In an age of big data, more and more companies are ramping their analytics teams.
Their goal? Make better decisions based on metrics and intelligence collected from all areas of the organization (sales, recruiting, advertising, website, apps) and the audiences they serve or attract (employees, customers, job candidates).
But where do you start?
The case for talent analytics
Our eBook, Talent Analytics For Dummies®, Glassdoor Special Edition, was written to help you answer questions like these:
- Which recruiting programs were most successful?
- What regions or departments did the company have the most success recruiting in?
- What sources of hire have had the longest duration and greatest success and net the best quality employees?
- How do candidates feel about your interview process?
What should be measured
As you dive into talent analytics, you’ll want to take an inventory of all your available data. The most basic metrics you should track include:
- Number of hires
- Sources of hire and cost-per-source
- Recruiting team size
- Program budget
- Staff budget
- Recruiting systems available data
For further details, see Chapter 3 (“Reporting on Talent Analytics”) inside Talent Analytics For Dummies.
Who should care about talent analytics
Your company’s ability to attract top talent touches everyone within the organization. Therefore, upping your talent analytics game means engaging a wide variety of teams—from upper management to public-facing departments like marketing and public relations.
Here’s a basic list of stakeholders who should care about talent analytics:
- Human resources
- Public relations
- Hiring managers
Your mission? Identify the the top people from these groups, engaging them with questions (e.g., “Is there a way to lower our cost-per-hire?”) you hope to prove talent analytics can answer.
Keep a talent analytics reporting timeline
As you set up your tracking and identify which metrics to track, you’ll want to set up a reporting schedule. Depending on the size of your company and the number of hires you make per year, a monthly schedule may not net you enough data to inform your decisions.
Set quarterly or yearly reporting deadlines to review the success of your recruiting programs. The data you collect and share with your team will bring new insight into how your company attracts and even retains talent.
Related: How To Calculate Your Cost-Per-Hire
Signing up for talent analytics
In short, taking an analytical approach to “the numbers” requires a strategic shift in how companies process intelligence about their hiring and brand. Gone are the days when HR could simply clone a recruiting budget for the coming year without knowing whether last year’s actually delivered ideal-fit candidates at a reasonable cost-per-hire or efficient time-to-hire.