enabling success with big data-driven talent acquisition
Post on 14-Sep-2014
4.546 views
DESCRIPTION
So you think “Big Data” doesn’t apply to your small or mid-size company? Hiring the right candidates means profitability for businesses, of all sizes and shapes. Join David Bernstein as he explores adopting an evidence based recruitment marketing strategy based on Big Data and learn how talent acquisition professionals gain the insights their organizations need to make better informed recruitment marketing decisions.TRANSCRIPT
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Enabling Success With Big Data - Driven Talent Acquisition- Adopting an evidence-based recruiting strategy
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OverviewWhy Big
Data &
Talent
Acquisition
StrategizeFill
Identify
&Prioritiz
e
Measure
-ment &
Case
Studies
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Introduction Activity• We have leadership who asks, “What does the
data tell us? • Our leadership is willing to let data override
their initial hypothesis?• Do you have at least one person on your team
responsible for data and analytics and that person spends at least 50% of their time on those activities?
• Does that person use a tool other than Excel for your data analysis?
• Have you taken at least one basic statistics course?
• Do you have a passion for data and analytics? Share typical results…
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And Now A Story About Ham
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Value & Need Assessment
Optional
Value
Need
Nice To Have/
Nice To Do
Optional Must Have/
Must Do
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Decision Framework
Money
Drive Better Decisions
Make
BusinessHR
Save
There are only 2 reasons why HR should deploy an analytics program - Business Leaders Care About Cost and Profit
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Business Plan
Workforce PlanTalent Acquisition
Plan Sourcing Strategy
PlanBudget Forecast
Branding, EVP/EOC
Marketing Effectiveness
Funnel AnalysisCandidate Selection
Quality of HireBusiness
Outcomes
Data
Opportunities To Be “Evidence-Based”
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OVERVIEW
The Intersection Between Little Date, Big Data& Talent Acquisition
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Market Interest In…
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Huge Interest in “Big Data”
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Evolution of HR
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HR’s role is participating in and creating business strategy. 80% of HR Leaders now report to the CEO. What stories does the data tell? What insights can be derived and applied?
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HR’s Pursuit
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The Facts:• Only 6% of HR organizations report that they have excellent analytic skills
internally. Most have not yet invested the time it takes to build a holistic analytics function. Due to limited headcount, priority is given to core responsibilities.
• Only 8% of companies report that they have begun to implement a Predictive Analytics strategy into their HR Strategy and Planning activities.
• Most reporting has been focused on HR Operational metrics vs. using data to drive forecasts, planning and decision making.
• The United States alone faces a shortage of 140,000 to 190,000 people with analytical expertise and 1.5 million managers and analysts with the skills to understand and make decisions based on the analysis of big data.
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More Facts:• 80+% of Senior HR Executives report to their CEO for the purpose of
integrating People strategies into the highest levels of the business planning.
• However, only 38% of CEO’s report that they are satisfied by the role that their HR Leader plays. The number one reason for the dissatisfaction is that they find HR Leaders fall back to operational and compliance topics vs. strategy and business planning.
The Opportunity:• Companies in the top third of their industry in the use of data
driven decision making were, on average, 5% more productive and 6% more profitable than their competition.
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What is Big Data?
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What is Big Data?Buzz phrase – Squishy….no single definition
• Official definition: Convergence is building around the following:» Gartner’s 3 “V’s – A data set that is created through the combination of high Volume and Velocity from a
Variety of sources» IBM’s 4th V – Veracity
• Technical Component - Due to the enormity of the data traditional data acquisition, storage, and processing tools will not suffice
• Paradigm Shift: Traditional Structured vs. Creative Discovery Models=====================================================================• Key Hallmarks - Big, Fast, and “Different” – Blended together, Allowing for Predictive/Forecasting
and Real-Time Analysis
• Layman’s definition is emerging. Less focus on “what it is.” Instead the focus is shifting to “why it is important?” and “how it can be used?”
» i.e. “Big Data” is collection of activities that center around the analysis of large sets of data to determine if there are any Patterns that could be used to Predict Performance.
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Big data is: rapidly increasing amounts of data, generated by multiple sources, in many formats; analyzed for new insights
The value of big data comes from analytics. With big data, organizations can perform more in-depth analytics; delving into data and connecting previously unconnected data sets.
The variety of data types are increasingly diverse. Structured data* often comes from
transactional systems, while unstructured data comes from a number of sources
such as photos, video, text documents, etc.
