Data has become an undeniably important aspect of running a successful business. From finances to acquisitions, today’s leaders depend on data to forecast future results and make better-informed choices.
The HR function is no exception to this, as human capital analytics (HCA) continue to grow in prominence. Here are three ways executive search recruiters can unlock the power of data to transform their hiring practices and enhance the bottom line of businesses.
Being Decisive with Data
If your organization is aggressively hiring and onboarding, you are likely aware how difficult it can be to get a clear view of a candidate’s potential for success. This can lead to agonizing dilemmas, especially when dealing with two or more qualified applicants for the same role. One of data’s most significant contributions can be in identifying top talent and allowing recruiters to select those who are most likely to contribute, be engaged, and stay and grow with the company.
According to a 2016 study by The Center for American Progress, roles that are highly complex and require substantial skill and experience, such as those at the executive level, are some of the most expensive to replace. In fact, these can cost more than double one executive’s salary just to recruit and train for. The takeaway? HCA can offer significant ROI that recruiters just cannot afford to pass up.
Using Data to Tell a Story
HCA can be an integral aspect of getting executive buy-in for hiring the right candidate. When it comes to achieving consensus from leaders and investors, gut feelings will not cut it. CEOs and board members are notoriously invested in overhead, headcounts, and people dynamics that impact revenue outcomes. You will need cold, hard facts and data collected over a long enough trajectory to convince them of your business case.
Having a robust and data-based recruitment strategy grounded in human capital analytics can help you to persuade them to take actionable steps in your department’s favor based on its benefit to the overall business.
Moving with a Purpose
According to a recent report by Deloitte, this is the era of “the cognitive recruiter.” Talent acquisition is considered to now be the third most important function within businesses, with 81 percent of survey respondents categorizing it as “important” or “very important.”
Data can help recruiters to optimize the candidate experience, enabling them to attract and engage top talent starting from the job posting and moving on through the entire interview and job offer process. Some software, such as Thrive TRM, offer advanced data capabilities to provide an actionable analysis that allows you to fine-tune the candidate experience and make informed decisions on how to proceed with each potential hire.
Want to shore up your recruiting efforts with data? Thrive TRM unlocks the power of human capital analytics so that you can hire the right talent faster. Get collaborative, real-time talent insights and start making better hiring decisions today. Contact us today and schedule a demo.