How to Leverage Workforce Analytics to Drive your Recruitment Strategy
Competition is fierce for qualified talent who will go above and beyond for your customer or deliver innovative solutions. Data-driven talent acquisition is the key to attracting and retaining the right talent and is vital to meet business objectives. Mobility, cloud, social networks, and big data — these emerging technologies have critical impression on the business world. To succeed in this volatile candidate marketplace organizations need to understand better the changing workforce analytics and labor market — that will help them to shape their company for years to come.
Emsi Analytics for Talent Acquisition (TA)
“The most detailed labor market data to inform your recruitment strategy.”
Emsi Analytics for TA accumulates economic and employment data from over 90 data sources into a web-based portal aimed to deliver in-depth reports in just a few clicks. It also crafts the data into meaningful charts, reports, graphs and maps that tell a consistent story about the labor market.
Based on current market trends and historical data, this dynamic solution will project growth of the labor market in any given geography — ascertaining the areas of improvements for organizations.
Laying the Groundwork for Change
Having a reliable source of information at fingertips is also one of the top ways to source and hire the potential workforce — that leads to reduced cost-to-hire by filling the open job position faster and with the right talent.
Know your Competition
Apparently, having access to candidate marketplace data gives you a comprehensive view of the workforce. However, Emsi Analytics goes one step further to help you understand who is competing for your talent. By recognizing your competitors for the major roles in particular markets — you will be apt to project and move faster to stay ahead.
– Emsi Analytics will identify businesses within your search area that is presently hiring for same job positions.
– The job posting analytics report offers additional visibility into the intensity of job posting activity in your market.
It demonstrates you how much efforts other organizations are putting into attracting candidates for a single position and how many job postings are needed to make a hire.
“One of the greatest benefits of using Emsi Analytics is it makes the recruitment budgeting easy for growth and new office locations.”
Effective Plan for Growth
Understanding the changing candidate marketplace is a key to your businesses’ long-term success. It is imperative for organizations to have strategic recruitment strategy in place as competition for qualified talent is at an all-time high. Emsi Analytics let you access the candidate marketplace data, so you can devise a focused recruitment approach and make informed decisions about strategic workforce planning, budget, and headcount projections.
Even companies with diversity recruitment initiatives often seek information regarding labor market’s demographics in their new or current targeted markets. Such organizations can leverage the Emsi Analytics data to establish a diversity hiring plan including — gender, age, race, ethnicity information for every industry and job in the U.S.
What data-driven talent acquisition looks like
Forward-looking HR leaders and teams rely on analytics to drive decision-making. It is observed through various case studies, “those enterprises that consistently use workforce analytics are more likely to be successful in addressing a variety of challenges, including — performance management, talent acquisition, and talent retention.”
With this complete picture on their fingertips, recruiters and HR heads can more efficiently and quickly meet the demands of an organization.
Benefits of Data-Driven Method
1. Project the speed of hire
When properly done recruitment analytics empowers you to know with confidence how long it is likely to take to recruit for the particular role. With this information in hand, you can deliver a credible timeline to key decision makers and stakeholders.
Subsequently, these data-driven approaches also expose the bottlenecks slowing down the talent acquisition and guide you on the precise arrangements to take to fix them.
2. Improve the quality of hire
With the right data in place, you can easily predict the involuntary turnover and resignations for less than the first quarter of employment. Additionally, identify the qualified applicants-per-requisition indicating which sourcing practices are delivering the quality candidates.
3. Implement Diversity into Hiring Process
Conventional recruiting approaches make it hard to tell whether you will ensure equity during the process. Keep the guesswork out and use analytics to continuously monitor your recruiting funnel for critical demographic proportions including — veteran status, ethnicity, and gender, etc. This allows you to better track diversity and embed the right evidence-based programs to improve the diversity through the pipeline.
Candidate marketplace is evolving rapidly, hence access to full range labor market data and workforce analytics will strengthen the recruitment process of an organization. Investing in tools like Emsi Analytics empower the HR leaders with information to communicate the realistic expectations of executives and hiring managers — understand the industry competition and prioritize efforts across your markets.