Recruitment Analytics

Recruitment Analytics

Workforce Forecasting: Predictive analytics can provide deep insight into a business’s recruitment needs even before business managers realize them. Different forecasting simulations based on historical demand and economic scenarios will help the business remain flexible over time and realign with changing needs. These forecasts can range from projecting short-term demand for hourly employees to projecting workforce demand for the next decade.

Defining Candidate Success Profiles: Using predictive modeling, employers can match the right candidate to the right job by identifying the traits that distinguish high performers. Potential candidates can be matched against a list of predictors of performance generated from current employee data. Success profiles can also include predictors of the candidate’s likelihood of accepting a job offer.

Job Response Optimization: During the recruitment process, predictive analytics helps organizations optimize their job postings response. Data analysis can provide companies with custom recommendations and best practices to help firms achieve better responses to their jobs postings based on factors such as duration, location, occupation, and industry.

Quality of New Hire: Determine whether new recruits meet expected performance levels and adapt your recruiting processes as needed. Assess the characteristics of new recruits resigning in less than 90 days to improve your recruitment process.

Analysis for Cost Per Placement: This can help recruiters efficiently find a broader range of candidates they would not find using traditional search methods.

Improve Time-to-Fill and Fill Ratios:This can reduce search time and provide accurate candidate rankings that lead to matching the right talent to the right position.

Recruitment Marketing

Recruitment Marketing

Talent Supply Targeting: Organizations can use qualitative and quantitative information to build a detailed map of the supply of talent in a particular locale, in order to better visualize talent pool availability and employability; talent pool size and fresh graduate supply; skill pool by industry; and trends and forecasted reports for future supply expectations.

Optimization of Recruitment Channels: There are hundreds of options for sourcing candidates, but depending on your industry or your specific organization, certain sources will prove to be more effective or provide higher quality candidates than others.  By tracking various parameters like applications received, number of applicants hired, screen-to-hired ratio, and ad spend for each channel,  Experfy helps you build systems and tools that give you a comprehensive view of your recruitment advertising and strategies. You will not only know which sources provide the greatest number of candidates, you can also start looking at the sources that produce the best quality candidates over time, and then you can focus your energy and resources on those channels. Companies with smaller budgets will find this especially helpful to alleviate wasting time or money on expensive job boards when, perhaps, they receive their best candidates from employee referrals or social media sites.

Employee Retention

Employee Retention & Attrition

By accurately predicting attrition risks of current employees, you can take real steps to keep your talent happy, engaged, and less susceptible to competitive overtures.

Churn Prediction: Create analytics models to identify employees at risk of leaving, so managers can rapidly change work conditions and behavior to keep top people from leaving.

Attrition Root Cause: Correlate resignation with factors such as promotion wait time, pay increase, commute, performance, attendence, employee development, while cross referencing attrition variables with historic data and past resignations to see which indicators are the most relevant. Based on your findings, you can begin effectively targeting and fine-tuning your retention strategies.

Resignation Segments: Compare how the resignation rate varies across locations, functions, tenure, age groups, diversity groups, and other variables, to ensure program investments are targeted where they will deliver the most significant results.

Employee Performance

Employee Performance

In situations where there is a scarcity of talent, improvements in talent management and performance evaluation methods can result in significant bottom line results.

Identify Top and Bottom Performers: Maximize productivity and minimize cost by identifying the top and bottom performers. Analyze the characteristics, tenure, work experiences, and managerial connections of your top performers, leveraging your findings to grow future top talent.

Pay for Performance: Correlate total rewards, compa-ratio, and performance levels to determine if you are effectively rewarding performance—top performers will fall to average or resign if they do not perceive themselves to be receiving a level of reward that recognizes their steller performance.

Career Progression: Analyze the promotion rates, lateral moves, promotion wait times, and internal hiring rates of top performers to determine whether you are using the tools of opportunity to retain and maximize performance—top performers will typically value opportunities for career progression even more highly than their paycheck.

Leadership Potential Assessment:  Determine common traits of good managers and leaders at all seniority levels and find the hidden correlations that predict leadership in your organization through advanced analytics techniques.

Compensation and Incentive Analysis

Compensation and Incentive Analysis

With compensation contributing to the largest share of total expenses, it is imperative to ensure that total rewards programs are competitive, yet also aligned with your business goals.

Employee Cost Analysis/Competitive Compensation Dynamics: Understand the rate at which direct compensation costs are increasing and how this reflects the FTE (full time equivalent) count in the business—if your costs are higher and rising faster than your competition, then you are at a cost disadvantage, which will impact profitability.

Flexible Workforce Costs: Identify effective cost management options by analyzing where people costs can be flexed to reduce expenses or speed up revenue creation. For example, overtime spending, budgeted salary for open hiring requisitions, forecasted bonus expenses, and costs of contingent workers are all variables that can be analyzed.

Employ Movement Impacts on Compensation: Understand how entries to and exits from an organization impact the total compensation expenses.

Total Cost of Workforce:  Move beyond total rewards and consider your total cost of workforce—including taxes, long-term incentives, facilities, contingent labor, and other costs—to accurately plan for the future.

Rewards and Recognition: Improve productivity by implementing employee incentive programs that recognize and reward top performers.

Workforce Alignment

Workforce Alignment

In order to help you get the right people and skills at the right place and time for the right cost, we analyze talent movements at every level of the organization and capture insights into workforce risks and opportunities.

Workforce Forecasting: Analyze turnover, succession planning, and business opportunity data to identify potential talent gaps, shortages or excesses of key capabilities long before they happen. Use scenario planning, by altering assumptions on internal variables such as promotions and external variables such as politics and legal, to staff up in key growth areas or identify knowledge management risks for retiring employees.

Talent Supply Chain: Make decisions in real time about talent-related demands—from optimizing a retail store’s next-day work schedules, on the basis of predicted receipts and individuals’ sales performance patterns, to forecasting inbound call-center volume and allowing hourly staff members to leave early if it’s expected to drop.

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