Managing talent data isn't just an important part of attracting and retaining top talent. It's also a critical component of improving your organization's bottom line.
Whether you have one suite application with your data, or multiple systems in a stack, mismanaging the data in your systems can prove costly. Here are three ways HR mismanaging talent data can cost you money.
You May Lose Out on Great Candidates
Let's say you've collected a great pool of potential candidates (both inside and outside your organization), but you have their data spread out over multiple systems, so you can't get a single picture of them, or of your history with them. And to top it off, that data is getting more stale by the day!
You know you need to attract high performing, high-quality candidates. According to a study from Glassdoor, attracting high-quality candidates is a challenge for 76% of employers. That means that when you do identify great candidates, you should do whatever you can to manage their data effectively - whether you want to hire them today, or hire them in future.
For candidates you want to hire right away, having all the data in one place lets your recruiters and hiring managers decide and respond faster. They are more informed and have the information they need to engage and qualify the candidate at their fingertips. For the best candidates, that's vital to compete.
You Waste Resources on Migrations and Integrations
Failing to handle your data correctly - or choosing the wrong platform - can have a cascading effect on your staff's time. Having to gather missing data or handle a complicated migration process may lead your staff to expend more effort on this project than your organization had initially planned. This additional time can interfere with the completion of other projects and drain your team's time and resources. You may also lose data that's vital to analytics, and you make integrating systems much harder than it needs to be. A data lake and integrations hub saves you a lot of effort and money on managing your tech stack.
You Don't Stay Up to Date on Your Current Workforce Capabilities
When you mismanage your current talent data, you may miss out on crucial updates that can help you better understand the capabilities of your workforce. For example, if one of your team members participates in training or receives a certification that makes them better qualified to perform a specific role, your organization should know that. If their data is misplaced or incomplete, you may not be aware of these changes and, in turn, won't be able to optimize their role within your organization to get the most out of their skill set. And that doesn't even include adding external data to your worker profiles so you save them time and trouble...and offer them better opportunities!
Managing your talent data and systems effectively will help your company save - and make - more money. By choosing the right talent data management platform, you'll get the most out of your data.
For more on how SwoopTalent can help you with your talent data management solutions, contact us today.