what is talent intelligence?
Talent intelligence is the process of gathering, assessing, and drawing recruitment data and insights from internal and external sources to inform HR and recruitment decisions.
why is talent intelligence important?
An organisation’s overall performance largely depends on how long it takes to fill vacant positions, how well-placed the hires are, how good the hires are (do they meet the threshold of a quality hire) and how long talent is retained in the business. Talent intelligence uses a data-driven approach to improve the overall recruitment process, to the benefit of the business; making it a crucial part of the hiring process.
what are the benefits of talent intelligence?
The core benefits of talent intelligence centre on the ability to focus on recruiting a higher quality hire as well as driving a better employee onboarding experience. However, talent intelligence benefits the organisation in many ways, including:
Talent intelligence provides insights into the needs of the business alongside the gaps that might exist currently within business functions. These insights allow you to identify weaknesses in your current workforce and determine the exact skills and fit needed in a new hire. This increases your chances of hiring the right candidate. And because you understand each person’s talents, you can delegate more strategically, capitalising on everyone’s skills and potential. Your employees may be the best fit for some positions. Talent intelligence allows you to identify them so you can create succession plans across the organisation.
higher retention rate
The cost of finding the right hire to fill an open role is always significantly more expensive than the cost of retaining a current hire. Talent intelligence helps you to see who are your most talented employees and ensures you manage your workforce. If you combine this with a process the keeps them engaged and invests in training and development opportunities to help them to develop their career; you are more likely to retain your talented employees.
It also empowers organisations to identify their employees’ needs, cater to them, and identify gaps in understanding between management and the workforce. You can also learn the reasons why employees are leaving. There might be some structural changes that you can make to help reduce the churn rate. If you can fix some of the root issues quickly, this will help to reduce the need to recruit externally for every role. However, this isn’t always going to be possible and it wouldn’t be realistic to expect that you wouldn’t recruit externally for your open roles.
lower talent acquisition costs when attracting talent
Talent intelligence uses data to ensure you connect with qualified individuals when you are looking to fill an open vacancy. Used in conjunction with your ATS platform, you will quickly be able to identify those candidates from your talent pool who are the most likely to fit the role and your organisation. This saves the time and money you would have spent screening CVs, searching through LinkedIn and other job boards, advertising your role and any candidate outreach you may have to carry out initially to build your list of potential and interested candidates.
better planning for the future
The workplace continues to change at pace. You will be wanting to find ways to remain competitive and by looking at take a proactive approach to recruitment, you will grow a competitive advantage. Talent intelligence can help you to develop a coherent strategy by collecting data for forecasting.
Data such as which organisations have hired your former employees, understanding the strategies competitors use to attract candidates, can be very valuable in developing strategies that outstrip your competitors. Your organisation can also talent intelligence data to identify trends and prepare adequately for any changes that might be affecting recruitment and talent acquisition in your industry.
improved diversity, equality, and inclusion
Talent intelligence insights can reveal biases in hiring that you wouldn’t discover when using a manual process that relies on excel spreadsheets. This is one of the benefits of our ATS platform - which helps to identify how your recruitment process is really performing in relation to diversity, equality and inclusion.
Talent intelligence data can also identify inequity in payroll and promotion opportunities, which can all be tracked via your integrated hr tech stack.
Making changes to policies to ensure diversity, equality, and inclusion in the workplace has several internal and external benefits, including enhanced sourcing of quality hires, improved services and products, and enhanced brand image.
sources of data for talent intelligence.
Talent intelligence uses data from various sources, including:
The initial interaction with candidates typically happens on the recruitment platform. Data collected through these recruitment platforms encompasses qualifications, experience, former roles and employers, and interview data (all to be stored in relation to GDPR rules). If you are using an ATS, such as hireful, you can see more intelligent data around you hiring process and performance.
HR management platforms
Information collected from your own internal HR management platform, will capture data across date of promotion, time in the organisation, absenteeism, payroll information, and job performance. You may have a HR tech stack that includes a platform that can enable you to capture an employee’s skills and potential.
Employee engagement data captured from regular annual surveys and individual polls can help you to identify how engaged your employees are and how happy you are to be a part of this.
Talent intelligence platforms use external data, including data from job boards and aggregation sites, like Glassdoor, to determine things like salary ranges, job descriptions, competitor reviews, and job responsibilities.
They can also collect data on the average number of people who apply for certain roles to learn how to improve their job posting to attract more hires.
Applicant tracking systems
Applicant tracking systems (ATSs) enable you to collect valuable data throughout the recruitment process and manage challenges such as enabling anonymisation of CVs - to reduce bias in the recruitment process. They help you to manage candidates throughout recruitment and hiring whilst giving you access to data that is being held in accordance to GDPR which enables you to report on recruitment performance. Talent intelligence can use information such as candidates who were the right fit for the organisation but didn’t get the job. Some ATS solutions create a profile for the ideal candidate, which can be used in talent intelligence.
PLEASE NOTE: You must have the right to capture this data and ensure that you have received express agreement form the candidate for their data to be held in a talent pool. Under GDPR rules you must clearly and explicitly list how you plan to use the personal data you collect from employees and applicants and be able to show that they have opted in to their data being held in this way.
use a powerful ATS to make informed recruitment decisions.
Talent intelligence enables organisations to make strategic data-driven talent decisions that improve the hiring and recruitment process, which affects the entire organisation. But to ensure you collect the right data and draw relevant insights, you need the right tools and technologies.
While large enterprises can fully invest in talent intelligence and acquire all the tools and HR tech stack, SMBs with smaller budgets might only adopt one or two technologies at a time. An excellent place to start is an applicant tracking system as this ensures that you are not only keeping data in accordance with GDPR you can save on time and money in your recruitment processes.
If you’re looking for an ATS to improve talent intelligence in your organisation, hireful is the perfect choice. Our industry-leading ATS can help you collect and analyse talent data and improve your hiring and recruitment process.
Book a demo with us to learn more about hireful’s ATS software and how it can help improve your talent intelligence.