Typical recruiting firms serve as hired guns to identify talent and fill roles, but companies are learning that hiring is only half the battle (or less). Employee engagement and retention are critical, and it’s past time for recruiting firms to share accountability for how their placements perform.
When we launched three years ago, we flipped the old model on its head by creating a custom retention platform that our clients benefit from. The basis of this is people analytics.
Interestingly, people analytics is listed in LinkedIn’s 2020 Global Talent Trends report as one of the four trends changing the way that companies are hiring and retaining talent. Per the report, there’s a 242% increase in HR professionals with data analysis skills over the last five years.
People analytics allows companies to make data-informed personnel decisions (i.e. hiring, firing, raises, and promotions) instead of making these critical judgment calls based on qualitative or subjective measures. Also, people analytics enables companies to anticipate employee departures to avoid being blindsided. So many companies are caught flat-footed by key talent leaving because they missed signs that could have been uncovered by data. Another advantage to data is that it helps limit unconscious biases from decision-making.
According to the LinkedIn report, these are the top people analytics practices.
How We Use Data At recruitAbility
It’s a massive waste of time, energy, and resources when employees leave within a year of being hired. In fact, the one-year mark is a critical threshold. Statistics show that employees who reach that milestone are likely to become long-term assets to a company.
This is why we collect data at regular cadences early in an employee’s tenure to gauge how well they are ingrained into the company culture. For software developers and sales professionals, the average first-year attrition rate is in the double digits. For the candidates we place, the attrition rate is 7%.
Surveys that we’ve sent and data that we’ve collected from hundreds of employees allows us to draw better conclusions on what leads to the best outcomes. We understand early indicators of success and failure, and by sharing information with our clients, we limit their blind spots and help them optimize their employee onboarding process.
This collaborative approach is what differentiates recruitAbility, and it’s validating to see that LinkedIn recognizes people analytics as one of the biggest trends impacting employee hiring and development.
For a free consultation, contact us at email@example.com.