The Role of Analytics in Talent Acquisition
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The webinar discusses the role of analytics in talent acquisition, highlighting the increasing reliance on big data for effective recruiting strategies. Key speakers emphasize the need for improved data integrity, better hiring processes, and modern technology to optimize talent acquisition efforts. Participants can access the webinar recording and slides post-event for further insights.
The Role of Analytics in Talent Acquisition
- 1. #TMwebinar Speakers: Larry Jacobson Director of Global Technology Talent Acquisition Vistaprint Kyle Lagunas Talent Acquisition Analyst Brandon Hall Group Max Mihelich Associate Editor Talent Management magazine The Role of Analytics In Talent Acquisition
- 2. #TMwebinar Tools You Can Use Audio Control – A dial in number will not be provided. – The audio will come through your computer speakers or headphones. – Check the internal volume on your computer, external speakers or headsets.
- 3. #TMwebinar Question & Answer – Click the question icon on the floating toolbar in the bottom right corner. – Type your question in the space at the bottom. – Click “Send.” Tools You Can Use
- 4. #TMwebinar Frequently Asked Questions 1. May I receive a copy of the slides? YES! You will receive a link to today’s recording, along with a link to download the slides shortly after the presentation concludes. 2. May I review the webinar recording at a later time? YES! You may log in again. A link that will be provided in an email after the event to review the presentation on-demand.
- 5. #TMwebinar The Role of Analytics in Talent Acquisition Max Mihelich Associate Editor Talent Management magazine mmihelich@humancapitalmedia.com
- 6. BIG DATA IS
- 7. According to a recent survey by the American Productivity and Quality Center… – 31 percent of companies use big data to track the best recruiting sources – 21 percent use it to benchmark their recruiting processes – 18 use it to improve candidate experience Common Uses of Big Data
- 8. • Coca-Cola Company started using big data in 2008 • Developed strategy to reduce turnover • Visiting Nurses Association uses big data to figure out which personality traits work best for a position Real Life Examples
- 9. • Social Media • Mobile Technology • Applicant Tracking Systems Where Does It All Come From?
- 10. •Conduct research •Talk with your peers Don’t Be Intimidated
- 11. • What problems are you trying to solve? Define Your Goals
- 12. • Start out with a couple pieces of data Start Small
- 13. • Essential that Big Data is used in decision making Embrace Change
- 14. • Establish baseline numbers • Change up strategy • Review Data again Measure Your Results
- 15. • Data won’t be 100 percent accurate • Even a baseball player who hits .300 is an All- Star It’s an Art, Not a Science
- 16. • Big Data is proven to offer recruiting advantages • Don’t be intimidated by it. You’ll never know how valuable it is unless you try to find out The Round-Up
- 17. #TMwebinar The Role of Analytics In Talent Acquisition Kyle Lagunas Talent Acquisition Analyst Brandon Hall Group Kyle.lagunas@brandonhall.com @KyleLagunas
- 18. #TMwebinar What technology trends keep you up at night? Category High or Very High Interest in 2014 2014 Rank Change 2013 Rank Social Media 51.3% 1 ↑ 2 Mobile Technology 50.0% 2 ↓ 1 Big Data/Analytics 43.6% 3 ↑ 5 Shortage of Talent 42.5% 4 −− 4 Economic Insecurity 32.1% 5 ↓ 3 Global Expansion 31.3% 6 −− 6
- 19. Changing Priorities in Hiring 61% 39% 38% 36% 30% 29% 21% 21% 0% 10% 20% 30% 40% 50% 60% 70% Hire better talent Attract more talent Strengthen employer brand Improve new hire retention Reduce time to hire Improve time to proficiency Reduce cost per hire Improve candidate experience What are your organization's top three primary goals for talent acquisition?
- 20. • High-quality talent expects high-quality process • Only 21% of companies are more than moderately effective hiring organizations The Challenge in Hiring Better Talent 3% 18% 55% 17% 6% How would you rate the overall effectiveness of your organization's talent acquisition efforts? Extremely effective Highly effective Moderately effective Slightly effective Not at all effective
- 21. 44% 39% 35% 30% 40% Plan Source Assess Hire Onboarding How would you rate your organization’s effectiveness for each of the five talent acquisition phases? Less than Effective The Challenge in Hiring Better Talent • Almost half ranked Plan capabilities as less than effective • 1 in 3 organizations ranked Hire capabilities as less than effective. • 61% of organizations are taking at least four weeks to hire a new employee. • 21% are taking more than eight weeks.
- 22. Shift in Focus: From Efficiency to Efficacy 77% 83% 70% 57% 64% 26% Quality of hire Quality of candidate sources New hire retention Time to fill Time to proficiency Cost per hire What Are the Most Important Metrics for High-Performing Organizations? Quality of hire Quality of candidate sources New hire retention Time to fill Time to proficiency Cost per hire
- 23. Advanced Analytics Quantifying Quality • Lacking full-time data analyst, quantifying quality measures is incredibly difficult • Demand has steadily increased for tools to take heavy lifting out of analytics. • Recent explosion of options – Ranging from Point Solutions to improved measurement and tracking capabilities in Applicant Tracking Systems.
