For UK CEOs, technology is key to business success according to PwC’s 19th Annual CEO Survey. Despite this, the Confederation of British Industry (CBI) found that British employers remain wary, ranking the UK 14th globally for its level of adoption of digital technology.
This is epitomised within HR functions, with over half of all employers still relying on manual recruiting systems. Yet the data held by HR could hold the key to transforming talent acquisition and retention strategies with people analytics.
HR is the starting point for data driven business success
HR traditionally holds most of the data available on an organisation’s key resource – its people, including invaluable information such as:-
- The source of the company’s high achievers.
- So-called ‘flight risks’ – the individuals poised to leave your business.
- Employee participation in surveys and candidate referral schemes.
- Performance management updates.
- Personal data, including medical history.
That data can be gathered from a range of sources including social media, LinkedIn and employee surveys as well as existing recruitment analytics information where available.
But HR remains wary; Deloitte’s Global Human Capital Trends Survey found that 62% of businesses rate themselves as ‘weak’ when using big data in recruitment. It cannot continue to remain in this position.
Taking steps towards people analytics
In taking the following steps towards people analytics, HR has the potential to transform talent acquisition strategies:-
Evaluate all data available : Analyse all of the data available to begin to identify and recognise patterns in hiring. Draw information and insights from social media, LinkedIn and other online recruitment channels to build the foundations of an effective recruitment strategy.
Stay up to date : Technology is disrupting the workplace and UK businesses are struggling to keep pace with changes. Cyber security and connectivity are two major barriers to adopting digital technology identified by the CBI, which warns of the risks of UK employers being left behind. It also suggests hiring a Chief Technology Officer or Chief Digital Officer to drive business strategy for larger businesses.
Prioritise your quality of hire : Data provided by recruitment analytics helps you to define your ‘quality of hire’. Less than a quarter of UK companies feel confident in accurately measuring this key metric according to LinkedIn’s Global Recruiting Trends 2016. This is critical information that will give you the edge on your competition.
Incorporate platforms for data within your HR technology : A recruitment management system with integrated applicant tracking software enables HR to monitoring candidate progress from the point at which they enter your recruitment funnel through to onboarding. From there, retention levels of new hires can be monitored while the data gathered helps to formulate strategies to improve employee engagement and retention.
See data as an asset : Big data is an asset and HR's most natural resource. Recruitment analytics provides detailed insight into social media and online traffic to drive more successful job posts. For example, data gathered from applicant tracking software enables HR to assess the most effective time to post specific vacancies to attract qualified applicants. Employers are also able to evaluate the most successful job boards for specific skillsets. From job descriptions that lack clarity to tedious online application forms or a careers site that simply fails to engage talent, analytics provides context and allows HR to transform hiring processes.
Getting started with data and people analytics
Deloitte predicts that analytics driven HR will strengthen beyond talent acquisition in both operations and learning and development functions of businesses. Don't get left behind.
Data removes the ‘guesswork’ and reduces bias in the hiring process. HR analytics reduces the need for HR to rely on intuition, providing accurate data on hiring patterns. When supported by people analytics, hiring managers can learn to anticipate hiring needs and respond quickly, developing a data driven approach to hiring.
By accessing the data already available HR can drive digital adoption by starting with people analytics. Investment in cloud based scalable recruitment software allows even cautious HR professionals to begin the task of data gathering and quickly identify the most pressing hiring problems. Focus on analytics relating to your most successful hires and straightforward metrics for quick wins that will transform your talent management strategy.
Advorto’s recruitment software provides workflow and structure across the entire hiring process, offering a dynamic database of candidates and analytics. Used by some of the world’s leading organisations, it provides a straightforward first step into HR analytics and big data. Contact us today.