Data Global research
All You Need is… Data
We live in the age of information, but time and time again businesses make decisions about talent on the basis of a hunch, assumptions or past performance. The lack of reliable insight underpinning graduate recruitment programmes is the single biggest threat to successful schemes today, argues Eugene Burke, Chief Science and Analytics Officer at global advisory company, CEB, which has recently conducted a study analysing behaviours and associated performance across nearly 200,000 graduates from 32 countries.
T
he findings of our worldwide study reveal a stark and ever- growing disconnect between young people and
their employers.
Globally, companies say they cannot find the graduate talent they need; seven-in-10 UK employers think students are ill- prepared for the workplace and in the US, India and China only one-in-six hiring managers think that graduates have the skills and knowledge they are looking for.
Meanwhile graduates across the globe are struggling to find the job and the employer that really motivates them; one- in-five admit to applying for jobs that do not interest them just to secure their first job, and around 25% of graduates plan to leave their employer within the first 12 months.
Despite organisations investing a billion pounds in their graduate programmes each year in most major developed markets, worryingly, in the UK alone 87% of graduate positions remain unfilled. Employers are stuck in a vicious circle of chasing the dream ready-made graduate from the top university, with the best grades and the perfect skillset. Our research shows that across the globe the chances of finding this notional dream graduate are just one in 15, so it is no surprise that companies believe there is a skills shortage – and waste millions every year in the process.
The billion-dollar questions The pressing global concerns seen within the report raise two critical questions. Firstly, do employers really know what
talent they are looking for? And, secondly, why are they struggling to fill positions?
Every company can answer these questions through sound, objective talent intelligence. HR, like most other departments, must be able to harness big data to demonstrate business impact and support strategic decision-making.
An overwhelming majority of CEOs worldwide (67%) say they need greater talent insight to help inform investment decisions, and our research highlights that the boards of the most successful companies are twice as likely to have a deep understanding of talent issues.
HR has the opportunity to play a more transformational and advisory role with its business partners. By accessing and analysing the right workforce data, aggregating this into meaningful talent metrics, and translating this insight into talent intelligence, HR will provide greater transparency across the talent pipeline and help business leaders clarify their strategic and investment choices at a macro level.
The practical solutions Graduate recruiters need to harness the talent data to more accurately identify the attributes and skills they are looking for. Adopting a more flexible approach to recruitment, one that measures graduate employability – the rounded repertoire of talents that graduates have to offer – rather than just ticking the academic achievements box, companies can improve the odds of finding the right graduates by as much as seven and a half times.
Using data captured through objective assessment improves selection decisions by showing candidates fit to the company and predicts their success in a role. This insight can also be used to pinpoint areas of strength and skills gaps that need to be developed.
Understanding what motivates is critical too, if businesses are to attract and retain young talent in their organisation. Most firms presume that graduates are lured by salary and material reward. Today’s graduates are actually motivated by opportunities to develop and grow, demonstrate the talents they have and progress in the company.
Employers knowing what truly motivates graduates can lay the foundations for successful long-term careers, as young recruits grow with the organisation. And before you ask, money only comes in at number five in their list of priorities, behind a desire to showcase their talents, shine against others and achieve long- term career goals.
In short, the organisations that invest in building up intelligence on their workforce will be better equipped to optimise and manage talent more effectively, and taking a data-driven approach to decision-making will deliver stronger business outcomes. n
www.agr.org.uk | Graduate Recruiter 19
www.nortonrosefulbright.com
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