In order to meet your hiring and business benchmarks, you need the right tools to help you understand your talent analytics data. An advanced talent analytic platforms will help you segment and analyze data so you can track metrics and develop strategies to reach your hiring goals.
Below we’ll cover everything that goes into choosing the right talent analytics platforms so you can develop the best strategies for your unique hiring needs.
Talent analytics platform: Identify your needs
The first step to finding the best platform is to identify your needs. Are you looking for better predictive hiring capabilities? Do you want to increase your retention or improve your quality of hire? Do you need to automate tedious hiring process that take too long and take your hiring professionals from other important tasks?
This step requires a unified effort from your stakeholders, various departments, employees, and team leaders. When you have a good understanding of your hiring and employee ecosystem, you’ll be bale to identify what kind of metrics you want to track and improve.
Talent analytics platform needs analysis example
Although every business is different, there are a few key needs that most talent teams need to measure, track, and analyze. An example of a needs checklist might include some of the below items:
- Quality of hire
- Rate of hire
- Pipeline efficacy in finding the right hires
- Predictive measurements for future hires
- Month-over-month performance metrics
- Time to hire
- Retention rate
- Employee satisfaction
- Training and onboarding spend
- Absenteeism rate
- Automated reference checking reports
Choosing the best talent analytics platform
Choosing the best talent analytics platform involves both identifying your needs and identifying which platforms offer the various features that fit those needs. Other things to consider is how well the platform can integrate into your existing ecosystem, what features a platform won’t offer, and, of course, cost.
Most platforms offer either a fixed monthly cost rate or per-user rate. You can expect fixed monthly costs to be anywhere from $100 a month to $3,000 a month, depending on the size of your hiring team.
Per-user rates can be as low as $2 per user to $70 a user depending on your size/scale and the software package.
Understanding the features of a talent analytics platform
Let’s break down some common features you might in talent analytics platform and a few advanced features that can set a platform apart.
Most talent analytics platforms offer:
- A seamless user interface
- Simple usability that doesn’t require advanced training
- Integration capabilities that can connect to your other tools and HR software
- Reporting capabilities
- Recruitment analytics that help identify the best hiring channels
More advanced platforms will come with advanced visualization and reporting, automation features, and advanced hiring capabilities that will allow you to:
- Increase your diversity of hires
- Gain insights from automated 360 reference checking
- Benefit from dozens of types of reports for various metrics
- Make accurate and predictive assessments of potential hires
- Generate on-demand reporting and analytics
- Get an at-view glance of your pipeline health
- Filter results by department, office, user, and date
How do you use talent analytics platforms
According a Deloitte study, 78 percent of large companies said they view talent analytics platforms as urgent or important implementations, yet 45 percent of those companies feel equipped to integrate talent analytics strategies into their hiring process.
So how do you use a talent analytics platform? Talent analytics involves a leveraging employee and hiring data in order to evaluate various aspects of your performance, hiring methods, retention, and other key metrics. You can get these insights through performance reports generate by your platform, survey/assessment tests, and automated DEI assessments.
Advanced analytics platforms give you insight into your current workforce and predictive metrics for your future needs, including candidate compatibility in the hiring process, predictions on which employees are most likely to quit, and employee sentiment about their role in your company.
When it’s time to move beyond simple analytics solutions
Hiring teams can rely on simple analytics solutions and Google analytics to measure performance, but it won’t give you the kind of predictive analytics, detailed metric insights, or automotive capabilities that you get with an advanced solution.
But if you want to retain top talent, improve your engagement and performance, beat out the competition, and make better hiring decisions, you’re going to need an advanced talent analytics platform.
How TalentWall by Crosschq meets your needs for talent analytics
Crosschq’s TalentWall feature is an essential ATS integration and talent analytic dashboard made for any hiring team. With TalentWall, you can:
- Gain an at-glance view of your hiring pipeline health
- Copy charts to clipboard for easy sharing with team members
- Analyze your month over month performance
- Better coach and support your team while also gaining critical insight for talent planning
- Collaborate with hiring team leaders and members to ensure everyone is on the same page
Check out the demo today to learn more about how Crosschq can help you meet your hiring needs and optimize your talent analytics strategize.
Get started and see how you can optimize your hiring process, improve Quality of Hire and drive real business impact today.
- Increase Quality of Hire by 34%
- Boost recruiter efficiency by 28%
- Reduce time to Hiring Intelligence maturity by 84%
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