Variety
Velocity
Volume
Veracity
Value
The volume of data being produced has increased rapidly. Organizations are faced with data from numerous sources including the enterprise, the cloud, and social media.
Data is being generated at increasing rates.
Organizations not only need to address how quickly data is generated, but also
how quickly the data needs to be analyzed
before it becomes stale or obsolete.
Getting value out of big data is dependenton having quality data. If an organization’s data lacks veracity, decisions may be made that do not actually benefit the organization.
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Velocity
Volume
Variety
Veracity
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The 4 “V’s” + Statistical Analysis =Opportunity to See Patterns & Derive
New Insights!
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Data you see...Platform usage...
Other DataYou need special tools to see
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HR – HRIS Data, Payroll, Performance Reviews, Training Comms / marketing - Surveys, community feedback, ratings, vendor dataSales – CRMInformation technology – Outlook exchange (or similar)Operations – Project management system, inventory or warehousing systems, enterprise resource systems Customer service – CRM technologies, customer recordsProcurement – Contracts, service-level agreements, targetsQuality – Compliance systems, automated reportingFinance – general ledger, enterprise resource system, payrollLegal - compliance fees, litigation, settlement
Examples - Little Data Sources
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HR – BLS, Comp Benchmarks, Unemployment Data Comms / marketing - Sentiment analysis of social dataSales – communication engagement with customers using voice, text, and GPS trackingInformation technology – leadership communications, interpersonal relationships through email, IT resource usage.Operations – usage of GPS dataCustomer service – voice-based analyticsProcurement – commodity market data integrationQuality – operations outputs and sensor readings
Examples - Big Data Sources
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The Results That Matter
Narrowcast Laser In Target
It’s all about targeting and results!
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TALENT ACQUISITION
Why Big Data &Talent Acquisition Make Sense
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The Changing Look of Business Success
How does Talent Acquisition Drive This?How is Talent Acquisition Impacted By This?
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Big Data for HR
Top benefits, as seen by HR managers
– Identifying Potential Recruits
– Determining Optimal Job Candidates
– Identifying Effectiveness of Recruiting Campaigns
Areas of Greatest Benefits
No benefits Moderate benefits Very high benefits
Degree Of Potential Benefits Big Data Could Generate— TATA Consultancy
Improve employee retention
Indentifying Effectiveness of recruiting campaigns
Determining employees to promote and provide other rewards
Gauging employee moral/engagement
Determining optimal job candidates
Determining the most valuable employees
Indentifying internal mentors
Finding information
Finding Employees with the right knowledge
Indentifying potential recruits
0 1 2 3 4 5
3.85
3.5
3.42
3.38
3.38
3.35
3.31
3.27
3.23
3.08
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Why Applying Big Data To Talent Acquisition Matters
Talent Is Clearly A Differentiator Talent is what drives innovation
“War for Talent / Competitive Talent Acquisition Candidates can only take on job at a time
Talent Constraint Issues PwC Study Boston Consulting Group Study
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Value Propositions for Talent Acquisition
• Paradigm Shift– – Proactive and Foresight driven
• Talent needs assessment – What, When & Where– Focus on building talent sourcing strategies that align to the business plan– Increase focus candidate and hiring manager engagement vs. transactional aspects of the
process– Tied to a “Workforce Plan”
• Smarter Spend –– Reduced Cost Per “Applicant” and “Hire”– Quality of Candidate – Increase % of completed apps you want to interview– Ability to reduce or get broader coverage with the marketing budget
• Precision and Speed –– Know before you begin – Sources and Difficulty– Narrow casting – No more Post & Pray/Spray– Timeliness
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When Was This Said?“Today, many companies are reporting that their number one constraint on growth is the inability to hire workers with the necessary skills.”
