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Companies must proactively predict future talent demand in the fast-paced business world to make informed decisions about talent management. And yet, many organisations still rely on outdated methods and gut feelings. Research reveals that a meagre 4% of companies effectively deploy talent analytics. Similarly, only 14% have implemented any future-focused analytics programme or initiative.
What does this mean for your organisation?
A lack of data-driven decision-making can result in missed opportunities and limited growth. Ultimately, it can hinder your company’s success. 63% of businesses that have invested in data and analytics believe it has increased productivity and successful outcomes. With data analytics, innovative organisations can identify future patterns and trends. They can develop targeted strategies for attracting and retaining top talent by predicting their hiring needs.
Bridging the gap between people and data analytics
As forecasting capabilities remain lacking, businesses must bridge the gap between proactive and reactive hiring practices. Leveraging analytics to target potential candidates before they hit the market, building comprehensive candidate profiles, and predicting performance outcomes through sophisticated algorithms can provide a deeper understanding of the skills needed to fill open positions. This allows employers to make more informed decisions while hiring the best talent. A robust analytics suite eases the decision-making burden on hiring managers and empowers recruitment teams to identify and fill recurring positions.
Predicting hiring trends: Staying ahead of the curve
There truly isn’t a better cliché when describing how data gets entered/collected in applicant tracking systems and vendor management systems other than “garbage in, garbage out”. Accurate data is the key to telling a compelling story about actions that have a positive or negative impact on the quality of recruitment. Predictive analytics can look at past performance and identify associations among variables to determine when the need for staff will likely increase. Forecasting talent demand accurately is essential to any organisation’s talent acquisition strategy.
Predictive analytics help organisations pre-emptively identify hiring trends and devise strategies to exploit these insights. By analysing industry shifts, market trends, and seasonal fluctuations, talent acquisition teams can create data-driven hiring strategies to meet upcoming talent demands.
Prescriptive analytics: Informed decision-making
Meanwhile, prescriptive analytics provide insights into what actions employers should take to speed up the recruitment process and increase efficiency.
This practice has emerged as the “next-gen” solution in AI-driven demand planning. By conducting a “what-if” scenario analysis, prescriptive analytics allows executives to explore multiple potential outcomes and make proactive, informed decisions on talent requirements. Whether adjusting job postings or internal training programmes, prescriptive insights are crucial for optimising talent acquisition efforts.
Transforming data and analytics into stories decodes complex information into easily understandable action items. Analytic models aid in visualising numbers and facts in an engaging and memorable way while providing insights into trends and patterns that may not be immediately obvious. Stories are more persuasive and influential than facts; they help further convince the audience and motivate key stakeholders to draw the correct conclusions and take needed actions. Ultimately, storytelling with data transforms statistics into something more powerful.
Pontoon Intelligence to power your success story
Pontoon’s Intelligence, our all-inclusive suite of data reporting and analytics, comprises predictive and prescriptive tools that critically enhance hiring processes and performance management through strategic, future-focused decision-making. An analytics platform is more than a collection of tools; it is a complex, ever-evolving combination of people, processes, data, and technology. Our tools work in harmony to aid in story framing, and our Business Intelligence (BI) advisors and consultants bring those stories to life. These BI specialists are one of our strongest differentiators.
“Our advisors function as storytellers for our clients and Pontoon’s account team, providing valuable insights into our clients’ programmes and addressing concerns related to cost management, efficiency, quality, and delivery.”
Subashree Jagannathan, Senior Director, Data Science – Pontoon
Pontoon has created powerful tools to make your contingent and permanent talent acquisition efforts more efficient and effective.
Time to fill estimator
Our Time to Fill Estimator employs algorithms that analyse crucial request variables and their impact on time to fill. By incorporating market index data and Pontoon programme data, the tool predicts the estimated time to fill. This enables us to set realistic expectations with hiring managers when a request is initiated. With these estimates, Pontoon can advise hiring managers on nearby locations with faster fill times.
For example, with one of our global technology clients, we used the estimator to analyse current time to fill ratios based on location and skill set and where automation could help to decrease hiring time. We deployed an automated tool that optimised the sourcing process which reduced the time to submit qualified candidates to hiring managers by two days.
Cost of turnover calculator
Our Cost of Turnover calculator predicts changes in turnover based on pay rate increases and the current turnover rate for a variety of job roles. This intuitive tool calculates net savings minus any increased expense resulting from a pay rate increase, supporting adjustments of pay rates to maintain competitiveness for talent on the market and reduction in unwanted turnover.
For instance, we used the tool to better understand a client’s high turnover and low requisition interest and how pay was affecting these outcomes. Based on the results, we implemented a strategic sourcing strategy within one week and improved candidate retention by 25%.
Supplier recommendation engine
One of Pontoon’s newest MSP tools is the Supplier Recommendation Engine, which acts as a personalised decision support system, allowing our customers to choose suppliers objectively. This tool uses machine learning algorithms to analyse suppliers’ past performance and forecast which suppliers will meet customer expectations.
This predictive data tool allows our customers to experience faster time to fill and improved quality of candidates with increased rate compliance. For instance, when we used it to analyse supplier fill rates for a banking client, recommended a more flexible supplier and sourcing option and saved them over $200,000 in agency markups.
Are struggling to make informed talent acquisition decisions at scale? Pontoon Intelligence capabilities can provide transparency into your recruitment process and labour spend. Contact us today to learn more about how our data solutions can help you make smarter decisions and optimise your global workforce strategy.