates who are most likely to succeed as well as those who are likely to leave their jobs prematurely. Likewise, based on the traits of your most successful hires and existing talent, it predicts which of your new employees will be high achievers. With the emphasis on improving employee retention, these are the ideal candidates for fast track programmes following successful on-boarding.
Strengthen internal talent : A new report, The Butterfly Effect: CEO Movement and The Chain Reaction, reveals the cost to companies resulting from a loss of leadership and the lack of effective succession planning. Only 18% of HR report ‘strong bench strength’ to meet the needs of the business. By developing ideal profiles, HR technology helps to map the skills of your existing employees and identify areas for learning and development.
Create a talent community : Sophisticated technology platforms enable HR to create brand awareness and talent communities when promoting job vacancies. Modern recruitment software tracks engagement with updates across all your online recruitment channels providing reliable data on the most effective.
Improve efficiency : With a trend towards flexible and remote working, cloud technology transforms HR in the workplace, offering increased efficiency and enabling key data to be retained in an easily accessible location. The simplest example of this is the sharing of candidate data in recruitment software.
Staying ahead of trends : Technology will continue to evolve and HR must keep pace with it to retain a competitive edge. As the ‘Internet of Things’ increases connectivity and ‘smart’ technology, talent acquisition will become more refined. Already some companies utilise voice analytics during their screening process as an objective means of identifying which voices would be considered engaging, empathetic or trustworthy. US based companies employing high volumes of sales of call centre positions are early users of this technology. Like video interviews, voice analytics will become another tool as innovative HR leaders seek to improve the talent acquisition process.
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