When organizations are hiring, they’re always looking for the best talent. But hiring talented employees means nothing if those employees jump ship for better opportunities.
Unfortunately, the steadily rising U.S. Bureau of Labor Statistics’ quit rate suggests that today’s stronger economy is encouraging talented employees to do just that.
So, how do you make sure the people you’re hiring aren’t part of the 50% of employees who, according to Jobvite’s 2015 Job Seeker Nation survey, consider their job a placeholder in their career?
The simple answer: predictive talent analytics.
Data from Deloitte’s 2015 Global Human Capital Trends report — a compilation of the survey and interview results of more than 3,300 business and HR leaders from 106 countries — shows that 75% of the companies Deloitte surveyed believe predictive talent analytics are important for securing the right talent.
But how many organizations are utilizing the benefits of predictive analytics? Only 8%, according to Deloitte.
Here are three reasons why your organization should strengthen its predictive analytics strategy to hire and hold onto the best talent in the industry:
- Predictive analytics help you keep your top talent engaged.
Predictive analytics can be used to determine key job performance metrics, employee strengths and weaknesses, engagement levels, and other important trends that provide insight into the mindset of your top talent.
Once gathered, the insights provided by predictive analytics can be used to address employee issues before they occur, place employees in more engaging roles if necessary, and ensure that your top talent stays engaged. According to 2014 Gallup Poll data, more than 50 percent of employees are not engaged in the office. Using predictive analytics to measure employee trends in your office and make changes when necessary can mean the difference between holding on to your best employees and losing them to your competition.
- Predictive analytics increase the quality of your new hires.
Predictive analytics give organizations an opportunity to gauge a candidate’s hard and soft skills to determine whether or not they will be a good fit for the position, before spending time and resources they can never get back. When organizations integrate predictive analytics into the screening and hiring process, they increase their opportunities for finding quality hires.
Predictive analytics can enable you to leverage current organizational and employee data into reliable models that can predict a candidate’s success in a position before they ever start. This data can include attrition rates, employee engagement surveys, and other employee lifecycle metrics.
Combined with more traditional predictive analytics data, like pre-employment assessment results, personality testing, and interview performance data, these models can increase the likelihood of high-quality talent acquisition.
- Predictive analytics help source better cultural fits.
Predictive analytics can help organizations recruit and hire talented candidates who will complement the personalities of their coworkers. By using pre-hire assessments like personality tests, workplace simulations, and decision tree models, employers can screen out candidates who may create problems down the road.
The result? A pool of potential candidates who will be more likely to make a lasting impact at your organization.
If your organization isn’t taking advantage of the benefits of predictive analytics, consider how you can leverage these tools to ensure that your top talent is secure.
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Jeff Furst is the founder, president, and CEO of FurstPerson, a provider of job candidate assessment tests, web-based hiring systems, and analytics for companies that hire frontline service, support, and sales employees. Connect with Jeff and FurstPerson on LinkedIn, Twitter, and Facebook.
