With the ever growing skills shortage, new roles emerging due to technological advancement and therefore a requirement for talent that needs to be searched for - not asked of - by the labour market, data-driven insight and analytics will be what is required for successful recruitment and the future fulfilment of workforce planning.
Our report, 'The insight edge to talent acquisition', examines the thoughts, perception and forecasts of over 2,500 people across the UK workforce, including HR figures and business leaders. The results were telling when it revealed that HR and recruitment leaders point to a lack of education and awareness over the power and use of data that is stopping them from leveraging data to enhance their talent acquisition, and if used appropriately for pipeline forecasting, attracting and engaging with the skilled candidates your competitors are after too.
Is it lack of education, fear of change or analysis paralysis?
When it comes to change it’s inevitable that there will always be a level of resistance. The uncertainty of the unknown and if people have had past negative experiences of organisational change, whether that be through workplace culture, staff morale or redundancy it will leave a bitter taste in mouths.
83% of business leaders we spoke to know they need to improve their use of data and insight within talent acquisition yet does the HR and recruitment teams understand this too? It would appear not as almost half (46%) of organisations admit to relying on ‘instinct and gut feel’ when it came to assessing the current skills in their workforce and forecasting where the gaps lie.
Is it that there is so much data that once the thread is unpicked and all unravels there’s too much to decipher from so it’s best to not as it will be too overwhelming to manage? As just over a third (31%) of HR personnel state that their organisation is struggling to recruit data-specific skills it could be a reason why HR is not quick to invest and use data-driven insight. But with over two-thirds of organisations saying the opposite, either businesses don’t want to or haven’t been educated on what the benefits are. The longer this continues the more HR and the wider business has to lose when it comes to winning the war for talent and possessing a workforce fit for the future.
It’s evident business leaders know data is integral to improving recruitment operations and to achieve workforce planning strategies with over half (54%) of organisations now basing their hiring decisions on detailed gap analysis and data insight. When it comes to data it’s not about how much you have, its about what you have, the relevance of it and how you apply it.
Harnessing your workforce and market data
Transforming recruitment into a data-driven operation that become akin to analysing trends and understanding how the workforce changes dependent on external and internal events will almost imminently lead to better informed hiring decisions.
The manual, repetitive task of looking through CV's can be also be removed as you can find patterns within the data of people who’ve been hired for the role before, their skills, background and previous experience. It can also be telling about roles that have a high turnover rate compared to other jobs in the business, allowing HR to deep dive further into why this is the case and tackle a problem that might have otherwise been left unsolved and hindered the wider business.
But through data and insight, HR will be able to tackle the challenges organisations face when it comes to attrition, attraction and retention. It’s not a case of putting your finger in the air anymore, businesses are sitting on their own solution - their own data goldmine. It’s about finding it, pinpointing where the value lies and using it to their advantage.
Want to learn about the barriers HR leaders are currently facing when it comes to transforming their recruitment function into a data-driven operation? Download our whitepaper now.