Wednesday, December 18, 2019
We’re sharing five takeaways each week on how our acquisition of ENGAGE Talent transforms hiring and retention strategies for global organizations.
Last week, we highlighted how ENGAGE’s predictive insights help recruit, manage, and retain high-value talent. This week we look at five pieces of predictive market intelligence that will help you transform your workforce management strategies.
1. Workforce volatility: Know where your state and city rank.
If you’re a recruiter right now, you’ve got your work cut out for you. We’re experiencing one of the tightest labor markets ever reported. With insight into how employee mobility differs by city and state, your team will be better equipped to find the talent you need, when you need it, despite non-ideal market conditions.
The patent-pending ENGAGE Talent Retention Risk (TRR) ScoresSM can provide geographic market intelligence enabling you to zero in on the talent you need. As an example, ENGAGE’s data reveals that Washington, D.C. is ranked number one for recruitability in the U.S., meaning workers in D.C. are 34% more open to unsolicited recruitment messages than the national average. On the flip side, Hawaii is ranked as having the most stable employees, with a workforce that’s 48% less likely to be open to unsolicited recruitment messages than the national average. Recruiters can identify the best markets to target before they reach out, increasing response rates and getting to top talent before their competitors. Click here to view current state-specific TRR scores.
2. Reduce turnover by predicting who will quit.
Turnover is expensive – The Society for Human Resource Management (SHRM) estimates the average cost to hire and train a replacement for an employee salaried at $60,000 is $30-45,000. ENGAGE’s data is proven to accurately predict employees’ openness to outside opportunities and their likelihood of leaving their position in the near term. A recent study featured in a Harvard Business Review article looked at the ability of ENGAGE’s data to predict actual turnover. The study looked at a sample of 500,000 individuals which ENGAGE classified as being receptive to new job opportunities. Over a three-month period, those identified as “most likely” to be receptive to new opportunities were 63% more likely to change jobs, as compared to those who were “unlikely” to be receptive.
By leveraging these data-driven insights, employers can proactively track indicators of turnover by geography and skill set – giving them a predictive head start on identifying future talent gaps, implementing targeted retention programs, and building critical talent pipelines.
3. Recruit and retain with messaging you know will resonate.
After identifying candidates who are likely to engage, the next step is to uncover exactly which messages will resonate with each audience to increase your recruitment conversion rate.
The ENGAGE 5DSM profile does just that.
This patent-pending predictor of employee-specific workplace characteristics for maximum job appeal is based on publicly available model inputs with high job volatility correlation, including professional and academic histories, prior work environments, dynamic market changes impacting their current employer, business sector, job category, and more. The profile looks at five specific areas, including company resilience, career growth, positive environment, business stability, and strong leadership. In the company example below, key messaging to attract prospective candidates to the organization should be focused on Company Resilience and Strong Leadership – and matched with candidates who have a similar work environment profile. Open rates for targeted messaging using the 5D Profile have exceeded 50% in recent email campaigns.
4. Identify candidates open to contingent job opportunities.
In the past, it was nearly impossible for employers to identify prospective candidates who would be open to contingent or “gig” opportunities unless they self-identified by having previously worked for the organization in a contingent role or if they’d applied to a contingent role in the past. This limited the pool of prospective candidates.
Now, with Workforce Logiq’s patent-pending “Likely to be Contingent Worker” algorithm developed by the ENGAGE data science team, employers can identify passive candidates most likely to be open to gig opportunities before they self-identify. This algorithm greatly expands the recruitment talent pool for employers and provides a faster, more effective, and data driven approach to finding and hiring the market’s best contingent talent. And this algorithm can be paired with the TRR Score, providing insight into prospective contingent workers who are most likely to respond to your recruiting outreach.
5. Proactively plan for skill supply and demand gaps.
ENGAGE’s TRR scores also help organizations proactively identify potential skill supply and demand gaps. The ENGAGE algorithms enable organizations to benchmark real-time talent supply and demand analytics and predict where they may experience a skills gap. This allows businesses to kickstart the hiring process, before they feel the impact – essentially turning a previously reactive workforce management process into a predictive, proactive one.
Read last week’s 5 for 5 around how ENGAGE’s predictive insights help recruit, manage, and retain high-value talent.
Want more? Visit the ENGAGE – Workforce Logiq Welcome Center and check out the interactive infographic – “In-Play or At Risk?” – which showcases ENGAGE’s Talent Retention Risk (TRR) Score and ENGAGE 5D Profile for all U.S. states.
Ready to take the next step? Request a personalized demo to see ENGAGE’s predictive market intelligence in action.