HR plays a major role in driving business outcomes, period. They are the proprietors of company talent acquisition and the individuals responsible for driving new hire goal alignment because people achieve goals! Through data, HR can accurately predict the success of a new employee. While the strength of a single new hire may not have a large impact on the bottom line, hiring multiple employees during the life of a recruitment cycle can have drastic effects on business outcomes.
As technology further delves into every crevice of business and employee development, HR has evolved alongside the platforms they use. That has led to a substantial change in the tools the department uses to generate the predictive analytics that help determine business growth.
A Need for Better Talent Acquisition
At the root of reducing the cost of recruitment is the prerequisite for organizations to improve talent acquisition practices. However, that doesn’t mean recruiting quickly for the sake of filling a position quickly. Whether it’s implicitly or explicitly expressed, the cost of a poor hire and the (almost inevitable) resulting turnover rate remains a concern for 57% of companies. The responsibility to rectify this problem lies on the shoulders of HR.
These professionals must prime new managers and find practical ways to engage employees. All of this combined is what drives business outcomes, no small feat. In fact, in multiple studies by Gallup, Hay Group and Towers Watson there is a strong correlation between employee engagement and organizational performance. Organizations with high levels of employee engagement significantly outperform those in operating income, revenue and shareholder value. (Gartner)
Align Employees with Fundamental Goals
Using talent acquisition tools and data aggregators that can accurately evaluate an employee’s history and performance can enlighten organizational leadership to possible gaps in alignment. HR professionals understand the increasing demand for high-quality talent and the necessity to reach organizational goals. The department is responsible for creating and maintaining that bridge between the two facets of development. Elizabeth Lupfer (@socialworkplace), Strategic Communications leader, said:
“HR is in a unique, enviable position to help the organization achieve its most critical business priorities. Because your functional area touches every business unity at your organization, you sit at the center of the C-suite, with the influence to leverage your workforce survey in a powerful way.”
Evolution of Platforms and Revolution of Tools
The way we work has changed and so have the tools we use. That includes recruitment platforms like an ATS or a big data aggregator like our Big Data Analytics Suite (BDAS); these tools are meant to make talent acquisition easier and more efficient. However, data analytics can be and should be used on a grander scale to impact business decisions. In fact, organizations that use big data analytics outperform in talent acquisition strategies. Steve Boese (@SteveBoese), Co-Chair of HRE’s HR Technology Conference, said these platforms offer a “new playing field” for companies who use them:
“Platform-based companies are capturing more of the digital economy’s opportunities for growth and profits. The cloud and mobility are eroding the tech and cost barriers associated with such platforms and also are opening up this new playing field to enterprises across industries and geographies.”
HR understands the organizational needs for better talent acquisition practices. With tools like BDAS that leverages data from all recruitment tools to ascertain the internal effectiveness of the team, HR professionals can more strategically align talent with company goals. Better recruitment has a direct influence on the bottom line. HR not only deserves a seat at the table, but needs one. As their platforms evolve and the competition for talent grows, the department has a real impact on business outcomes through their heavy hand in talent acquisition.