Why Should Companies Focus on Talent Intelligence?

In this competitive market, employers are experiencing more pressure to maximize productivity and stay ahead of the competition. This means they need to invest more in sourcing quality talent to achieve various business goals. However, finding the best candidates is challenging, and no matter how hard they try, sometimes they find themselves with the wrong hires. 

Talent intelligence has proven to help minimize the likelihood of businesses hiring the wrong candidates. This recruiting solution is here to stay and can be one of the biggest hiring trends in the future. So if you are here to find solutions to your hiring challenges, this article is meant for you. It defines what talent intelligence is and takes you through the importance of implementing it in your hiring strategy. 

What is Talent Intelligence?

Talent intelligence is a hiring solution that involves collecting and analyzing data on your employees, passive candidates, existing talent pools, and your competitors. This is so that you can explore the data for talent patterns and make better informed hiring decisions. Simply put, talent intelligence helps you understand which candidate is passionate about your business and industry, who is determined to work for your business, and who is the best fit for your existing team. 

Note that the main goal for implementing talent intelligence is finding talent with the right skills and fitting a business culture. In this regard, employers or hiring professionals will use the data collected to explore elements such as employment history, performance reviews, skills, social media history, conversations, and work portfolios. 

The best element about talent intelligence is that it also helps recruiters improve their hiring techniques. By understanding your business’s culture, job requisition, employment rates, and more, it is easier for you to identify areas that require improvement and work on them before they affect your business operations. With an excellent talent management strategy, you will build a happy and productive workforce. 

Why is Talent Intelligence Important?

To effectively gather data and implement talent intelligence in your hiring process, you need a reliable talent intelligence platform or software. It can be AI-powered software, CRM and ATS tools, or website analytics. Regardless of the method or tool you use to gather data, talent management is essential, and below are the reasons why you need it in your talent management solutions. 

1. Stay on Top of Arising Market Trends

The labor market is changing with new trends, and it is essential to stay on top of the curve to keep a happy workforce and maximize productivity. For instance, many employers now prefer remote work management since it is flexible and allows employees to balance work-life activities. By implementing talent intelligence and understanding the benefits of remote work, you can adapt to the trend in time to satisfy your workers and business.

2. Reduces Cost Per Hire

The last thing you want is to exhaust your business finances on frequent hiring. Although talent acquisition software help you improve your hiring strategy, it is crucial to find ways to speed up the process. A solid talent management strategy can mitigate employers’ hiring costs. Instead of hiring recruiters to find the best talent, most of which may not be a perfect match. In this case, you will implement talent intelligence that uses data to find candidates with the right skills and suitable for your business culture. 

3. Make Better Informed Hiring Decisions

Talent intelligence helps you gather data that gives you insights into your existing employees’ strengths and weaknesses. By understanding the skills that make your workers the best performers, you can use them in your talent acquisition and hire the best candidates. In addition, every employee excels in specific categories, and by understanding this, it’s easy to delegate tasks and be confident that they will be executed to your satisfaction. 

4. Analyze Competition

To stay on top of the labor market curve, it is essential to know what your competitors are upto and take measures to be better. Remember that all employers are fighting for the best talent, and since the market only hosts a few, you must go above and beyond to get them. Talent intelligence helps you gain insights into your labor market for knowledge. As a result, you get to understand factors that attract candidates to apply for jobs. This can be work flexibility, career development potential, better compensation, etc. With this information, it is easy to plan the best way to attract top talent.

5. Reduce Employee Turnover

High employee turnover rates can be overwhelming and drain your business financially. You can reduce employee turnover by using talent intelligence to understand why workers are leaving your company. For instance, exit surveys can be an excellent talent management strategy to understand what keeps employees uncomfortable. This way, you can efficiently work on those areas and improve the quality of candidates you hire. 

6. More Diverse Workforce

It is advisable to hire a diverse workforce so that you can get different business operation ideas and build your employer’s brand. Talent intelligence help mitigate biases since it removes recruiters from being part of the early screening stage. With talent intelligence, you can also focus on hiring talent with the right skills without factoring in religion, gender, age, etc. As a result, all candidates will get equal treatment, leaving them satisfied and looking forward to becoming part of your team. 

7. Predict Upcoming Trends

No one knew that the COVID-19 pandemic would make employers realize the importance of remote working. In this regard, you should apply talent intelligence in your surveys and see how the future labor market will be based on the current trends. With this information, it’s easy to come up with a solid talent management strategy, stay ahead of the curve, and hire the best talent. 

8. Increases Productivity

Talent intelligence helps you make better decisions not only regarding the best hiring practices but also employee management. You see, when you identify where your workers’ strengths lie, it is easy for you to manage them. This also helps reduce absenteeism rates, build solid teams, and increase performance. As a result, your business will be productive, and you will stay on top of the competition. 

Key Takeaways

We believe that you are now ready to start using talent intelligence in your business management. Note that the labor market is competitive, and making data-driven decisions should be crucial. With market trends changing every day, priorities are shifting. Understanding what matters most to your company will help you stay on top of the trends curve. Remember, there is plenty of talent management software to use and get insights into the best practices. You simply need to choose the best for your business needs to fully benefit. Simply put, talent intelligence helps you identify business challenges and resolve them before affecting your company’s bottom line.