Companies have long used big data to make more educated and precise business decisions. Recently, as we and many others have told you, data analytics has a large impact in the way organizations recruit and hire candidates. While, yes, this does financially save a company from turnover costs and puts it in a state of retention, what does that mean for business decisions? Making big business decisions isn’t easy, and it’s even more difficult to make these choices with enough information without the data analytics. Talent analytics can give telling statistics and make an impact on your next big business decisions.
Do You Have the Workforce?
Deciding whether to sign a new client or launch a new product is exciting, right? It’s a sign of business growth, after all. However, before you make that decision to make an agreement with a new client or commit to a new product, you have to understand the impact on your team. Without the talent base to keep the business up to par, quality slacks, and can therefore make clients and customers dissatisfied. Jim Whelan (@OROsolutions), Associate Director at The Rialto Consultancy, said:
“By the time historical data is gathered the world has moved on and more significantly, many talented people will have moved on.”
The Talent Supply Chain
You know what it takes to continuously keep your team inspired to do their best on a (fairly) regular basis. However, in an effort to grow and experience, employees ultimately leave the company after about an average of 3-5 years. What does that mean for your company on the verge of a major change in the organization? As a leader, you have to understand the predictive talent analytics to determine if your current supply chain has the capability to handle the shift.
These big business decisions have to - in some capacity - rely on the forecasted attrition and retention in order to be successful. As companies lose employees to resignations, retirement, or involuntary circumstances, they have to be prepared to replace these employees with new hires via a well-developed talent supply chain. Currently, however, many organizations don’t put a focus on that shift in talent - at least not to the extent they should. One-third of employers feel their talent pipeline is poor or simply non-existent.
1/3 of employers feel their talent pipeline is poor or non-existent.
Forward Facing Data
Companies have a tendency to use data reactively. This means instead of vigorously assessing data points in a proactive sense, these organizations typically resort to impromptu amalgamations of information as needed. Companies who choose not to use data to influence their business decisions, could face negative market ramifications. For example, 66% of executives across 8 industrial sectors believe they could lose their market position in 3 years or less if they don’t adopt big data.
On the other hand, there’s hope yet for data usage to become a proactive business entity. According to the same survey from Accenture and GE, 88% of the same group of executives say big data analytics is a top priority for their organizations.
Big business decisions affect the entire organization, so leaders need to evaluate the data before they act on them. What can sometimes fall through the cracks is the talent analytics necessary to develop a complete image of decision-based impact. Because big data has begun to flood HR and recruitment strategies, it’s a safe assumption that these analytics should take the same precedence as analytics from other departments. Business leaders have to assess whether their current talent pool can handle differences in the current business strategy. Predictive analytics, including talent analytics, are necessary when making big changes to your company.
The only question is, do you have the right tools to get you there? Learn more about what Broadbean can do for your company.