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The Future of Data and Analytics

Talent Intelligence Platform April 9, 2021

The Future of Data and Analytics
Sundeep Keramalu

Content Developer

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The data is there. What’s missing is the urgency to use the data in how it’s supposed to be used.

Data is vital for an organization’s innovation strategy. In a Sisense’s recent report in partnership with the Harvard Business Review, 169 respondents out of 191 said that analyzed data was necessary for the success of an organization’s innovation strategy.

If analyzed data is essential for organizational innovation strategy, it’s crucial to hire the right people. People run organizations. People innovate. If the innovations that people innovate need analyzed data, it only makes sense to have that contextualized data in hiring the very people responsible for these innovations.

Data helps improve hiring process

Using data helps human teams to manage budgets wisely. Data allows recruitment managers to understand which recruiting channels are effective in bringing the most qualified candidates.

Frequently, hiring managers spend a ridiculous amount of time in repeating the recruitment tasks. Using data can helps eliminate certain redundant tasks and helps expedite the process.

To hire the right candidate, recruitment managers must talk to dozens of candidates. Data allows HR managers to set specific benchmarks in this process. It gives HR teams an idea of the number of candidates the company needs to interview before picking the right one.

Sometimes when companies do not get the suitable candidates interviewing, the best thing to do is not to pick the best from the lot, rather to streamline the chances by re-advertising the opening. Writing job descriptions is not an easy task. It is a job. There are hiring specialists and job description experts who spend years getting the right tone and message to draw the right people to pitch for the job. If you don’t want to use hiring specialists or job description experts to write job descriptions for you, data will be happy to step in and give you insights into the kind of words and descriptions that will increase your chances of targeting and finding the right candidate.

Data improves candidate experience

Regardless of whether you hire a candidate or reject the candidate, creating a good candidate experience is vital for companies. How a candidate perceives a company’s hiring and recruitment process can substantially impact the company’s reputation and image.

Virgin Media was losing $5M annually due to a bad candidate experience. Virgin highlights a case where a hairdresser from Manchester was given an interview with the company. The woman, who had a high regard for the company, as it was a company she had admired and dreamt of working with went all out to do her best for the interview. In the first place, she never expected to hear back from the company, let alone receive a call for an interview.

So, she took her friend’s help prepping up for the interview, arranged childcare for her son, and even went on to buy a new outfit for the interview. Remember, this is a company she profoundly admires and is a subscriber of Virgin Media. But her bad experience with Virgin Media began with the receptionist, followed by the interviewer – who, during the interview, received a call by going out of the room, only to return 10 minutes later to tell the candidate that he had heard everything he needed to hear and rejected the candidate on the spot.

The candidate later canceled her Virgin Media subscription and switched to Sky, Virgin Media’s competitor. This bad experience also made the candidate’s sister to cancel her subscription with Virgin Media.

Good data allows companies to screen candidates suitably before calling them for an interview. Suppose Virgin Media had taken the time to peruse through the hairdresser’s application. In that case, they could have seen that the hairdresser had skills that the company might not have needed immediately and therefore would have pursued other candidates with relevant experience, instead of, without proper assessment, calling the candidate for an interview only later to send her down a tunnel of negative experience.

 

 The future of data and analytics

Analytics improves diversity and inclusion

Talent diversity is no longer a window dressing term. Talent diversity is required for an organization to function efficiently and effectively.

With remote working increasingly becoming necessary and almost a mandate, HR teams are finding utilizing workforce management solutions and AI that helps leverage data and analytics to look beyond local workers and tap untapped markets at competitive costs.

Analytics helps you go through millions of data touchpoints and gives you the data to analyze employee salaries, bonuses, and performance data. This helps companies assess bias patterns in the organization and help set up new frameworks for appraisals.

When companies want people to stay with them for a long time, companies must ask themselves to what extent they are willing to give the employees a feeling of inclusion.

Analytics increases recruiting accuracy and quality of hire

A LinkedIn data source highlights that 68% of recruitment managers want better quality tools and technology to boost their hiring performance over the next five years.

Elementary resume screening may not yield the grade of results companies might be expecting. HR teams must make deep dive and go beyond the conventional resumes and skills to understand if the candidate is the right fit for a job or not.

As a talent intelligence tool, Draup assists organizations in strategic workforce planning, talent recruitment, and reskilling by evaluating talent ecosystem pillars such as industries, companies, locations, universities, and professionals. Draup helps talent managers to focus on driving value beyond conventional hiring processes and increasing hiring efficiencies.

Lead the future with talent intelligence. Get in touch with us today.