No company wants to hire someone at the bottom of the talent pool. Every company wants the best talent out there. If every company is trying for the best, how can one company have the edge over the others — so they get to the right candidate at the right time before their competitor gets to them?
Talent market intelligence is an architectural framework that streamlines processes involved in data collection and analysis of information collected from existing pools, current and former employees, active and passive candidates to assess employment histories, salaries, skills, education, performance, appraisals, benefits, and social media information. Let’s take a look at the three main advantages of having talent intelligence for your business.
98% of business leaders strongly feel that having an awareness of talent would impact performance and revenues. The average cost to replace an employee at a beginner level is 30-50% of the employees’ annual salary and 400% for replacing employees in specialized and senior domains. Talent intelligence allows companies to understand why employees leave. Having this intelligence gives companies the power to resolve these issues and reduce attrition. In Silicon Valley, a tech company was able to solve its attrition problem when understanding that its employees were leaving the company due to the commute team. When the company understood this problem, it quickly changed its working hours, built satellite offices, and built more parking spaces that allowed employees to reduce the time it took to get to and from work.
Being in the right place at the right time
Talent intelligence helps recruiters understand where they can recruit and locate new teams. When Microsoft wanted to hire a new cybersecurity team, it used talent intelligence to recruit and locate the team. Since talent acquisition specialists are almost always fighting for the same kind of talent, it helps to go where the talent is rather than expecting or asking the talent to come to the company.
Offer the right offer
Talent intelligence allows recruiters to understand salary trends and gives them a heads up on which skills are becoming more relevant and gaining more demand and which skills are outdated. Having such data allows hiring managers to understand their employees’ career trajectories and candidates and be able to offer better packages.
Draup works with data scientists, proprietary AI, and machine learning models to look beyond traditional skill sets and pedigree to assess more resonant talent characteristics. With 450 million professional profiles and 75,000 commissions, Draup validates a comprehensive set of talent characteristics through a taxonomy-led approach. Whether you are looking at evaluating competitor hiring trends, map micro and macro paths, identify skill gaps, and bridge skill gaps, Draup’s platform can help your business perform better and increase revenues through holistic talent intelligence.