Data Dissonance: The Use of Data in TA
Human resources professionals know too well the struggles associated with talent acquisition. Especially in today’s uncertain job climate, talent acquisition efforts need to be revamped more than ever to accommodate the influx of newly available candidates.
In a recent white paper developed by the marketing experts at WiT Group Agency, outlines the hard truths about recruitment challenges and the possible solutions available to help HR professionals overcome them.
Fast Facts on Talent Acquisition Industry’s Use of Data
Within the talent acquisition industry, the Pareto principle is a common term used to describe how 20% of recruiters represent 80% of a firm’s profits. However, with such heavy reliance on headhunters to drive business growth, it becomes increasingly difficult for firms to remain stable and profitable. Seeing as HR professionals experience an abnormally high turnover rate, it makes sense that businesses would want to invest in talent acquisition tools that can help lower the risk associated with hiring employees who are under-qualified, disengaged, and ill-suited to the company.
WiT Group’s white paper details additional challenges that contribute to failing talent acquisition efforts. The following are just some of the most poignant facts that should cause businesses to rethink their recruitment strategies:
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20% of all employee turnover happens in the first 45 days
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75% of all hires are bad hires
One out of every five positions filled will need to be backfilled
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60% of job vacancies remain available after 72 days
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81% of employers say prospective employees lack critical thinking and analytical reasoning skills
Overcoming Issues in Talent Acquisition Efficiency
According to the white paper, talent acquisition challenges can be avoided by optimizing processes, acquiring valuable data, and measuring candidate feedback. Despite the availability of analytical tools, 75% of recruiters do not currently use data to improve processes, leaving talent acquisition teams far less effective than they should be. However, when given the tools necessary to understand and better target the talent market, talent acquisition professionals feel 77% more efficient and effective.
By leveraging the data available to them, talent acquisition teams can improve processes, gain a competitive edge, increase efficiencies, and make better hiring decisions. The more granular, long-term, and accurate the data, the more effective firms will be at capitalizing on advanced tools in the future.
WiT White Paper Services Drive Business Success
WiT Group’s white paper is just one of the many white papers WiT has helped create to improve our clients’ marketing strategies. Our team closely collaborates with each of our clients’ internal teams to identify the information that matters most in their white paper creation, positioning them as the authority in their unique industries. Want to create a stand-out white paper that drives conversions and sales? Contact our agency today!