Beyond cost-per-hire and attrition rate, talent analytics allows you to leverage real-world data and human capital intelligence. This, in turn, helps improve your strategies on recruiting talents, retaining employees, and reducing turnovers.
Talent analytics, therefore, gives you the answer to some of your most significant recruitment questions. Specifically, what regions or places were your company successful in recruiting, and what recruitment strategies had been most successful?
In particular, how did your potential candidates respond to the job listing and your very own employer brand? Moreover, how did these candidates feel about your interview process? At the same time, how did your own employees talk about your brand and job openings to potential candidates?
CMS Wire defines talent analytics as a platform producing insights into the workforce. Specifically, it provides insights into the potential hiring pool and your existing team members.
Therefore, these insights are used to better understand the strengths of employees and potential employees, their weaknesses and how to improve.
By etymology, even the phrase has evolved throughout time and among varied users, from HR analytics to human capital analytics.
Cambridge MA-based Talent Analytics Inc., which pioneered methods to predict employee attrition and business performance, called it “predictive workforce analytics.”
Meanwhile, it is interesting to note that Las Vegas NV-based Hire Smarter Inc., a predictive hiring tech company, recently acquired Talent Analytics and its solutions on predictive analytics, data science, and talent assessments psychology.
Forbes contributor Meghan M. Biro wrote that talent analytics has taken the guesswork out of hiring the right talent.
“Talent analytics doesn’t just help you get a warm body in a seat,” Biro said. “This data can help recruiters and companies ensure a talent match where only the most motivated and those inspired to do their best work get to sign on the dotted line.”
Hence, it gives you a benchmark on employee retention, sales performance, leadership and candidate pipelines, customer retention, and talent gaps.
How can you optimize factors that create higher levels of engagement and retention, and what drives high-performing sales? In particular, are your business leaders successful, and how do you train and develop them to be better?
Additionally, what about the quality of your prospect candidates, and how do you better attract the good ones? Who are the talents that fully satisfy and retain your customers? Finally, do you have talent gaps at present, and can you predict if you will have any in the future?
Based on data, Josh Bersin of Bersin by Deloitte identified the attributes of what makes a good employee. Bersin earlier outlined the connection that lies with the use of big data and the rise of talent analytics.
Among others, they include grammatically correct resumés and previous successful sales. And, more importantly, they do not include GPA scores, prestigious universities, or quality referrals.
To know more about the best talent analytics, employer branding, and recruitment solutions, you may connect with TeleDevelopment Services.
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