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How can you measure the impact of your global talent acquisition process on your company's bottom line?

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Global talent acquisition is the process of finding, attracting, and hiring the best talent for your organization across different countries and regions. It can be a strategic advantage for your company, as it can help you access diverse skills, markets, and perspectives. But how can you measure the impact of your global talent acquisition process on your company's bottom line? Here are some tips and best practices to help you evaluate and improve your global talent acquisition performance.

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Kush Parikh

People-Centric HR Professional | Passionate About Talent Management & Organizational Growth |
Meghana Jain

? Head of people & culture @ EchoVME & Digital Scholar | Enhancing employee experiences through better human-to-human…

1 Define your goals and metrics

Before you can measure anything, you need to define what you want to achieve and how you will track it. What are your global talent acquisition goals? How do they align with your business objectives and values? What are the key indicators of success and failure? To determine this, it is important to consider metrics such as time to fill, quality of hire, cost per hire, diversity and inclusion, and candidate experience. Time to fill measures how long it takes to fill a vacancy from the moment it is posted to the moment the candidate accepts the offer. Quality of hire evaluates how well the hired candidates perform on the job, based on their skills, productivity, retention, and feedback. Cost per hire looks at how much it costs to hire a candidate, including sourcing, screening, interviewing, relocation, and onboarding expenses. Diversity and inclusion looks at how diverse and inclusive your talent pool and hired workforce is based on criteria such as gender, ethnicity, culture, and background. Lastly, candidate experience examines how satisfied candidates are with your recruitment process from initial contact to final decision.

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Kush Parikh

People-Centric HR Professional | Passionate About Talent Management & Organizational Growth |
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Clearly outline what success looks like for your talent acquisition process. This could include metrics such as time-to-fill, cost-per-hire, quality of hire, retention rates, and employee performance ratings.

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Meghana Jain

? Head of people & culture @ EchoVME & Digital Scholar | Enhancing employee experiences through better human-to-human connections | Hiring exceptional talent across multiple roles in Digital Marketing
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Establish specific targets at the outset to gauge how your global talent acquisition approach is affecting your business's financial performance. Reducing the time to hire, enhancing the calibre of new personnel, and raising retention rates are a few examples of these objectives. Next, select measurements that support these objectives. You could monitor employee performance evaluations, offer acceptance rates, and cost per hire, for instance. Examine these indicators on a regular basis to see how well your talent acquisition strategy is working. Make changes as necessary to enhance results and eventually boost the bottom line of the business.

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Fátima Aliaga Díaz

Outplacement - IA /Psychotherapist REBT Colegiatura N°: 59703 / Business Developer/Headhunting/ Recruitment / Creadora de: Manual de supervivencia al Desempleo /
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Me encantaría decir que no existe sesgo al momento de contratar, sin embargo, aún existe, los reclutadores nos adaptamos a la necesidad del cliente. Recomendamos, asesoramos desde nuestros a?os de experiencia, sin embargo quien toma la decisión final siempre es el cliente "Gerente General" , "Gerente de área", con el pasar de tiempo existe cada vez menos estigma de género, raza, cultura.

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Meghana Jain

? Head of people & culture @ EchoVME & Digital Scholar | Enhancing employee experiences through better human-to-human connections | Hiring exceptional talent across multiple roles in Digital Marketing
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By establishing precise objectives and benchmarks, you can gauge how your company's worldwide talent acquisition process is affecting its financial performance. For instance, you may wish to consider the speed at which critical positions are filled, the rate at which new hires are retained, or the level of performance exhibited by recently hired staff members. You may determine whether making modifications to your talent acquisition strategy has a favourable effect on your company's financial success by comparing these measures before and after. Monitoring employee engagement and happiness can also help you gain insight into how your hiring practices will ultimately affect the performance of your business.

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2 Collect and analyze data

Once you have defined your goals and metrics, you need to collect and analyze data to measure them. You can use various sources and tools to gather data, such as applicant tracking systems (ATS) for the number, source, and status of applicants, as well as their qualifications, assessments, and feedback. Human resource information systems (HRIS) can provide data on the cost, quality, and retention of your hired talent. Surveys and interviews can give insight into candidate and employee satisfaction, expectations, and challenges with your global talent acquisition process. Analytics and dashboards are also useful for visualizing and interpreting your data through charts, graphs, and tables to identify trends, patterns, and gaps in your global talent acquisition performance.