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Peter Drucker – Professor of Management, The Wharton SchoolOf Business - Present
William Jefferson Clinton – President of the United States of America 1993 - 2001
John Francis “Jack” Welch, Jr. – Chairman and CEO of General Electric 1981 - 2001
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The Basics Have Not Changed…
Need To Find & Attract The Best Talent, As Quickly As Possible, For The Best Cost
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IDENTIFY
Identify & PrioritizeMission-Critical Positions
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Specialist Key
Flexible Fundamental
Vacancy Impact
Scarc
ity
Short & Long-Term Impact
Vacancy in role has significant impact on short-term;
Specialized skills or knowledge that must be recruited and/or developed
Vacancy in role has significant impact on short-term;
General knowledge and skills
Vacancy in role has little impact on short-term;
Specialized skills or knowledge that must be recruited and/or developed
Vacancy in role has little impact on short-term;
General knowledge and skills
Focus On Positions That Have The Greatest Impact
Long-Term Impact
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Talent Supply
Size of Candidate Pool
Confidentialit
y
Sensitivity of Search
Specialty
Assessment of External Labor Market
Difficulty
Resource Intensity
Capability
Capability of Recruiting Team
RoleCritical
ity
Assessment of Business Impact
Intelligence
Analysis of Information to be Gained
Strategic
Support
Business Action on Pipeline
Small: <20 resumes received for avg RTH Medium: >20 & <50 resumes received for avg RTH Large: <50 resumes received for avg RTH
High: No ads, only aware to stakeholders Medium: No ads, internal knowledge only Low: Ads, internal and external knowledge
High: Small number with specific skills Medium: Somewhat limited number with specific
skills Low: Constant supply with specific skills
High: Many resources required, longer cycle Medium: More resources required, average cycle Low: Limited resources required, short cycle
High: Direct experience / current knowledge Medium: Related experience / previous knowledge Low: No experience / no previous knowledge
Critical: Creates strategy, high short and long-term impact
Key/Core: Creates or affected by strategy, avg impact General: Executes strategy, little short-term impact
High: Valuable info about competitors or market Medium: Potential info about competitors or market Low: Low-value info about competitors or market
High: Commitment to hire, regardless of opening Medium: May hire, regardless of opening Low: Will only hire for an opening
Sample Prioritization Criteria Matrix
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Role #1 Role #2 Role #3 Role #4
Talent Supply � ���� � �
Confidentiality ���� � � ����
Specialty � ���� � �
Difficulty � � ���� ����
Capability � � � �
Role Criticality � � ���� ����
Intelligence � � � �
Strategic Support ���� ���� ���� �Is this position a
priority? Yes No No Yes
prioritization criteria
The value for each criteria is entered for the roles being considered. The decision is made looking at all of the criteria results, role vs. role.
decision
Multiple roles can be considered side by side.
Sample Prioritization Decision Tool
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Know Your Typical Funnel
40 Sourced
14 Responses
5 Interviewed
1 Hired
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STRATEGIZE
Create Your Strategy To Source & FillMission-Critical Positions
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Strategy Defined
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Talent Acquisition Is Competitive – It Is Critical That You Be Able To…
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Market Your MessageIn The Right Places, The First Time… Ahead Of The Competition
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What if you could accurately predict the outcome?
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What If?• Examples - What would you be able to do if you could…
– Make better, more accurate forecasts?– Be able to be “proactive” in your talent acquisition activities?– Be able to make “informed” decisions, faster and then be able to take
quicker action?– To understand the effectiveness of the actions you’ve taken in real-time?– To have the competitive “talent” intelligence regarding how well your
marketing efforts are working, in real-time?– Have insight into the available supply and demand for talent?
• “Recruitability Index” and “Poaching Protection”– Could tie Sourcing to future Performance and Retention
• Talent is a differentiator. Without a pipeline you can’t recruit. • Leverage Big Data Insights for Operational Efficiencies and Competitive
Advantage.
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Activity SummaryWhat does my recruitment marketing activity look like?
Marketing EffectivenessHow well did my investment work for me?
Big Data
Breaking It Down
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How To Apply Big Data In Talent Acquisition
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FILL
Source & FillMission-Critical Positions
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Pipelining
Sourcing
Labor Market Research
Consultation & Development
Agency Engagement
The sourcing method chosen is based on the scarcity of talent and the importance to the business strategy.
Each method requires its own strategy!
Specialist Key & Critical
FlexibleFundamenta
l
Value Creating / Short-Term Impact
Scarc
ity
Affected by Strategy Affects Strategy
Pipelining
Sourcing
Build pipelines and direct source for roles that will yield valuable, recyclable intelligence.
Labor Market Research
“Quick wins” that yield high intelligence but are easy to execute and can be managed with less resources
Agency Engagement
Outsource roles that are resource intensive but will yield little intelligence.
Consultation & Development
Leverage opportunities to help managers increase their networking skills, etc.
Sourcing Method:
Determining The Best Sourcing Methods
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Pipelining Sourcing Labor Market
ResearchConsultation & Development
Agency Engagement
Definition
Sourcing Options
Developing pools of talent for future hiring needs.
Identifying pools of talent and converting them into applicants for current and future hiring needs.
Conducting research to benefit future hiring strategies and support competitive business objectives.
Building internal sourcing expertise with recruiters and hiring managers.
