I am not a CFO but surely every CFO out there is encouraging, if not mandating, that their leaders look for investments that keep delivering business value (over those that are a sunk cost, or a one-time use).
I am a CEO though, and I like to ask the same question around meaningful data that keeps delivering value to a business. Because I am a CEO of a HR Tech company solving for human recruitment at scale, I also ask this question about meaningful recruitment data.
Sure HR departments are drowning in data, but it’s often not the right data.
Meaningful recruitment data isn’t:
Meaningful recruitment data:
Think about a candidate who completes a typical assessment and then gets hired. Usually, that’s the end of the data story. Josh Bersin reckons about $2bn a year are spent on these ‘disposable’ assessments. Each time one of these assessments is used it is a sunk cost. The data goes into the system and stagnates there, never to be used again.
Wouldn’t you love to know what your newest hire is capable of, beyond the job they’ve been hired for? What other roles they could fill as business needs change? Or say you need 1,000 contract tracers fast? Or your business plan calls for 200 agile coaches or 50 product managers immediately?
If you don’t have easily accessible data on your employees’ aptitudes, their strengths and underutilized skills, then every time you are forced to restructure you do it inefficiently–at huge cost to both your people and your bottom line.
HR teams need to be thinking about how we use data about company employees to continually improve recruitment and retention. In much the same way that marketing and advertising uses data to learn about what people want, and recommend things based on that.
Imagine the world of possibility if recruitment data was used this way. Imagine if we built an Amazon recommendation system for people’s skill sets that looked at their ability to perform in any role?
What are you waiting for? Let us show you what we can do for you.
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