Hiring in the times of analytics

Leading in the times of Analytics, with Talent Analytics!

Bill Gates once said “The key for us, number one, has always been hiring very smart people.” No matter what kind of organization you run, it’s vital that you have quality employees to help your organization run and grow. In the time when everything is dominated by technology, to achieve new level of excellence for an establishment, the skill full and talented people remain the main catalyst and differentiator between mediocrity and success. Organizations are thinking about different ways and putting in time, effort and investment to attract the best and right talent who can innovate and add value to the organization.7 in 10 global companies are having trouble finding employees with the right skillets, as they are not equipped or ill-equipped to identify the right talent. This is where Talent analytics can help.

What is Talent Analytics?

Talent analytics, also called Human Resource analytics, is the application of sophisticated data mining, machine learning and analytics techniques to human resources data. The objective of talent analytics is to deliver an organization with the insights for attracting and retaining the right talents so that the organization can achieve their goal efficiently and quickly.

We humans exhibit diverse, context-specific psychological and behavioural patterns. Talent analytics helps organization to build a model based on their human resource data and similar organization by analyzing the skills and skill set high performing talents which can be used as outline to hire new talents. By using talent analytics software and analytic techniques can optimize job posting tactics and calculate the cumulative cost in hiring a single employee, predicts potential employee performance trajectories and predict when an employee will leave with higher degree of accuracy.

How Talent Analytics can benefit a company?

Talent analytics makes sure that company hires the right candidate. It reduces the

• Training cost- by identifying the right and Taylor made training program for the individual employee
• Attrition rate- by identifying the right talent and providing right training it reduces the attrition rate
• Training time- the tailored training program reduces the time involved in training compared to general training methodologies

So what is the ultimate end result?

More engaged and motivated workforce, more efficiency in retaining and hiring the talents and reduced the overall cost involved in the recruitment and training program in the long run. These are the key indicators to success for an organization. The ultimate goal of talent analytics is to give the organization the vital insights so that it can reach the goal more quickly and efficiently. The real challenge for the organization is identifying which data and where to capture the data and how to use it to investigate and recommend a course of action.

Here is how Google as an organization is using Talent Analytics to completely reinvent HR.

Retention Algorithms – by developing an algorithm they have improved the retention rate by35% by predicting which employee is likely to leave and will sustain along with the company and made the incentive and promotions accordingly. All their decisions are supported and based on analyzed data driven insights from their talent analytical system.

Diversity Development – Google analyzed the numbers to recognize areas of opportunity to improve diversity in recruiting, promotions and retentions. They’ve had astonishing results! And they had dramatically improved in Hiring, Workplace Design and Managing the Managers by using Talent analytics.

Is HR analytics is a substitute for engaging directly with employees?

In the coming decades (or maybe sooner), the idea of work and whether it is handled by a human or an AI will depend on predictability. As machines staring to do so, machines will manage the routine and task that do not require complex thinking and creativity while humans takes on the unpredictable – tasks that require problem solving, creativity and flexibility. So the answer is “NO”. Even though talent analytics brings in data driven methodologies and giving organization specific insights to support strategic decision making, it can never replace a human brain and human intuition to the hiring process. But when it combines with the human experience driven insights can be a potent combination. Even though talent analytics is still in its early stage, companies would do well to take note and invest in its huge potential.