What is Talent Intelligence?
June 25, 2021
Talent intelligence refers to collecting and analyzing data regarding your present and past candidates, existing and former employees, and your competitors’ workforce. Talent intelligence business solutions are becoming critical regardless of the chosen industry. Nowadays, new types of talent searches are used to enhance business performance. Let’s find out what talent intelligence is and how you can leverage it to improve your productivity.
For many years, the number of employees were considered the most important asset in business. However, this view has changed, shifting towards a focus on talent. Talent intelligence is defined as the process through which a company collects and analyzes information regarding all current and past employees, candidates, and competitors’ workforce. It is used to find the right talent for the company’s culture with vital skill sets that boost business performance.
The most common data employed in this process include employment history, education, skills, performance reviews, conversation history, social media, and more. Choosing the perfect workforce can only be achieved via efficient talent intelligence while using high-quality information for this process, such as Coresignal’s alternative data.
Talent intelligence is more than data gathering. It is also related to how to use them to improve recruitment. Additionally, it is employed to find viable candidates with ease using AI candidate-sourcing automation technology as long as you have access to relevant information.
Consequently, talent intelligence can be understood as a method of automating tedious tasks, such as screening, sourcing, and evaluating talent using technology. Instead, recruiters can use their energy and time to develop long-term strategies or focus on the human factors of recruitment, such as meetings, interviews, and others.
Why is talent intelligence important?
More than 85% of business leaders state that alternative data change how they do business. As a result, the concept of business intelligence has become one of the most popular terms in recruiting.
When it comes to recruitment, talent intelligence is more than talent acquisition. This process does not only help you build the right workforce for your company but also evaluate the long-term strategy of your business, create benchmarks, and set and track key performance indicators. In short, business intelligence helps recruiters assess key hiring metrics while monitoring performance and business efficiency at the same time.
How to implement talent intelligence?
Talent intelligence requires a large pool of talent information. As a result, many businesses may afford to use in-house data specialist teams for this process. However, data collected from recruitment portals, LinkedIn, or tracker tools are often incomplete or outdated.
Businesses nowadays use alternative data providers, such as Coresignal to collect and analyze a wide range of talent information that is fresh, reliable, and accurate. This also saves time and the need to have an in-house team that is knowledgeable regarding data scraping methods.
Once your business has access to this clean data, you can analyze it to collect insights regarding talent intelligence. You can find the right workforce according to their skills, education, experience, social media history, and more. Competitor data also provide several advantages, including talent predictions and accurate business planning.
Benefits of talent intelligence
Talent intelligence provides an insight into the current labor market, allowing your team to make valuable predictions. For instance, the COVID-19 pandemic has led to a shift in the hiring market that could have been impossible to predict - remote work. It is expected that the change will linger in the post-pandemic period, regardless of loosening social restrictions. As a result, employers who are able to predict the trends in the labor market can provide advantageous working conditions for acquiring and retaining top talent.
Talent acquisition and strategic allocation
One of the main benefits of a talent intelligence system is that it boosts your talent acquisition abilities and improves the quality of your allocation decisions. For instance, alternative data offer an insight into many factors that affect your business performance, such as the education, skills, and experience of your candidates. This helps you fine-tune your talent acquisition strategies and allocate top talent to the most appropriate roles, capitalizing on this information since you can easily deploy your employees according to their skills and expertise.
Budget planning and lower expenses
Talent intelligence systems offer data regarding the efficiency of hiring channels. As a result, you will be able to focus your expenditure on the right channels that attract the best-quality workers. This will lower your overall costs and enhance your chances of enriching your team with top talent. Additionally, information surrounding the efficiency of your hiring will help you make accurate cost predictions associated with each hiring stage.
One of the main benefits of using AI-powered systems for talent insights is that they can collect and analyze a large amount of data, creating predictions regarding disruption and talent gaps. Apart from identifying which roles are threatened, talent intelligence can provide the best solutions for reskilling or upskilling these positions. This results in a streamlined talent workforce while boosting the team’s performance.
Managing employee turnover
High employee turnover can drain the company’s financial resources. For instance, a study states that it costs a company up to 50% of a worker’s annual salary to replace them. This number increases to 150% for mid-level employees, reaching fourfold when it comes to top talent. Likewise, high employee turnover is detrimental to any business. It not only impacts your overall performance due to labor shortages, but it also impacts brand image, indicating that your company cannot find the right employees or retain them.
Employee churn discontinues business operations, increases inefficiency, and leads to high costs over time due to replacements. Employee intelligence tools allow you to identify the departments or areas where the employee turnover rate is high, then find the most common reasons for leaving. These indicators provide a sufficient basis for you to make changes and decrease employee turnover, keeping it to a minimum.
All in all, talent intelligence is quickly becoming indispensable for profitable, successful businesses. Finding, employing, and retaining top talent are necessary stages for long-term business performance.
Additionally, AI-powered systems fueled with high-quality alternative data can help you with talent acquisition, finding the most appropriate workers for your corporate culture while ensuring that you retain the best people with minimum effort and costs. Empowering your business with technology and talent intelligence helps you remain highly competitive and become a professional, market-leading recruiter.
Frequently asked questions
Why is talent intelligence important?
Talent intelligence empowers recruits to acquire and retain top talent. It is a fundamental process of any successful business. The corporate team and HR practices are vital for business efficiency and performance. Talent intelligence comes with numerous opportunities for companies in all industries, including lowering costs while improving recruitment efficiency, staying ahead of trends by making accurate predictions, and creating a future-focused business strategy.
How is market intelligence used in recruitment?
Market intelligence refers to fresh, quality data that helps businesses find prospective candidates in a shorter time frame. In addition to this, targeted market intelligence provides recruiters with an efficient method of hiring top talent with minimum effort. Collecting and analyzing market information ultimately leads to talent acquisition as valuable alternative data can be employed to understand the market movements.
What does talent mapping mean?
Talent mapping is finding the right workforce, allocating talent to the roles that match their skills and expertise, and retaining this top talent. It is a continuous process that develops with the business as the needs keep changing. Essentially, talent mapping consists of three main steps.
Firstly, you need to find new roles within your business that are crucial for business strategy. Next, based on this analysis, you need to update existing job descriptions and roles that reflect the dynamic needs of the firm. Finally, talent mapping requires creating vertical and lateral career paths for employees to retain top talent, allocate workers more efficiently, and provide promotional opportunities.
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