Centralizing management of recruiting-based, 3rd party agency engagement.
• Name generation
• Recruitment Marketing
• Outreach to talent leads
• Ongoing engagement of leads
• Name generation
• Recruitment Marketing
• Outreach to talent leads
• Ongoing engagement of leads
• Filtering of leads
• Conversion of leads into applicants
• Name generation
• Labor-market analysis
• Competitor employer value analysis
• Informal coaching of recruiters and hiring managers by senior sourcing specialists
• Training sessions to improve recruiters’ capabilities in direct-candidate sourcing
• Sourcing channel consultation
• Maintaining relationships with preferred vendors
• Leveraging 3rd party agency success
Defining Sourcing Methods: The “What” – Not The “Where”
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Which Pond To Fish In?
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Greatest Scrutiny Should Be On Spend
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Maybe I’ll Just Use My
49Usual Media Outlets
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Post & (S)Pray
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Single Source
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MEASUREHow and What to Measure
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Marketing Effectiveness
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Case StudyPrior to eQuest Analysis:
Financial Job Board Sector Only
• Utilized 48 Financial Job Posting Sites• Average Spend Per Site = $500.00• Total Annual Spend = $175,000.00 (350 postings annually)
………….………….………….………….………….………….…….
After eQuest Analysis:
3 & 6 Month Trending Reports
• 3 & 6 month study showed no candidate viewership/activity on 45 of 48 sites• 2 sites showed upward candidate trending• 1 site determined strong viewership and response rates
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Case Study - ContinuedRecommendations:
1. Disengage the 45 non-working career sites2. Add additional 4 career sites determined to be effective through data analytics3. Focus postings on remaining 3 sites and 4 new sites by job location, job title, skills sets4. Incorporated best responded to job titles in aggregated analysis5. Skill word(s) analysis, comparison, and recommendation
………….………….………….………….………
Results:
6. Candidate traffic was boosted by 175%7. Quality of candidates increased8. eQuest Media negotiated preferable posting contracts with the 7 boards to reduce overall
spend by 50% or $87,500.009. Repurposed savings into other job classifications
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Case Study• Customer: One of the world’s largest manufactures of commercial building systems and
automotive components.• The Business Challenge: In order to gain a competitive advantage in the marketplace by
attracting top talent, the customer needed to obtain and engage a more qualified candidate pool. In the past, their recruitment marketing strategies relied on hindsight and trial-and-error. As a result of this reactionary approach to talent acquisition planning, they was spending more time on recruitment administrative tasks and less time on the all-important task of candidate engagement. The challenges were compounded by an increase in the number of difficult-to-fill critical jobs, which they needed to address in a very short amount of time.
• The Approach: Adopt an evidenced-based recruitment marketing strategy to forecast the right job boards, candidate flow, and timing anticipated to fill the critical positions. Additionally, they needed to get a better understanding the effect their employment brand was having on their recruiting efforts.
• Results: Focused marketing campaigns. Increased “Interview Per Post” metric by 20%. Increased Recruiter Engagement vs. Administration ratio by 30%. Decreased time to fill for critical jobs by 15%.
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Other Big Data Case Studies
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Research has found that applicant’s work history is not a good predictor of future results.
In call centers, the quality of the supervisor is a better predictor of tenure and performance than the experience and individual attributes (i.e. communication skills and personal warmth) of the workers themselves.
Analysis has also revealed that, contrary to common belief, an outgoing personality is not the defining trait of successful sales people. Rather, it’s a persistence to keep going even after being told no, called emotional courage, that predicts sales success.
(Source: Lohr, April 20, 2013)
Other Big Data Case Studies
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• What data points correlate with successful outcomes – i.e.
• RIGHT Job Boards / Advertising Sources that lead to the highest “Quality of Candidate” ratio
• External & Benchmark Data – i.e. BLS, Unemployment rates, Census, and Talent Competitor averages for same role
• Lowest time-to-application rates• Highest volume of applicants• Hiring Funnel
– Volumes needed by Role– Conversion rates
Know Your Data – by Position & Labor Market
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Begin With The End In Mind!Determine which roles have the highest value to the business. Use “Big Data” patterns to develop your strategy to determine
how to source, acquire, and select the best candidates. Be a valuable business executive with human capital insight.
Big Data – Baby Steps
Use These 2 Frameworks To Guide You1 – Mindset, Skillset, Toolset2 – What? So What? Now What?
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In the end – it’s all about driving
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Find Candidates, Fill Jobs Faster, Spend Smarter!
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Questions?