The current job market does not have many skilled candidates who are scrambling for every job opening. Note that the rate of unemployment is on the lower end, but finding the right candidate has become difficult. For this reason, many companies are finding it hard to recruit top talent from the market while retaining their existing workforce.
The current market for talent has changed to the seller’s market and the dynamic of recruiting new workforce has changed as the majority of job seekers are equipped with asserts that can offer a helping hand in their search. According to recent findings, many job hunters will consult online and other crowdsourced resources when searching for new job openings. The potential workforce will see anonymous salary details, reviews of the organization’s value and culture, career improvement opportunities, and life-work equilibrium. Additionally, the quality of an organization’s management is another decisive determining factor that employees will look at to make a decision about when to leave their current company.
However, this is not the right time for employers to give up since there is a lot of data and if used well, they can be able to attract top talents. Additionally, they will help the workers offer their best and retain them for a long period. Bear in mind that data can assist organizations to bring precision to the recruiting process by sourcing suitable applicants. Additionally, the data will benchmark and broadcast their excellent management to applicants in the entire recruitment process, identifying and addressing an issue among executives that might result in the unengaged workforce.
Hiring the better-fitting candidates
Transparency is an essential value when it comes to recruiting new talents. This is because employers need to be sure that they are recruiting applicants who have a great interest in the organization, qualified for the position and pose a low flight risk. On the other hand, recruits need to be sure that they are being recruited into a post that is aligned with their area of expertise and career path. Additionally, they need to know that the workplace provided a superior culture and engaging management. Employers can embrace the era of greater transparency by utilizing data to source candidates that are better-fitting for the position.
With the help of automation and big data, employers can achieve all that. In the past, organizations had nothing to guide them on a prospective candidate’s future flight risk apart from the gut feeling. However, the advancement in technology such as tools that are integrated with artificial intelligence and deep analytic capabilities has changed this situation. These tools can analyze the data on the current workforce such as their prior experience, latest achievements and skill sets. Additionally, employers will be able to know what excellent applicants look like based on the previous hiring decisions. Apart from analyzing your enterprise data, AI can parse data from the entire industry to create a profile that can be used to cull resumes, screen applicants depending on warning signs, and grade and rank a shortlist of qualified candidates for every job opening.
Measuring and marketing the previously unknown
According to recent findings, more than 60% of workers are either passively or actively searching for new job opportunities. One of the main reasons why employees will want to leave a company is an unhealthy working relationship with their direct managers. Note that this plays a vital role in the issue of talent retention.
However, with the help of big data, employers will be able to measure what was previously unknown, which includes benchmarking management quality against the industry standard. By gathering data on retention, engagement, performance, and attrition from the teams, organizations will define whether their executives meet, surpass or fall short of the benchmark.
Note that the quality of a reliable company director is measured by the engagement and retention of their employees, and also hard business metrics that show the performance of their workers. These metrics can include financial profits and customer satisfaction.
Even though big data analytics was once believed to be a novelty, are now being used in almost all companies. This can be beneficial to both the job hunters and employers. With the help of big data analytics, the business of all sizes has a chance to leverage data they might not have realized was helpful in the past to obtain a competitive advantage in the job market.