As businesses look to revamp their operations and recover from the uncertainty of COVID-19, one of the most important – yet potentially overlooked – investments organizations can make this year is in talent analytics. The pandemic has emphasized the importance of making numbers-driven decisions when it comes to workforce strategy, and companies are looking for ways to convert ever-increasing amounts of data into valuable insights, particularly with regards to how they acquire and utilize talent and promote diversity and inclusion within their organizations.
Legendary engineer W. Edwards Deming famously said, “Without data, you’re just another person with an opinion,” and business leaders are realizing that opinions alone aren’t enough to guide their talent strategy in the midst of an uncertain labor market that has measurable skills gaps. According to Randstad’s 2021 Talent Trends report, talent analytics are the technologies human capital leaders are currently investing in the most. In fact, one in five of those talent leaders stated they are investing in talent analytics as a direct result of the pandemic, while 90 percent said they plan on budgeting for talent data platforms once the pandemic subsides.
One major benefit a robust talent analytics platform can provide is the ability to quantify and advance diversity and inclusion initiatives within an organization. As we’ve seen, the COVID-19 pandemic has disproportionately affected female workers, highlighted by the alarming figures released by the U.S. Bureau of Labor Statistics that found that women accounted for all 140,000 jobs lost in December, with Black and Latina women being hit especially hard by recent job losses.