Traditionally HR recruiting has been reactive, strategic, and separated. Job requisitions were created, posted, and then HR recruiters work through a volume of job allocations to select the applicants that are best qualified and will add the most value to the company. The methods used to sort and make decisions around talent are custom-made and diverse; some employers use assessments, others depend on structured interviews, while some have no structured process in place at all.
The Rise of Talent Intelligence
In recent years, we have seen the rise of an emerging breed of tools. These tools combine the vast quantity of data that lives in an organization’s recruiting system as well as the open web to enable businesses to make better strategic decisions around hiring and managing talent. We are calling the solutions in this emerging category “Talent Intelligence.”
Talent Intelligence tools provide a holistic view of candidates and help HR teams make better strategic decisions around talent. Advanced tools provide a detailed picture of the individual talent level.
Talent Intelligence significantly reduces two problems. Firstly, the burden on HR recruiters to find the best applicants by providing reasonable scoring; secondly, mitigating the strain on them by automatically surfacing qualified candidates from the recruitment systems and job portals.
Less Time to Hire
Prolonged talent searches are risky to a company in several ways. Key projects might be kept on hold or reassigned to team members, whose work is interrupted, which lowers productivity. Moreover, most available talent accepts an offer within ten days, often leading to missed opportunities when moving too slow or wrong hires when quickly want to fill a position.
Talent intelligence allows HR recruiters to instantly compare all talent, increasing fair, data-driven decisions and ensuring hiring the most suitable and qualified talent. It can even check previous candidates who applied or interviewed for a role, delivering engaged candidates in less time than before.
In addition to the time saving, companies can reduce their spending on external recruiters and job board listings.
Greater Internal Mobility
Looking for internal talent is one of the most cost-efficient ways to fill a role, delivering better performance at less cost than an external hire. Many organizations fail to promote internally because their talent teams lack the resources and knowledge to identify high-fit talent. But, Talent Intelligence can quickly analyze all employee profiles and deliver a shortlist of employees to take on new challenges.
Less Turnover and Better Productivity
Most organizations experience an annual churn of up to 45%. Using internal recruiting methods, HR teams can quickly identify the top performers and potential risks and take necessary measures to up-skill and encourage their most promising talent. This creates a more secure, engaged, and dynamic workforce and greatly reduces turnover rates.
Many organizations struggle to evaluate existing talent for new roles, resulting in missed opportunities for internal mobility. With Talent Intelligence, employers can quickly find the talent hidden inside their company and decide who is most eligible for promotion up-skilling.
Superior Candidate Experience
Most candidates reject a company’s job offer if they have a bad candidate experience, and some may not recommend the company to a peer. When HR recruiters start the interview process quickly and with Talent Intelligence-generated, in-depth candidate insights in hand, they speed up the hiring process and drastically improve the candidate experience, company reputation, and overall morale.
Better Team Alignment
The back and forth between HR recruiters and managers as they craft job descriptions and evaluate candidate fit is both time-consuming and a source of frustration. Talent Intelligence allows managers and recruiters to align on candidate profiles in minutes, facilitating better communication and increased trust.
Organizations with diverse workforce excel in all areas of their business, from innovation to revenue and workforce satisfaction. Despite the many proven benefits of having a diverse workforce, many companies report being unable to identify qualified talent for their open positions. Talent intelligence drives diversity by eliminating all unconscious bias from the initial stages of the talent search process and drastically increases the volume of diverse talent in the talent pool by evaluating candidates more holistically.
The workforce is the most crucial part of an organization, and with ever more complex talent needs, HR teams can use Talent Intelligence to tackle recruiting problems, make more data-driven decisions, and spent time on strategic initiatives. Advanced recruitment systems transform every step of the hiring process, from how candidates are searched for, to how they are assessed, hired, and promoted.