By: Jonathan Kidder
Talent analytics are like golden nuggets of information. This information can help show how your sourcing strategy can help the client find more qualified candidates. There is a wealth of information on the internet that can help you source more efficiently. Knowing that talent analytics are helpful isn’t enough, you also need to know how to find this information! There are some professional companies that can help you and some free options as well. In this post I will break down the many ways this information can assist your sourcing efforts.
Best Talent Analytics Tools On The Market.
CEB Talent Neuron: While businesses and hiring managers love data, as CEB’s website states: “Only 8% of business leaders trust data and insights from HR.” To change that dismal statistic, this tool can help you change that thinking by providing data you can use. CEB offers several resources for data insights including data information related to hiring and retaining top talent. Currently over 10,000 companies have used this service, including some high level companies.
Imagine walking into a meeting with a hiring manager with unrealistic expectations and trying to accurately explain to them why they need to rethink their recruiting strategy. Your data will be based on facts that will help them understand what they are dealing with in the market. In addition, this software can help HR leaders work with managers on planning for the future of their workforce. By using this tool you will be able to get a full picture of your current workforce and determine how long it will take you to fill a role.
Whoknows: This alternative option to CEB offers many of the same services and will help you gain insights into recruiting, assessing, and retaining talent. Whoknows also advertises a free trial to try out their services. If you are thinking of potentially using a talent analytics company but aren’t sure if it is worth the investment, this may be a perfect option. Whoknows has a few advantages such as no IT integration needed, which can make it more affordable for companies to begin using. To help business leaders and HR plan and hire, they offer real time data and reporting. Their site also lists some big names that use their services, though they don’t offer the number of companies using their services.
LinkedIn – The social media source for job seekers and recruiters can also be a good source for data analytics. To start, you can begin by reviewing your own company’s page analytics to see who is checking out your page. You can also search for similar companies. In this article from Unmetric they list a few ways you can use LinkedIn to gain some needed intelligence about the market.
Indeed Job Trends – Indeed is a huge site that lists tons of jobs every day. To help you see which jobs are trending in different markets try searching for the job title on Indeed’s site. Some companies will even list the salary range the position is offering which will give you an idea of what companies are offering for similar roles.
U.S. Labor Statistics website – This free site run by the U.S. government has a ton of information by location and job type. You can research market and job trends to see how different roles in your company are tracking.
How these Talent Analytics tools can improve your sourcing strategy.
Use data to understand the local market – Data can give you a heads up on how the local market is faring at the time you are looking to hire.
Know the number of potential applicants in the market – Data can help you see how many potential candidates there are for your role. If there are a small number of people to fit your job, you may need to pay a premium for the right person.
Know the average salary comp range – This is key if you want to land high quality talent. Offering a candidate much lower than they are expecting will result in your loss of a successful hire. Know what the market pays prior to even posting the role so that you attract the right hire.
Get familiar with your competitors – Even if you aren’t actively hiring, you can be more prepared by keeping up with what your competitor’s plans are. A company similar to yours could go on a major hiring spree and knowing that information can help you prepare and retain your talent. With appropriate data, you will also be privy to which companies have been hiring the same type of position for the last few years.
Competitor information – Companies don’t all use the same titles and job descriptions for similar roles.
Data analytics can identify the different types of job titles and skill sets other companies are hiring for. This information can help you when you are marketing your jobs and target the talent at other companies who have the skills you are looking for.
Provide fact-based guidance – Once you have all of this data, present these talent analytics to the
Hiring Manager. This will help you show your expertise in the market during your intake call. You will know the average salary, competitors, and which locations to source from.
Talking though this data will help you determine the best strategy together. It will also let the Hiring Manager know what they need to do to get the talent they need. Discussing salary ranges and the talent pool before starting the sourcing process will help address any issues at the start rather than after you run into issues finding talent.
Having this type of competitive data will drastically improve your sourcing strategy. Your hiring managers will see that you are a partner in their desire to hire the right talent for their company. In addition, it will help you source the right companies to find the best fit. For more on talent analytics, check out this article from Recruiter.com to give you even more reason to use them in your sourcing strategy.