The modern talent market is more competitive than ever, and many organizations are doing all they can to simply recruit the right talent to fill the open seats in their organization. However, too few organizations take the time to understand whether their recruitment processes, tools, and overall strategy are as effective and efficient as they can and should be.
For organizations familiar with measuring and tracking their recruitment operations, each likely has its own set of established benchmarks designed to measure the efficiency of their recruitment operations and understand the return on investment stemming from said efforts.
For practitioners who are looking to establish the initial internal infrastructure to support such activity within their own organization, Horsefly Analytics’s Global Labor Market Intelligence platform can provide you with essential talent market data to help inform and set expectations at the outset.
General Talent Acquisition ROI Metrics refer to measurements that organizations can track over time to evaluate the effectiveness and efficiency of their recruiting practices.
As businesses continue to look for cost optimization opportunities, Talent Acquisition leaders are looking for ways to quantify their value to the organization, but also to identify opportunities to promote greater efficiency within their operations. In order to accomplish such a task, leaders can leverage data to establish internal and external benchmarks, identify areas of improvement, and measure progress over time.
Furthermore, as companies revise existing processes, implement new tools, or iterate upon go-to-market recruitment strategies, they can compare current data points to those of the past to evaluate any potential efficiency gains as a result of revised processes.
Identifying what to measure can often be the hardest part, as every search is nuanced, with its own unique challenges and circumstances. However, despite the variability in positions and functional areas that talent acquisition teams may operate, virtually all open roles share some of the most basic components that can be utilized to assess overall efficiency and effectiveness (e.g., start date, end date, fiscal requirements of recruitment, talent funnel demographics, etc.). By combining these core search components with basic workforce descriptives, we can empower Talent Acquisition leaders with powerful insights to begin to quantify and evaluate their operational effectiveness.
As the competition for talent increases globally, building and operating an effective Talent Acquisition function is becoming more and more critical to an organization’s success. However, as hiring needs increase in complexity and require sourcing and evaluating talent over a national or even global landscape, balancing the needs of the business with operational efficiency can, at times, feel like an insurmountable task.
Arming your talent acquisition organization with labor market intelligence can ensure that they are focusing their sourcing efforts within the optimal locations to identify the best sources of potential talent. Horsefly Analytics’s Global Labor Market Intelligence platform can provide such insights and empower Talent Acquisition teams to build the most effective and most efficient go-to-market talent strategies.
When looking to establish a data-driven Talent Acquisition strategy, Horsefly customers can:
Leverage the platform’s talent supply and demand data to understand the ideal location(s) for sourcing critical talent.
Utilize the platform’s salary information to inform compensation practices and build a competitive advantage.
Assess the demographic composition of specific talent pools to support organizational diversity and inclusion goals.
Use the platform’s Keyword, Companies, and talent pool demographic information to understand the composition of specific talent pools and their regional nuances.
Harness the platform’s talent and supply data, as well as Keyword functionality, to identify those roles or skill sets that may be difficult to fill externally and identify where succession planning may be most valuable.
Organizations looking to measure the impact of their Horsefly-enabled talent acquisition efforts could start by measuring and monitoring organizational activity in the following way:
Average Salary: a measure of the average base compensation for employees within a specific population
Formula: [(Employee 1 Salary) + (Employee 2 Salary) + … (Employee X Salary)] / (Total # of Employees*/**)
Understanding what elements impact your recruitment efforts is vital to creating and maintaining an effective talent acquisition strategy. Labor market conditions have a significant impact on how best to define your go-to-market strategy when filling new roles. From entry-level positions to confidential leadership roles, Horsefly Analytics can partner with you to supply the relevant and critical data that you need to positively impact your recruitment efforts and provide you with helpful resources to have more strategic and data-driven conversations with key hiring stakeholders.
We look forward to partnering with you to help you best leverage Horsefly’s talent analytics and labor market data to make smarter hiring and strategic decisions within your organization. To learn more, sign up for a demo, schedule an appointment with your company’s dedicated Customer Success Manager, or visit horseflyanalytics.com today.