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Job openings have outnumbered new hires since February, 2015. It may not feel like it, but it’s true: there are more jobs out there than new hires being made. The latest Job Openings and Labor Turnover Survey (JOLTS) results released in December confirm that job openings have outnumbered new hires since February, 2015.
Has digital disruption made it more difficult to hire new talent? You can certainly make the argument. Competition is fierce for people who can deliver innovative solutions, so HR executives are using data-driven recruitment to find the talent they need to meet their business objectives. But while these digital strategies help recruiters identify what’s working (and what’s not), highlight risk factors and hiring errors, and predict long-term talent needs, they also produce an enormous amount of data.
“The HR industry isn’t lacking data. It’s lacking insight,” said Mary Beth Wilding, Vice President West, Visier, during her workshop at a recent HR Insight Summit.
Most organizations agree.
In Deloitte’s 2015 Global Human Capital Trends study, 75 percent of organizations said that talent analytics is important, but only 22 percent were ‘ready’ to effectively leverage it, citing roadblocks with HR systems and data warehousing.
“The answer is an HR strategy from the outside in, where HR professionals align their work to forces and stakeholders outside the organization,” said Wilding. “But this type of skill set and mindset takes time to develop.”
Wilding recommends your organization begins by asking these three questions:
Analyze the situation to understand what happened.
* So what?
How does this impact our business? Does it matter?
* Now what?
What do we do, and how do we know we are being successful?
Apply these questions to retention, employee engagement, diversity and recruiting of new hires, and Wilding says you will soon be able to relate workforce insights to business results.
If you’re interested in attending or learning more about the 2017 HR Insight Summit, get in touch.
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