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Friday, 29 June 2018 15:27

5 Top Benefits of Using Data Analytics in Executive Search

Author:  Payal Bhatia

The evolution of executive search in recent years has seen tremendous shifts in the recruitment landscape. The acquisition of executives has become highly strategic. Disruptions within the digital economy, brought on by AI and automation technologies, have impacted all aspects of search.

From recruiting top talent to employing more sophisticated assessment techniques, executive search requires much more agility. To best serve their executive clients, many top recruitment agencies are turning to data analytics to develop and expand their service offerings.

When data analytics are complemented by a suite of technology-based tools, recruitment, talent selection, assessments, executive coaching and succession planning are enhanced at the executive level.

Leading recruitment agencies can attest how leveraging data analytics is crucial to attracting top-level talent in a fast-paced, ever-shifting business climate. Here are the five unparalleled benefits of leveraging data analytics in executive search.

1. Better decision-making

Data analytics is playing a critical, strategic role in improving decision-making. Today’s complex business environment makes analytics an important competitive resource for finding and attracting highly qualified talent.

Inefficiencies and costs are two areas in recruitment where data analytics drives ROI.

When recruitment agencies employ analytics capabilities to inform recruitment decisions, efficiencies are improved and costs are cut. This affords recruiting companies to boost or optimize their ability to inform recruitment decisions, providing a highly competitive advantage.

2. Increased quality of hire

Analytics drives the ability to mine actionable insights.

Adopting an analytical approach towards executive search helps headhunting firms increase the quality of executive hires. Employing structured data analytics functions helps focus data on the most important metrics relevant to recruiting and retaining qualified executives.

Data analytics allows recruitment agencies to dig deep into metrics to highlight the following factors:

  • Top talent characteristics
  • New hire performance
  • Qualified applicants per requisition
  • Resignations or involuntary turnovers within three months of service.

Utilizing analytics to the executive search experience allows companies to recruit the right talent for mission-critical roles.

3. Improved candidate experience

A critical step in the success of talent acquisition is the candidate experience. Research done by IBM Analytics shows that a great candidate experience is a “fundamental requirement” for hiring sought-after executives. The candidate experience has a far-reaching impact, determining important outcome measures like greater advocacy, job acceptance, employment branding, and potential sales.

Data analytics can be leveraged to improve the candidate experience. Incorporating analytics across every stage of the recruitment process informs recruiters with relevant information to enhance the candidate experience.

Analytics allows talent acquisition teams to better track a candidate’s progress across the recruitment pipeline.

Understanding the difficult steps that hinder the hiring process allows recruiting teams to take the correct steps to address potential hindrances, vastly improving the recruiting process and, more importantly, the candidate experience.

4. Improved speed of hire

With highly qualified executives in short supply across multiple sectors, businesses must optimize the speed and agility of the recruitment process. The use of analytics technologies addresses these talent shortages to sustain a competitive edge.

A data-driven approach to recruitment helps reveal bottlenecks in the hiring process. It also provides more accurate time estimates of each hiring stage. This enables talent acquisition teams to know with confidence how long the recruitment process will take to fill mission-critical roles.

Data analytics allows talent teams to work with agility, increasing speed and predictability to better manage the hiring process in a faster, more impactful way.

5. Creation of a diverse recruitment culture

A diversity- and inclusion-first culture unlocks numerous business benefits such as improving innovation and outperforming competition.

Implementing data analytics to the hiring process enables companies to set and achieve diversity targets. Unlike traditional recruitment methods, analytics eliminates the guesswork of determining demographic metrics. Acquisition teams can better monitor important demographic metrics like ethnicity, gender, age, sexual orientation and education to increase diversity.

Analytics can further enhance diversity metrics to map acquired knowledge such as military experience, cultural fluency, and language skills to drive innovation and business success. Strengthening the leadership team with diversity and inclusion can be a strategic approach to succeeding in an evolving marketplace.

Employing a data-driven approach to recruitment

The application of analytics is key to remaining competitive in today’s fast-paced, evolving business climate. Taking a data-driven approach to the executive search enables your company to be successful in its recruitment process.

Today’s marketplace requires the power of analytics to recruit sought-after executives to meet every talent need and to achieve real business results.

AUTHOR BIO
A passionate recruiter with more than 12 years in the executive search industry, Payal Bhatia is an international headhunter and business partner for RM & Associates in the MENA region specializing in the FMCG, retail, telecom and engineering sectors.

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