Unlocking Talent Intelligence Data to Scale Your Workforce While Improving ROI

Hiring and retaining the best talent for each unique role can be time-consuming and expensive. 52% of Chief Human Resource Officers identified the shortage of critical talent as the #1 trend impacting organizations — a position taken before an economic downturn was even considered.

In addition to candidates already hitting the market from the “great resignation,” we may see an influx of candidates if organizations cut talent budgets. This increase in candidates doesn’t necessarily improve your hiring situation, though. The bigger the pool is, the harder it could be to find the quality hire you desire. More resumes to filter through and more people to take through the system can elongate the process, demanding more time from your teams while you struggle with resource gaps.

However, a data-driven model can help you save time and money — and better navigate economic and market fluctuations. Data is available to help the workforce management team understand how best to budget and make the most of their investments. (Related reading: “Leveraging Five-Star Data.”)

Unlocking the Talent Data Is Paramount

If the data is there, why is it only 29% of HR professionals say their organization is good or very good at making positive changes based on HR analytics?

According to Gartner, the top 3 barriers to data and analytics include:

• Difficulty deploying into business processes and applications
• Inability to adequately address (or mitigate) data quality and integrity issues
• Lack of funding or the right tools

By partnering with Magnit, organizations can successfully unlock the data and leap over these barriers to make the data actionable and gain meaningful insights. This will enable the workforce management team to project and prepare for a path toward workforce sustainability that accounts for market disruptions and maps directly to workforce management program requirements to reach their business objectives.

With Magnit’s Total Talent Intelligence (TTI) solution, the workforce management team can analyze talent patterns in each market, including who is hiring and where talent is going when they leave the company. This insight alone can help to manage expectations for the key players involved in the process: the leadership team, hiring managers, candidates and employees.

Unlocking Workforce Data Insights to Understand Talent Landscapes

Magnit’s Total Talent Intelligence (TTI) also helps organizations obtain and utilize custom analytics and reports tailored to their organization’s unique needs and objectives to:

DRIVE GROWTH

• Gain instant API access from Magnit’s vast data ocean
• Insert data into internal HRIS, ERP, procurement, analytics tools, and more
• Query insights based on industry, location, title and more to answer questions
• Find, reach, recruit and retain talent with predictive analytics and AI-driven scoring

OPTIMIZE SPEND

• Identify cost-saving strategies
• Leverage unique, customized staffing models paired with a functional procurement model built with proven, simplified tools and processes
• Compare location-specific costs to optimize sourcing and savings
• Analyze pay rates and bill rates for direct-sourced, agency-sourced and consultants

REDUCE WASTE

• Assess workforce program effectiveness and identify areas of opportunity for optimization
• Accurately price talent by engagement type anywhere in the world, so you don’t overspend for talent
• Directly interact with the world’s most comprehensive dataset for flexible labor, SOW labor and salaried labor

Organizations that unlock their data to understand the economics of their talent landscape can create competitive compensation plans and make strategic retention decisions that successfully integrate their contingent and full-time workforce as part of a sustainable workforce management program.

Want more strategies for helping navigate your company through a shifting workforce landscape? Check out our eBook, “Preparing for Economic Uncertainty: Resilient Workforce Strategies.”

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.