Talent Intelligence the WHAT is a keyword that has been used quite frequently in the recruitment industry in recent years. So, what is Talent Intelligence and how it adds value to the organization when we hire a new talent, will be explained in this article.
Talent Intelligence can be defined as the process used by a company to collect and analyze external data about their competitors’ talent, skills, jobs and functions, and then using that data to to gain a competitive advantage.
What is Talent Intelligence?
Talent Intelligence is not about recruiting data for prospective candidates Talent Intelligence is about the key areas of the recruitment process that can be outsourced to technology and how this data can be best used.
When your organization adapts Talent Intelligence, it will rely Customer relationship management tools (CRM) to identify recruitment patterns, trends and candidate monitoring. When recruiters need to find candidates, they can use AI candidate automation technology, which helps them quickly find the right candidate.
In other words. Talent Intelligence is about reorienting the time and energy that recruits spend on tasks that AI technology can handle and shift that energy to perform critical tasks in the recruitment process, such as interviewing candidates, meeting with customers and improving the candidate experience and long-term planning strategy development.
How to apply Talent Intelligence?
The first step in implementing Talent Intelligence in an organization is data collection. Recruitment teams can perform data collection, which can be done by:
- Candidate participation in CRM
- Internal staff
- Former employees
- Passive candidates
The next step in the process is to understand how much better the data can be used. The data collected should be analyzed and articulated in detailed reports to provide basic information on:
- Which candidates are interested in working with our company?
- Who will be the ideal candidate for different teams?
- Who wants to work in this industry and how much better does it perform?
- Possible employment history of candidates
- Skillset available to the candidate
- History of social media
ΔShould a company use Talent Intelligence?
An organization can apply Talent Intelligence to analyze some of the vital metrics, such as:
1. Source and quality of lease:
One of the biggest challenges for any hiring is supply of candidates and quality of recruitment. Data collection and analysis will be vital to understanding these measurements in detail. Hiring can face few challenges, such as a job table that attracts many candidates may not be the same as the job table or a supply channel that provides the highest number of quality hires, but only a few applicants.
For example, for a company, the number of job seekers received for one work portal X may be higher than any other gateway. But hiring success rate is not for work portal X, but comes from a social media site like LinkedIn. To collect this data, the application of Talent Intelligence is necessary and based on the data, the administration can decide where to invest the money in the candidates.
According LinkedIn, 40% of the global projections of the companies rank the quality of the lease as their top priority.
2. Talent acquisition costs:
If not the most preferred measurement, cost per lease is one of the key recruitment metrics for many organizations around the world. Recruiters spend hours and use the Company’s resources to acquire new candidates and the total cost of acquiring a candidate will affect the bottom line of companies.
According to the SHRM, the the average cost of getting a candidate is $ 4,129, and Talent Intelligence can significantly reduce these costs by improving each stage of the recruitment cycle.
For example, a company may use Talent Intelligence to understand the barriers to their talent acquisition process. If the data suggests that recruiters spend more time recruiting candidates, which is done manually, the software can be automated.
Employee turnover refers to the number or percentage of employees who leave an organization and are replaced by new employees. Replacing an employee is a tedious task that requires a lot of effort from the recruitment team to find a similar candidate with the same set of skills. Replacing an employee can cost about 30-40% of his annual salary. And the higher the hierarchy, the higher the cost.
Costs can only be reduced by retaining more and more employees. Using Talent Intelligence, HR teams can understand where the problem lies and what strategies they need to use to retain more employees. The starting point can be defined by the following questions:
- What is the employee turnover rate?
- What is the average term of the employee?
- Which department has the highest turnover?
- Are annual goals one of the most important reasons for an employee to leave the organization?
- What is the most common reason for an employee to quit his job?
- What is the average employee stratification score?
