What are Talent Analytics?

 The field of talent analytics, also known as HR analytics, people analytics, and workforce analytics, offers insightful data on the labor force which includes the future hiring pool and the existing employees of the company.

Workforce analytics is a sophisticated collection of data analysis tools and metrics for comprehensive workforce performance evaluation and improvement." In addition to conventional ratios such as time to fill, cost per hire, accession rate, retention rate, add rate, replacement rate, time to start, and offer acceptance rate, it examines hiring, staffing, training and development, personnel, compensation, and benefits.

Actionable insights from talent analytics support decision-making, streamline operations, boost team productivity, and depreciate expenses over time. Based on this information, HR teams are better able to target the most qualified candidates, maintain smoother process flows across candidate contact points, and monitor and anticipate potential attrition rates across departments.

One of the most important lessons for HR decision-makers to learn is how HR technology may enhance recruiting standards. Recruiter or employee data collecting is just one aspect of talent analytics. By gathering data and applying it to make relevant decisions about how to enhance the processes or make informed decisions, talent analytics instead tries to deliver insightful information into each process.

For international clients across industries, the bigger technology giants like IBM, Oracle, LinkedIn, Accenture, and Workday provide a variety of talent analytics solutions. There are just a few tiny, newly established businesses that provide talent analytics tools for startups and small- to medium-sized businesses.