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U.S. Talent Shortage: Putting Technology to Work to Effectively Find & Retain Talent

Monday, October 25, 2021

Having an edge is critical for companies to win and keep valuable workers during the ‘Great Resignation’. In an uncertain, hyper-competitive talent market, employers need intelligence, experienced advisors, and innovative technology to attract and retain top talent.

The right technology can make a world of difference in your hiring strategy. Using the right mix of solutions and processes to optimize results will help your business find, hire, and keep the best talent even during the most turbulent of times.

Read on to learn how technology can help companies yield the best talent results.

Boost Retention with Company Culture

The rapid shift to remote work hit home hard – and now employees demand flexibility from their employers so they can maintain the new work-home balance and productivity they have come to enjoy. Companies who want to attract and retain top talent should encourage a culture that values and operationalizes flexibility and harmony. By appealing to workers’ sense of purpose and investing in continuous development so that employees stay adequately challenged, organizations have a stronger chance of finding and keeping the top tier talent.

Workforce Logiq’s ENGAGE 5DSM profile enables employers to predict the optimal candidate-specific workplace attraction characteristics they value in a company’s culture, including company environment, organizational stability, strength of leadership, and opportunities for growth. Organizations can then tailor recruitment and retention messaging based on the unique attributes most likely to optimize job appeal.

Recruit with Data-Driven Intelligence

Employers have been recruiting, retaining, and managing talent using assumptions vs. data for far too long. It has become accepted practice to react to market changes and new worker preferences instead of anticipating and getting ahead of current trends, which puts employers at a disadvantage. But there is a better way.

Our Total Talent Intelligence® platform delivers intelligence with macro industry insights that give employers real time insight on talent supply and demand analytics and benchmarks, compensation analyses by role and geography, industry and competitive trends and intelligence, and company and industry labor movement forecasts for HR, procurement, and hiring managers alike. Employers can accurately identify and shortlist candidates most willing and likely to engage with recruiters and prioritize the most effective channels for sourcing known roles.

Optimize Compensation Insights

Making a competitive pay decision goes well beyond meeting or exceeding an industry benchmark or dated rate card. Employers must embrace predictive analytics based on their organization’s unique characteristics to remain competitive.

Our IQ Rate OptimizerSM eliminates the traditional guesswork involved in determining appropriate compensation. It allows clients to make informed offers and more impactful hiring decisions based on personalized context and intelligence tailored to their unique market position, instead of on generic averages and benchmarks.

The IQ Rate Optimizer leverages proprietary and public data to create the first evergreen, IQ Adaptive TaxonomySM, which provides real-time labor market mapping so hiring managers can stay agile.  Compensation insights and benchmarks are optimized through the seamless mapping of their company-specific talent taxonomy to the most up-to-date titles, knowledge, skills, and abilities using natural language processing and AI-powered mapping.

Build Diverse Pipelines

People want to work where they feel represented and valued.  For instance, women are 1.68X more likely to be open to leaving their current roles if there are fewer women colleagues in their workplace. Organizations that fully embrace, integrate, and invest in diversity & inclusion (D&I) across their organizations are better positioned to find and keep diverse talent – and these initiatives should encompass the entire workforce of contingent and full-time employees.

Workforce Logiq’s IQ Talent DiversitySM predicts which candidates are most likely to engage with recruiters and have diverse backgrounds based on schools attended, interests, languages spoken, and more – allowing organizations to attract and prioritize talent with high-demand skillsets that are in short supply from typically underrepresented communities. Employers can use the intelligence to compare their company’s diversity hiring performance against industry, competitor, and national benchmarks. They can also use the data to drive true diverse talent pipelines and to make smarter, confident, and more proactive decisions on where and how to invest in talent diversity and boost employee representation.

Embracing the Right Technology & Partner

Workforce Logiq’s proprietary data reveals that more U.S. professional and knowledge workers are interested in exploring new job opportunities than ever before. Companies that embrace and leverage innovative technology to streamline processes, increase visibility, and equip HR and procurement teams with the insights they need to make the right hiring choices, give themselves the upper hand against the competition.

Having a strategic partner to facilitate managing a rich talent supply chain allows organizations to test creative recruiting strategies and uncover valuable insights. With the right technology partner, organizations can ensure they remain one-step ahead of a rapidly evolving labor market.

For more information on how to use technology to find, hire and retain talent, download the full report today.

Read U.S. Talent Shortage Part 1

Read U.S. Talent Shortage Part 2

 

Christy Petrosso (Whitehead), Chief Data Scientist and Talent Economist

Christy Petrosso (Whitehead) is our Chief Data Scientist and Talent Economist, leading the strategy and design of our predictive AI algorithms and machine learning models.  Christy joined our leadership team in October 2019 with the acquisition of ENGAGE Talent. Christy holds a PhD in Economics from Clemson University and has focused her career on employment and labor economics. Her previous experiences include key data science roles with PeopleMatter (acquired by Snag A Job) and Equifax. Christy is a frequent speaker in HR Analytics and machine learning conferences. She is also an active member of the Federal Reserve Roundtable.

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