Finding Meaningful Ways to Use HR Data

One of the biggest challenges people have with using more data in their talent management process is that many leaders just don’t know where to start. Most HR organizations have tons of data on end to end talent management from recruitment to training to operations, but it is not easy to see meaningful patterns within all the data.

HR data used to be something easily captured in spreadsheets. Some of us have evolved to using more robust applicant tracking systems and talent management tools. Cutting edge HR teams are able to use the Big Data in their business to fuel a mature analytics engine that leads to insightful reports and business dashboards. Recent leaps in technology have given data hungry HR professionals access to a wide range of employee information that  can be used in ways unimaginable just a few years ago.

To really find meaningful ways to use HR Data, today’s HR professionals needs to have at least a working knowledge of the data they have in their business. To be successful they need to know how to access and analyze the data, provide it to decision-makers and incorporate the data into a living process of continuous improvement.

11709268_10153506561077425_1608720566061502683_nIn the end, success with HR data all boils down to the culture of the business. Is the team, or at least a number of the team, tech savvy and analytical? Is curiosity encouraged when it comes to finding new data? Is proactively mitigating risks and eliminating waste in the talent management process encouraged? If yes, then you are doing better than most.

Finding meaningful ways to use HR Data is not just about the cool new technologies available, nor is it just about harnessing the power of Big Data. It is as much as, if not more important that the HR team share a culture that optimizes the use of HR Data in defining strategy, making decisions and improving the business.

If you are wondering how to find more meaningful ways to use your HR Data, connect with me. I have helped dozen of HR teams to find ways to up their game when it comes to growing a data-driven culture that can maximize the big data in their business.

HR & Recruitment Analytics – The recruitment and retention of top talent is the biggest challenge facing just about every organization. DMAIPH is a leading expert in empowering HR & Recruitment teams with analytics techniques to optimize their talent acquisition and management processes. Contact DMAIPH now at analytics@dmaiph.com or connect with me directly to learn how to get more analytics in your HR & Recruitment process so you can rise to the top in the ever quickening demand for top talent.

Whats Missing in Your Cost Per Hire Metric?

One of the most common metrics used in recruitment is cost per hire. Generally used to bring together all the costs associated with filling an open position, cost per hire is probably the most widely used metrics across all types of recruitment. It is a close to a universal metric as we have. However, most of us are not using it correctly.

First make sure your calculation includes all factors related to filling the positon that have an external cost like marketing, advertising, job fairs, job board fees, travel time to events, remote interviewing, etc. Any and everything you can think of that happens outside the office that adds to your total cost.

Now do the same for factors that are internal to the business. Salaries, bonuses, reimbursement expenses, application tracking systems, copy and printing costs, etc. Make a list and notate the expense for any and everything you can think of that happens inside the office.

In both cases, also include data for shared costs from expenses that cover more then one opening. In many cases we don’t include things like rental expenses, association fees, government requirements, really anything that your organization spends money on that directly supports your recruitment efforts. In many cases, you can divide the total amount by open positions to come up with some kind of weighted amount assigned to each open req.

Now one more piece to your cost per hire metric, that most of us miss. Expenses related to not filling the position. How much is lost in productivity? What revenue forecasts come up short? How much is spent on overtime and other compensation for staff covering for the open position? When you factor these items in you can get a much deeper understanding of the cost per hire to the business.

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If you are doing all of these things and feel you have a very solid cost per hire metric, then you are in the minority. In an ideal world, recruitment teams can better allocate resources based on what positions cost the most to fill. Better understanding all the data points that are added into the cost per hire calculation can also uncover opportunities for savings that you might not otherwise see.

On the other hand, if you are looking for some guidance on assessing your cost per hire metric to make sure its optimized to capture all of the relevant data points to your business then connect with me. I can help you get a true read on the cost per hire in your business.

HR & Recruitment Analytics – The recruitment and retention of top talent is the biggest challenge facing just about every organization. DMAIPH is a leading expert in empowering HR & Recruitment teams with analytics techniques to optimize their talent acquisition and management processes. Contact DMAIPH now at analytics@dmaiph.com or connect with me directly to learn how to get more analytics in your HR & Recruitment process so you can rise to the top in the ever quickening demand for top talent.