The rise of talent intelligence:
People Intelligence is one of the most sought after aspects of any organization. According to a study conducted by Delloite, 3 out of 4 companies (71%) believe that human analysis is an urgent priority. This year, it is an essential tool for human resources teams due to the disruption caused by the COVID-19 pandemic.
The COVID-19 pandemic had changed the way we work. HR teams no longer interact directly with candidates and interact with the hiring manager via Skype or Zoom to understand the new requirement. Data is more necessary than ever, and HR teams regularly use data to analyze hiring patterns or predict when the next employee will leave the organization.
The current level of adoption is not surprising, as analytical data are increasingly being used to address business problems, such as recruitment, performance measurement, compensation, workforce planning and retention. Today’s HR professionals are no longer just tied to searching for CVs and talking to potential clients, but also using analytics as part of their overall role in human resources and focusing mainly on HR analytics. The human resources groups involved in these groups are known as “analytical talents” and “atom analysis” team’s.
Intelligence talent trends for the future:
The pandemic has changed the way teams use data and companies are expected to increase their adoption of talent analytics. With the apparent increase in talent capacity, it is rare to come across an organization that has not implemented detailed data for the human resources team. Here are three important trends that will shape Talent Intelligence in the future.
1. Human Resources Upgrade:
Upgrading HR professionals would never have been in the minds of management a decade ago. But with the rapid rise of analytics and the development of both internal data intelligence platforms and external vendor platforms, the need for time is to upgrade human resource acquisition and talent teams on how to access, manipulate and interpret data. tools.
2. Connection with the administration:
Before adopting talent analysis in organizations, human resources teams rarely interact with management. Most of the time, it was a discussion about hiring C-Level executives and senior executives. However, with the application of talent analysis, the HR team must work closely together and establish a partnership with management and corporate strategy teams to develop a strategy for data usage and what information should be reported.
HR teams need to understand the things that need to be automated in the hiring process. In the future, there will be more structured data to be analyzed. However, not all data is useful for human resources groups and some of the processing data can be automated. Results can be generated directly in a standard report format.
Utilizing Intelligence talent for strategic decision making:
Why organizations use Talent Intelligence to their advantage and improve the recruitment process is one of the critical aspects that leadership considers when implementing data-driven software. In addition, agencies require real-time, actionable, and in-demand information for any decision when hiring a candidate.
In addition to hiring the candidate, Talent Intelligence can be used to make bigger business decisions such as:
- Talent Intelligence can predict when the next hiring will take place and how much the number of staff at a particular location or office will increase. Based on this data, an organization can plan with real estate teams to discuss the space required to accompany new hires.
- Work on a competitor recruitment analysis to understand potential competitor axes. This will allow organizations to analyze how different companies might operate in new ways in the future and how they compete with each other.
- As the COVID-19 pandemic has affected almost every business in the world, as we move into a new era, Talent Intelligence can provide a wealth of information on workforce conversion, in which geographic area new business locations will be expanded, which is the skill required in the future, How many employees can work remotely and how many are needed for office work and so on.
- COVID-19 Panemdic had allowed more prominent organizations to acquire smaller companies that we are unable to deal with the epidemic. Organizations can rely on Talent Intelligence tools to understand the talent, the skill of potential targets and how they can fill the gap in their organizations.
In recent years, Talent Intelligence has evolved from a simple data collection tool to analyze every aspect of recruitment and predict how organizations should rotate in the future. However, Talent Intelligence is an emerging field. However, the COVID-19 pandemic had accelerated the use of data-driven software. In the post-COVID-19 world, organizations will not limit their use of data-driven software, but will invest further in collecting more relevant data as it gives them a competitive edge.
In order for organizations to thrive and achieve their goals, they must have the right qualified people, and this is where Talent Intelligence adds value. Applying external data related to people, skills, jobs, functions, location and competitors will lead to business decisions.
However, in order to receive the right data, organizations must employ qualified people in human resources teams. This can also be achieved by upgrading the members of the Human Resources team and specializing in data handling and extracting the required information that adds value to the organization.