Talent Analytics is “the study of quantitative and qualitative data pertaining to professionals.” Some people call it People Analytics and others call it HR Analytics, but really it’s all pretty much the same thing, overall the objective of all of these data sets is to help leaders make “better, long term decisions in real-time, regarding the people that make up their organization today and to be able to make educated decisions for the future.”
As mentioned above, talent analytics goes by many names. Here are just a few:
- Human Resource Analytics (HR Analytics)
- Workforce Analytics
- Human Capital Analytics
- People Analytics
In order to fully understand how talent analytics applies to daily HR management, consider the types of data collected and the top-rated practices your team has in place to collect that data:
- Hiring Analytics (Talent Acquisition): Collecting data on prospective hires by analyzing everything from a talent skill set, how much talent is worth, and even where to find that talent. Approaching the hiring process analytically will help your company make an impartial decision based on data.
- Internal Feedback Analytics (Workforce Development and Planning): This data captures the skill and performance of your existing internal workforce. By collecting data about how well your teams are performing, and assessing the skills within your teams, HR leaders are able to ensure that those teams are operating efficiently and can plan for future needs.
- Optimization Analytics: This is the secret sauce! It’s time to combine all of the valuable data you’ve collected from Hiring and Internal Feedback into insights (what you gain after understanding what it all means for your company). Having good data is one thing, but the ability to translate that data into your process and desired outcomes is where you’ll find true value.
Now that we have an understanding of the type of data you can and should be collecting, let’s take a look at the 5 most important uses for that data according to LinkedIn’s 2020 Annual Talent Report
- Measuring Employee Performance
- Strategic Workforce Planning
- Identifying Skills Gaps
- Evaluating Recruiting Channels
- Accessing Talent Supply/ Demand
The environment is exciting because everyone knows they want Talent Analytics, but few know how to do it or what it is. Protis Global has committed to partnerships and resources that support the utilization of Talent Analytics in our efforts and that of our clients. By the numbers, since introducing the Data Services Team, we have seen a 33% decrease in overall time to complete a search for our client. And we’re barely scratching the surface.
Want to learn more about Talent Analytics from our in-house expert? Click here to schedule a call!