- 24. • Improved Planning – Spot gaps in succession plan or potential talent shortage – Tie hiring plan to corporate growth months in advance • Improved Sourcing – Scour social web for indications of candidate viability like culture fit and influence – Powerful keyword-based search using associated terms New Use Cases for Advanced Analytics
- 25. • Improved Assessment – Evaluate candidate behaviors to identify high- performers and high- potentials • Improved Hiring – Continuously monitor efficiency metrics, keeping time-to-hire in check • Improved Onboarding – Use candidate assessment data to tailor training and onboarding New Use Cases for Advanced Analytics
- 26. What Talent Acquisition Technology Do You Have in Place? 17.7% 5.1% 4.6% 11.4% 13.7%2.9% 44.6% ATS Only ATS + Single integrated point solution ATS + Single unintegrated point solution ATS + Multiple integrated point solutions ATS + Multiple unintegrated point solutions Full talent acquisition suite Assorted tools (Outlook, Excel, etc)
- 27. What Talent Acquisition Technology Do You Have in Place? 17.7% 5.1% 4.6% 11.4% 13.7%2.9% 44.6% ATS Only ATS + Single integrated point solution ATS + Single unintegrated point solution ATS + Multiple integrated point solutions ATS + Multiple unintegrated point solutions Full talent acquisition suite Assorted tools (Outlook, Excel, etc)
- 28. Modern Technology Supporting High- Quality Talent Acquisition 0% 10% 20% 30% 40% 50% 60% 70% Plan Source Assess Hire Onboarding How Satisfied Are You with Your Talent Acquisition Technology? MEOs HPOs LPOs
- 29. Summary: Lessons to Learn from HEOs • Hiring better talent requires deploying better process • Talent analytics can be used to develop and monitor better process • Investment in more effective technology is critical to success
- 30. Talent Acquisition Analytics Presented by Larry Jacobson, Director Global Technology Talent Acquisition
- 31. Company Confidential Vistaprint © 2013 Agenda 3/21/2014 31 • Context o Who is Vistaprint? • What is the problem we are trying to solve? • Why does it matter? • Challenges • Metrics • Solution • Impact • Questions
- 32. Company Confidential Vistaprint © 2013 Context: Who is Vistaprint? 3/21/2014 32 • We are transforming a market o We make it easy for micro businesses and the home to create professional marketing materials • Previously only available/affordable to large companies • We are growing rapidly o 1 to 4,200 employees o Serve over 17 million customers per year o Annual revenue to $1BB+ • NASDAQ: VPRT • We are global o 20 offices in 14 countries o 25+ localized websites o Serving customers in 130 countries
- 33. Company Confidential Vistaprint © 2013 What is the problem? • Aggressive hiring goals and a high bar • Expensive and time consuming • Business needs to have some predictability • Visibility into the return on our investments 33
- 34. Company Confidential Vistaprint © 2013 Challenges 3/21/2014 34 • Data Integrity • Single version of the truth • What is important? o Quality o Volume o Efficiency o Cost o Time to hire
- 35. Company Confidential Vistaprint © 2013 The Metrics that Matter 3/21/2014 35 • Activity Based Costing • Conversion Ratios • Time to Hire
- 36. Company Confidential Vistaprint © 2013 Activity Based Costing 3/21/2014 36 Candidates avg # interviews business cost of interview process # hires cost of interview process avg hourly rate of interviewers
- 37. Company Confidential Vistaprint © 2013 ROI 3/21/2014 37 Results
- 38. Company Confidential Vistaprint © 2013 Conversion Ratios 3/21/2014 38 Applicant : Contacted Contacted : Phone Screen Phone Screen : Interview Interview : Offer Offer : Hire = performing at or above level in 9 months
- 39. Company Confidential Vistaprint © 2013 Cost by Role/Function 3/21/2014 39 $5,000 $2,200 $1,200 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Specialist 1-4 Technology Marketing Corporate Services
- 40. Company Confidential Vistaprint © 2013 Time to Hire 3/21/2014 40 Duration Function Level
- 41. Company Confidential Vistaprint © 2013 Solution 3/21/2014 41 What if we could take a snapshot at any moment in time and accurately predict how many hires we would make by role/level?
- 42. Company Confidential Vistaprint © 2013 Workforce Planning Dashboard 3/21/2014 42 *figures are for demonstration purposes only
- 43. Company Confidential Vistaprint © 2013 Impact 3/21/2014 43 • Predictability based on data (Technology, Finance, IT) • Impact of our investments • Portfolio management • Hiring process optimization (Cost and Speed)
- 44. Company Confidential Vistaprint © 2013 Cost to Hire Impact 3/21/2014 44 2012 2013 2014 2015 2016 2017 In-Person Candidates to hire Sourcing Hours / Candidate Recruiter Cost / recruiter Hours / interview Recruiting Savings $$$$$$ $$$$$ $$$$ $$$ $$ $
- 45. Company Confidential Vistaprint © 2013 You Can Contact Us Here… 3/21/2014 45 • @Vistaprint • Linkedin: http://www.linkedin.com/company/vistaprint • Careers.Vistaprint.com Larry Jacobson Director Global Technology Talent Acquisition Ljacobson@vistaprint.com @LJacobson100 www.linkedin.com/in/jacobsonlarry
- 46. #TMwebinar
- 47. #TMwebinar Join our next Webinar! Five Steps to Evaluate and Select Your Talent Management System! Tuesday, March 25, 2014 Webinars start at 2 p.m. Eastern / 11 a.m. Pacific Register for all upcoming Talent Management Webinars at www.talentmgt.com/webinars