Is Data Analysis the competitive edge you have been looking for?
For Recruitment and HR professionals alike, the prospect of Data Analysis will not be a new topic of discussion. The capabilities have been a talking point for some time, but it would seem that not all organisations are taking advantage of the insights they could be accessing.
Through research collated by LinkedIn, it is evident that both social media and talent analytics are two key areas of advancement set to shape the landscape of recruitment processes moving forwards. It is also recognised that hiring budgets and requirements are at a disparity for the first time in four years and so the art of doing more with less is paramount. LinkedIn’s 2015 Global Recruiting Trends report is based on the largest survey of talent acquisition leaders in the world.
Interestingly, although social media and ‘Big Data’ analysis have been identified as important areas of improvement, the research also found that only 24% of global recruiting leaders believe they are using data well in their roles. Furthermore, this number falls to just 17% in the United Kingdom.
Although organisations recognise they are not utilising data to its best, it would also seem not to be a priority at this stage. This could highlight an immediate opportunity for businesses that recognise the importance of these key areas.
As consumers, we are all familiar with data analysis having an effect on our user experience as the websites we visit, shoes we like and latest technology we research seem to follow us from one webpage to the next. But it would appear that the recruitment industry falls behind when it comes to adopting these techniques to the candidate journey.
Earlier this year, CIPD Chief Executive Peter Cheese discussed the key themes that they were to be focusing on in the coming year in a podcast, accompanied by a panel of experts. Arnab Banerjee, an HR Transformation and Technology expert, describes the ways technology can optimise HR:
“If you take the recruitment function, software can put together the various digital footprints that a potential candidate has and find out more about the candidate’s behavioural characters, traits that may influence recruitment decisions. They can also find out what motivates their employees better based on how they are using the net or how they are using social platforms. Also predictive analysis would help companies to identify populations who are more likely to leave the organisation and find out the things which make people leave. The flight of talent is something that everyone has to worry about and these will help them develop practical policies which will influence how their talent is retained within the organisation.”
Effectively monitoring the candidate journey and outcome, would allow HR and Recruitment professionals to segment their candidates and employees and therefore provide a much more precisely tailored experience, just as consumers find at present.
Despite the potential value that recruitment data could add, it is also apparent that collating and quantifying the information can be a mammoth task, which could explain the difficulties that organisations face and the subsequent low success rate.
Personnel Today hosted a panel discussion in conjunction with Broadbean. One of the experts contributing was Greg Aitken, Group Head of People Strategy, Insight and Change at the Royal Bank of Scotland who said the following:
“The huge data centres organisations currently have, and how to translate that into information and insight, is a constant challenge. The size of them is one thing. The complexity of them means that the old-fashioned way of analysing them is no longer available. Big data comes into its own when you join it up with other bits of data across the organisation. It is much more powerful when you are able to take attraction information and join it up with your engagement and your retention information. That’s I guess, ‘big, big data’ rather than just ‘big data’.”
Clearly, despite the availability of recruitment data, the challenge lies in piecing together the information to formulate an outcome and successive action plan. However, taking the time to explore data analysis in relation to recruitment would undoubtedly be advantageous. There are few organisations using analytics to their gain and if your business is in a position to integrate a thorough strategy, the return on investment could be vast.
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Author: Tilly Hetherington
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