How Talent Intelligence ensures HR teams can navigate difficult waters
- Why Talent Intelligence is critical for recruiters
- The Talent Intelligence renaissance and what it means for recruiters
- How to harness Talent Intelligence in volatile markets
There’s a lot of volatility in the talent market at the moment. In addition to high-profile layoffs and hiring freezes, candidates expect more than ever, especially in terms of timelines and feedback. As a result, Talent Intelligence – your ability to understand the talent market – is more crucial than ever.
Applying your Talent Intelligence correctly means understanding the dynamics of each role you’re hiring for and asking yourself key questions, such as:.
What’s the scarcity or availability of different skills you’re hiring for?
What do suitable candidates expect from the role?
For example, while candidates outside of urban centers used to expect lower salaries, remote working has largely reduced salary disparities. According to Hired, pay discrepancies based on location are at an all-time low.
Below, we’ve gathered a few tips from industry-leading recruiters to help you and your team utilize the power of talent intelligence:
Make sure your data is fresh
The talent market is currently evolving at speeds rarely, if ever, seen before. This is creating a constant need for fresh data. Any data points six months or older will likely be out of date as industrial, economic and political factors adjust.
Don’t give in to analysis paralysis
While data should always be at least double-sourced, the last thing you or a candidate needs is for a decision to drown amongst the data. When the time comes, be decisive, take action and make a call.
Have informed conversations with Hiring Managers
Your talent intelligence will be especially helpful in conversations with hiring managers to establish trust and set realistic expectations. When a hiring manager has a list of requirements that essentially amount to a unicorn candidate, you can offer them data to solidify your point of view.
For example, Gartner reports that if a company wants a candidate with four technical requirements (Python, SQL, cloud computing, and machine learning) and three years of experience, they’ve already eliminated 98% of the available candidate pool.
Similarly, hiring managers often have outdated expectations when it comes to salary or flexibility, so bringing them up-to-date data can help change their mindset. This is a perfect illustration of talent intelligence helping hiring managers learn what’s realistic and how it can build impactful partnership with talent acquisition.
Take a long-term view
The data you collect today doesn’t just have to inform your decisions right now—it can also help you analyze trends and make decisions for the future. When it comes to layoffs, for example, oftentimes leaders and companies regret their abrupt cost-cutting decisions. With talent intelligence, you can better evaluate the trade-off between letting someone go or retraining them for another role, for example.
The need for talent intelligence isn’t going anywhere
Whether the volatility of the talent market ramps up further or begins to cool down, Regardless of the current market chaos, the need for talent intelligence isn’t going anywhere. Gathering data about the availability and scarcity of skills, the changes in different industries and locations, and how candidates’ expectations are changing can only benefit your company, both in the near and long-term.