This post is the second of a 7 part series on mastering Talent Data - The 7 C's of Talent Data!
Many words can describe the value of a company’s talent data, however, we have found that it can be boiled down to seven. The 7 C’s of Talent Data is a series that covers each of the C words individually and naturally together. Last time it was all about connected talent data: data that is seamless via "set and forget" techniques; data that is ready to be at the forefront of your people operations.
In part two of The 7 C’s of Talent Data, we're talking about data that is Current.
Why is it Crucial to keep Talent Data Current?
In a market where employers are competing for talent like an Olympic sport, having good candidate data can be the difference between a gold medal and last place.
It’s as simple as this: As soon as you have data on a candidate or employee, that data is getting out of date. It’s called data decay. And if you don't have the most up to date data about a candidate or employee, you won't be best matching them with your needs and an organization, and you won't be best meeting their needs. Data decay costs.
Candidate and employee data is collected in many ways—as part of the job application, in learning, in performance and in lost of other ways. This data enters your HRMS, ATS, LMS or CRM database, where it begins to die a slow death at the hands of data decay. Consider these statistics (source):
40% of email users change their email address at least once every 2 years
18% of all telephone numbers change every year
21% of all CEOs change every year
60% of people change job titles within their organizations each year
45% of employed adults report they have pursued extra training to maintain or improve their job skills in the past year (source)
Data decay occurs quickly. In fact, as the Bureau of Labor Statistics shows, the average tenure at a single job in the US has been decreasing and hovers between 4 and 4.5 years at this point. If that holds true for your recruitment pool, at least 20% of them will be in a new job by the time a year elapses, especially if your market captured their data because they were currently on the hunt for a job.
Takeaway: People are changing, but data is frozen in time. If you leave it that way, you destroy value
Without clean and accurate data, staying competitive in this talent marketplace becomes nearly impossible. Poor data hygiene means that you’re handicapping your recruiting and talent teams before they even have a chance to build the kind of relationships and talent nurturing funnels that are crucial to talent acquisition, development and retention.
When Data Management in Talent and Recruitment Goes Bad
Without accurate data, your recruiting team won’t be able to build accurate candidate personas—detailed profiles that help them target more qualified candidates. Your talent database stagnates, which means your connected data loop suffers and so does your talent pool. Consider how many times you have a second or third-choice candidate that isn’t quite right for position A, but he or she could be an excellent fit for a requisition opening up soon. Then, consider how many times you are missing internal development opportunities because you don't have up to date data on your workforce.
What about your past employee data?
Former employees make great hiring resources—whether you rehire, former employee, or use him or her to secure a referral since we all know referrals are top sources of hires. Having out-of-date information for a former employee could mean losing referral opportunities for top talent.
Consider the following scenarios:
Marketing your job to a candidate who is actually two jobs past that
Stepping on yourself by sending a different job to a current candidate
Recommending learning for skills the employee already has
Missing internal promotion chances because your skills were incomplete and out of date
Hiring outside when you have employees who are already experts on the new technology you're about to put in place - you just didn't know
Each could have been avoided with current data. Data validity really matters, and it's not that hard, assuming you connect the right moving parts in the right way. Which leads me to...
The State of Your Current Talent and Recruitment Data
Your tools and software should integrate with little or no effort, connect all your siloed data together, refreshing with current data. A healthy talent data lake will always provide better and more talent than a stale data warehouse.
Remember, you can keep your candidate data fresh using powerful algorithms that connect the data sets you already have with widely available and public information. And this can be automatic. Not just "mining", but bringing data to life.
Takeaway: A data lake can enrich and refresh your data constantly and automatically
Now that we described the importance of connected and current data, what could be next? Well, if you struggle with pulling all of the threads together, convenience is important. How easy is it for you to get to all the talent data you need to make decisions day to day? Our third C is convenience and we’ll tell you how convenient SwoopTalent makes it.
SwoopTalent offers powerful software to help you prevent data decay in your system. This software interfaces with your ATS, RMS and any other system to ensure that all your potential candidate data is accurate and up-to-date. By integrating across internal and external recruitment initiatives, we can ensure that you don't have to duplicate your work to get the candidates you want.