TalentCulture Founder and CEO Meghan M. Biro will present a webinar with pan, an industry-leading talent assessment solution, titled “6 Strategies to Improve Your Quality of Hire.” The free 30-minute webinar will be held February 17 at 2 p.m. EST (11 a.m. PST), and will be followed by a 30-minute question-and-answer session on Twitter at 2:30 p.m. EST (follow hashtag #panTalentChat). The event is designed for HR, leaders and business pros who want to understand how data-driven hiring can increase their company’s hiring success.
It’s always inspiring when we put our heads together in the area of hiring and talent analytics. I’m about to do a webinar with pan (register for the webinar here). on innovations in talent analytics during which I’ll present some interesting data from pan and other reputable sources. The fact is, we’re making huge strides in adapting Big Data to our needs. We’re past the stage of asking if and how Big Data will help us. Now the question is: how can we help Big Data help us? How can we use talent analytics and metrics to answer the same basic six questions we always need to ask?
We’ve accepted this immense resource, and are looking for ways to capitalize on its scope, power, and agility. Meaningful data requires the right measurements and assessments. Here are some tips on how to harness Big Data for meaningful answers to those six questions.
1. Is our recruiting effective?
Same question we’ve always asked, but amped up with data that can be gleaned from a range of channels, including mobile and social. Mine the data to show the diversity of the applicant sample, the ratio of applicants to hires, and the time between the arrival of the application and when the offer is accepted.
2. Are we working with the right assessments?
To get a scaled-up answer to this scaled-up version of “Are we asking the right questions” calls for accurate assessments. First, conduct a job analysis so the job is scientifically and clearly defined, including duties, competencies, and requirements. Then dovetail score-able testing and interviewing phases into the hiring process. The data from these assessments can provide great comparisons between candidates, pinpoint relevant qualifications, and help predict future job performance.
3. Are we measuring the whole person?
It’s a bit outside our comfort zone to replace a traditional judgment call with measurements. But data of late has been disproving some habitual assumptions. Make sure you measure the entire spectrum of competencies, from problem solving to negotiating, statistics to communication. Compare those qualities to the requirements of the job (based on your job analysis). Then compare those qualities among similarly promising candidates to find the best fit.
4. Is our selection program effective?
Even with Big Data at our fingertips we tend to lean on it more up front, during hiring. But we need better hindsight. Continue gathering data to track and adjust the hiring process (don’t just “set it and forget it”). Measure performance, sales, turnover of hired employees (outcome data). Then, combine that with the predictor data gathered during recruiting and hiring, such as interview and test scoring. The results will indicate how to revise scoring metrics going forward, and how to maximize successful hires.
5. Are we getting a good ROI?
How much does a bad hire cost — in lost productivity, mistakes, and the cost to recruit, onboard, and train a new hire? The value of making an up-front investment in an effective hiring process is similarly measurable. Comparing hiring data to critical metrics for success, you can demonstrate the financial impact of a good hire.
6. How can we create training programs post-hire?
Much of the measurements from the selection process can be used to guide training and development. Work-focused personality assessments offer insights into qualities like flexibility, ambition, and teamwork — giving management a clear blueprint for development programs to build on strengths and counter weaknesses in new as well as existing hires.
New tools, same questions: From application through hire, data can shape strategic talent management. The interesting sidebar to this will be seeing if the new world of work, as hyper-networked, hyper-informed, and global as Big Data is, well, big — will change the questions we ask. I’d venture it’s all part of the HR continuum. Businesses. Jobs. People. Social. And now, better measuring and managing tools than we’ve ever had before.
About the Author: Meghan M. Biro is a globally-recognized talent management leader and social business and community catalyst. As founder and CEO of TalentCulture Consulting Group, she has worked with hundreds of companies, from early-stage ventures to global brands like Microsoft and Google, helping them recruit and empower stellar talent.