Successful organizations like Google use talent analytics to inform business decisions and maintain an edge over their competitors. However, while over 70% of companies say they consider the use of talent analytics a high priority, only 22% are using the insights within their HR departments.
So, how can you use talent analytics to help bolster your company’s success? Here are four ways you can leverage all that data.
Drive Business Productivity
Looking at what motivates your workers through the lens of talent analytics can help identify opportunities to boost productivity throughout your workforce. By parsing your analytics to isolate some of the factors that keep your employees happy, you’ll likely see an increase in productivity. In fact, the University of Warwick found that happy employees were 12% more productive.
Productivity also involves producing new ideas, and a diverse team can recognize new market opportunities and new approaches more than a more homogeneous team. When employees come from a range of different backgrounds, they’re able to approach challenges in different ways, which in turn can improve solutions. The use of talent analytics facilitates diverse hiring, which can help correct any potential blind spots.
Calculating a productivity index for your team is also easier when you have talent data to highlight your most productive players. This data can inform the way you put together a team and timelines for completing tasks in the most impactful way — all the while improving strategic planning within your organization.
Improve Strategic Planning
Workforce data can help prioritize key business areas for strategic and operational planning. It can also help you gain critical insights into your workforce that impact important operational decisions, growth and forecasting, and return on investment (ROI).
Analyzing workforce data can help you assess your employees’ skills and place them in roles that best suit their strengths, in turn empowering your business to thrive. Talent analytics can help predict areas in which certain personalities will excel, helping you deploy your team in the most effective way possible. They can also help predict employee turnover so that you can create succession plans to future-proof your organization.
Enhance the Employee Experience
Understanding the strengths and contributions of your current workforce and potential hires helps you create a team that can function well together, producing a better overall employee experience. And, ensuring that your employees have a positive experience in the workplace is critical since high morale breeds top performers and leads to improved performance and increased productivity.
The “Great Resignation” has brought about an opportunity to look at the current state of employee job satisfaction. Feeling connected to a team is essential for employees and improves their job performance. In addition, people who trust their coworkers are more likely to stay in their jobs and be more productive.
Determining why people may want to leave their jobs is critical to retaining them and understanding what they value in the workplace. In a recent study it was found that companies missed crucial opportunities during COVID-19 to connect with women, people of color, LGBTQ+ employees, and curate internal pipelines, meaning that these gaps still exist today.
In addition, Black professionals are often undervalued and underutilized in the workforce, and this disparity negatively impacts employers, employees, and companies in a variety of ways. One of these impacts big is the loss of high-performing talent. Using talent acquisition analytics as a first step in building a robust, diverse team is a great start, but continuing to study your workforce through the various lenses of your workforce data is just as important.
Analyzing employee engagement data by race and ethnicity can help you gain insight into whether your diversity and inclusion programs are helping you improve the experiences of BIPOC employees, retain top-tier talent, and lower turnover costs.
Growth and Training Opportunities
Talent analytics also help identify which employees could benefit from extra support or training, and help you refocus your team’s talent. Companies that maintain their commitment to employee development — especially during uncertain times — can recover more quickly in a downturn. Plus, empowering employees to be creative in delivering nonessential work during these times can help your company and employees truly innovate and grow as they adapt.
Finally, mentoring employees and implementing policies that support diversity and promote inclusion can enhance the employee experience. In one case study, a company utilizing its talent analytics to gauge satisfaction found more opportunities for its employees, resulting in an 8x increase in internal mobility within the first year of applying its learnings.
Let The Data Deliver
The ongoing collection and analysis of your employee data will yield new learnings over time, presenting multiple opportunities for retaining top talent. In addition, correctly utilizing talent analytics can unearth helpful information, helping you adjust and align your teams with your overall business mission and goals.
Included can help with all of this, acting both as a partner and a toolkit to measure and parse your critical workforce information. We can help you identify gaps in your current workforce composition, and equip you with the tools and tech to close them, helping your company to reach its full potential. To see how Included can help you leverage talent analytics data, schedule a platform demo with our expert team today.