Most companies haven’t embraced – or even scratched the surface – when it comes to applying valuable, potentially game-changing employee data. If your organization is not investing in an integrated talent analytics capability, you will fall behind in today’s competitive talent war.
What does a high-performing talent analytics team look like – and how can you start building yours today?
Be an Analytics Leader
Most companies have a tremendous opportunity to leverage employee data to incite growth and performance. In a recent study, Forbes found that while 60 percent of 480 large organizations are now investing in big data tools, but only 4 percent have the capacity to perform predictive analytics regarding their workforce. In fact, just 14 percent have done any significant statistical analysis of employee data at all.
Those in the top percentile have realized a high return on their data investment: Their stock market returns are 30 percent higher than the S&P 500. In addition:
- They are twice as likely to be delivering high-impact recruiting solutions.
- Their leadership pipelines are 2.5 times healthier.
- They are four times more likely to be respected by their business counterparts for their data-driven decision making.
Use Data to Your Advantage
To enhance the strategic advantage of your workforce and HR function, start with reporting cost, savings and usage patterns to predict future trends and expenditures. From there:
- Incorporate departmental and geographical information along with skills. The result will be a truly useful tool based on factual analysis of your workforce. You can use it to design recruitment strategies that translate into more efficient hiring and talent management results.
- Be sure your providers are making efficient use of big data. For instance, you should be able to apply big job board analytics to study supply and demand trends.
Build a High-Performing Analytics Team
While data and statistics are important, leading companies have made these additional investments in their talent analytics teams:
- Sound data management. This delivers quality data, provides consulting capabilities that focus on the right issues, and builds strong relationships with finance and operational analytics teams.
- Multidisciplinary skill sets. Their teams not only can diagnose and solve problems, but also have the capability effectively present executives with the results – which often are surprising and new. One of the biggest challenges to big data analytics is getting people to change their behavior as a result of findings. Team skills include communications and business understanding as well as data visualization, data management and statistics.
Hire for Success
You cannot effectively mine, convey or benefit from talent analytics unless you have the right talent to bring them to life. To make this happen, be sure to partner with a recruitment firm that specializes in big data recruiting. To learn more about how you can hire for competitive success, contact the team at Select Group, Inc., today. Our big data recruiting specialists look forward to hearing from you!
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