Recruitment is always top of mind for HR, but as future systems come into play it’s an especially hot topic within Financial Services (FS). Companies want the best talent to implement and maintain intelligent tech, as well as throughout the organization. But how do you know you’ve hired someone who will be a top performer? It’s all in the data.

Let’s look at three big recruitment questions and key data points to point you in the right direction with people analytics.

What candidate attributes result in top performers at our company? 

Top performers excel for a variety of reasons. You can hope someone will be a top performer, but the reality is that you don’t actually know. But there’s something that prompted you to hire them. For those who are excelling, what quality made them shine during the recruitment stage that contributes to their current success? Is it one of your core values?

You might wonder if this can actually be measured, but depending on how recruitment, probation and annual review processes are documented, they are a good place to start.

Three key data points to consider and measure:

  • Time at company for individuals with [X] attribute.
  • What is the pace of promotion for individuals with [X] attribute?
  • What percentage of people leaders have [X] attribute?

What interview questions should we be asking to ensure we hire the best candidates? 

Almost every company has a core set of interview questions—both general and role specific. Everyone’s answers will be different, but is there a make-or-break, non-stock question where candidate answers give you the “a-ha” or “nope” moment? What question(s) do you ask that really allows people to shine in the interview—perhaps one based on critical thinking?

Three key data points to consider and measure:

  • Time at company for individuals who were asked [X] interview question.
  • Pace of promotion for individuals who were asked [X] interview question.
  • What percentage of people leaders were asked [X] interview question?

Do employees with MBAs outperform those without the additional degree? 

According to MBAs are sought after for their ability to “think critically, deal with ambiguity and solve complex problems.” In 2018, 77 percent of FS companies hired MBA graduates. But does an employee with an MBA consistently deliver greater value than an employee without, therefore justifying a higher pay? This is an interesting hypothesis to consider testing—the data may show different insights than the assumption, and may uncover untapped potential in your current employees.

Three key data points to consider and measure:

  • What number of promotions within the last year were for MBA hires vs. non-MBA hires within the last year?
  • What percentage of people in leadership positions have their MBA?
  • What percentage of MBA hires receive positive feedback from their peers as part of annual reviews?

In this series, I’ve shared insights on how data analytics can truly elevate workforce planning, diversity and recruitment efforts. A shift from descriptive to prescriptive use of data has the power to answer the key questions HR leaders are asking and transform talent management in FS. Now is the time to create the future workforce that best suits your organization. The data is all there—it’s time to use it!

For more information on the benefits of people analytics for HR and how to get started on your analytics journey, please contact me here or connect with my colleague Colin Strasburg. 

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