With that in mind, we thought we’d give you a hint of what to expect.
Kyle Lagunas, Research Manager with Emerging Trends, Talent Acquisition & Staffing is one of those presenting. To get people in the right frame of mind, we sent him a couple of questions, almost a teaser if you will, of what he will discuss in greater detail on Wednesday.
Here’s what he had to say-
What do you mean when you talk about ‘proof of impact’? Why is it important?
KL: When it comes to adopting new methods or technologies, proof of impact is the evidence (either corollary or direct) that you’re making a tangible difference. In talent acquisition, for example, many organizations are taking resources previously dedicated to traditional sources like job boards and channelling those resources into new methods of talent attraction like employer brand and social media marketing. To evaluate whether these new methods are improving the organization’s ability to attract more high quality candidates, you need more than off-the-cuff feedback from hiring managers – you need quantifiable evidence.
Before implementing new talent attraction strategies, get some quantifiable baseline measures for performance – things like candidate submission to acceptance ratios, quality of candidates, career site traffic, and Glassdoor reviews – and then continue to track these metrics as you begin tinkering with things. You’ll get a better understanding of what’s working and what’s not. Most importantly, you’ll be able to demonstrate this to the business, which comes in handy when you’re looking for more budget for your nifty new HR strategy!
What really drives effective measurement practices?
KL: I love this question because it’s something I’ve looked at very closely over the last couple of years. In so far as I can tell, the number one driver of effective measurement practices isn’t technology – it’s culture. Organizations that are heavily analytical, that value data over anecdote, that continuously monitor KPIs across various business functions foster a culture where measurement isn’t just an activity. In these data-driven organizations, measurement practices are make-or-break capabilities, and this is deeply ingrained in company culture.
Historically, HR and talent functions have struggled to evolve measurement practices to keep up with their counterparts in other business divisions like marketing, finance, and sales. But the pressure’s on as executives are looking to HR leaders to provide better insights into the viability and vitality of the workforce – both today and tomorrow.
Why is it important to use analytics to support results?
KL: Analytics support a few important capabilities for today’s HR and talent leaders: They take the guesswork out of what’s going on with things like turnover, talent supply, and employee engagement (I call this diagnostics). They can also help you mitigate future risk – like identifying flight risks across the organization, or supporting succession planning by flagging competency gaps in bench strength (typically referred to as predictive). And as they get more sophisticated (and as you get better about feed analytics engines the data they need to learn and improve accuracy) they can evaluate current trends, identify future risks, and recommend actions that need to be taken today (prescriptive).
Pulling back from the technical nitty gritty, analytics at the most basic level can help you make better decisions, identify current and future problems, and monitor key performance indicators across myriad HR and talent initiatives. If you can’t tell, I’m all in on the power of analytics – but I can’t stress enough how important better measurement practices are going to be as we gear up for the next wave of disruption. These aren’t skills HR and talent professionals have traditionally had, making it all the more important for us to start bulking up on them now.
I’m hoping to share some practical advice on how to get started in my session at Perspectives!
See you there.