Power to the People
Apr 18, 2019
Today’s most common human resource challenges include recruitment, retention, and diversity.Out of these challenges, attracting and retaining talent continues to be at the top of the problem list for HR professionals.The ability to attract the right individuals is only amplified by the most recent report from the Bureau of Labor Statistics:
- Job openings fell to 6.9 million on the last business day of November
- Over the month, hires dropped to 5.7 million
- The unemployment rate has only been below 4% eight times since 1970, and three of those months were in 2018
These statistics might sound promising for job seekers, but they also mean more challenges for HR professionals. When the number of job openings has exceeded the number of people looking for work it means the power in the hiring process has shifted from the employer to the job seeker.To obtain and retain the best candidates, recruiters need better tools to boost their competitive edge now more than ever. However, it’s not all uphill for hiring managers and recruiters – many are sitting on a wealth of data that can provide the competitive edge they need.All they need to do is update their toolbox with the right tools that will enable recruiters to:
- Measure and monitor the talent pool
- Pinpoint roadblocks in the recruiting process
- Close the data-loop by tracking employee from cradle to grave
Not only will data driven tools make identifying the right people from a large pool of applicants more precise, but with predictive analytics employers can identify employees who are likely to leave.By utilizing tools that identify which employees will be more likely to leave, HR professionals can proactively design initiatives to increase job satisfaction for the growing percentage of workers who are open to new job opportunities. It is time for HR professionals to embrace technology and analytics.According to an article written by the Society for Human Resource Management, the number one strategy for future success in the profession is embracing technology and analytics. With the help of data analytics, HR professional will be able to make better informed decisions and become invaluable trusted advisors for successful companies.
To learn about how ASR Analytics can help your business harness the power of data, contact us here.