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Meghana Jain

? Head of people & culture @ EchoVME & Digital Scholar | Enhancing employee experiences through better human-to-human connections | Hiring exceptional talent across multiple roles in Digital Marketing
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Gaining knowledge about employee productivity and engagement can help you assess how successfully new hires are assimilating and making a contribution to the organisation. Furthermore, monitoring diversity and inclusion data can assist you in comprehending the wider implications of your hiring procedure. Surveys, HR software, and performance records can all be used to gather this data, which can then be analysed to identify trends and potential areas for development. You may improve the effectiveness of your talent acquisition strategy and its financial impact by routinely analysing these data and making well-informed decisions.

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Meghana Jain

? Head of people & culture @ EchoVME & Digital Scholar | Enhancing employee experiences through better human-to-human connections | Hiring exceptional talent across multiple roles in Digital Marketing
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Start by utilising a range of sources, including employee surveys, applicant tracking tools, and performance reviews, to gather and examine data for your global talent acquisition strategy. Make sure the information you gather is precise, pertinent, and reliable. After gathering the data, analyse it with analytics tools. To help you decide on the best course of action for your talent acquisition strategy, keep an eye out for trends, patterns, and insights. To visualise your data and make it easier to comprehend and communicate with stakeholders, think about utilising dashboards or reports. Make sure your procedure for gathering and analysing data is still efficient and in line with your objectives by reviewing it on a regular basis.

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3 Benchmark and compare

After you have collected and analyzed data, benchmarking and comparing your results with your goals and other organizations is essential. Benchmarking is the process of comparing performance with a standard or best practice, either internally or externally. It can help you assess your strengths and weaknesses, as well as identify opportunities for improvement. Internal benchmarking is when you compare performance across different regions, departments, or functions within your organization. This can help understand variations and inconsistencies in the global talent acquisition process, as well as share best practices and learnings. External benchmarking is when you compare performance with other organizations in your industry, sector, or market. This will give insight into your competitive position and unique value proposition in the global talent market. Goal setting is when you compare performance with predefined goals and metrics. This will help evaluate progress and achievements, so that strategies and actions can be adjusted accordingly.

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Meghana Jain

? Head of people & culture @ EchoVME & Digital Scholar | Enhancing employee experiences through better human-to-human connections | Hiring exceptional talent across multiple roles in Digital Marketing
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Selecting key performance indicators (KPIs) that are pertinent to your objectives is the first step in benchmarking & comparing your global talent acquisition strategy. After that, look up best practices & industry norms to set these KPIs' benchmarks. Examine your performance in relation to these standards to determine your areas of strength and growth. To obtain further information, think about utilising resources like benchmarking surveys or speaking with professionals in the field. Make sure your standards are up to date & relevant by reviewing & updating them on a regular basis to reflect emerging trends & practices. Make improvements to your talent acquisition strategy & financial performance by utilising the benchmarking findings

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4 Communicate and act

The final step in measuring the impact of your global talent acquisition process is to communicate and act on your findings. To do this effectively, you should communicate clearly and regularly, using simple and concise language tailored to your audience. It is important to be transparent and collaborative in your communication, sharing both successes and challenges, and inviting feedback. When it comes to action, act promptly and strategically. Prioritize actions based on their urgency and impact, and monitor their outcomes and effects. Doing so will help you inform and engage your stakeholders, as well as improve your process.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you measure the impact of your global talent acquisition process on your company's bottom line?

1

2

3

4

5

1 Define your goals and metrics

2 Collect and analyze data

3 Benchmark and compare

4 Communicate and act

5 Here’s what else to consider

Human Resources

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How can you measure the impact of your global talent acquisition process on your company's bottom line?

1

2

3

4

5

1 Define your goals and metrics

2 Collect and analyze data

3 Benchmark and compare

4 Communicate and act

5 Here’s what else to consider

Human Resources

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