Thu, 17 Nov, 2022
Nowadays, we have more information on the talent market than ever before. But leveraging this wealth of data requires strategy— and LinkedIn Talent Insights is the best place to start.
With a 3.4 unemployment rate (lowest since 1974) and more job openings than ever, the Australian labour market is a candidate’s game. In this competitive environment known as the ‘war for talent,’ employers must refine their branding and recruitment strategies to acquire top talent.
To secure the best-suited candidates, recruiters need to know their workforce and the labour market inside out.
Once upon a time, the only way to learn key insights (like where the right talent is located and who’s most likely to engage with a company’s strategy) was through neverending reports, copious data, and potentially outdated information.
However, we now have an easier way to get invaluable information: LinkedIn Talent Insights. But why use it?
Why use LinkedIn Talent Insights.
Launched by the talent giant in 2018, this analytics tool offers recruiters invaluable information. Its data pool extends to more than 15 million active job ads, a staggering 20 million companies, and over 575 million professionals.
The two report functions— the Company report and the Talent Pool report— are meant to help recruiters make smarter decisions and boost their talent strategy.
This information can help a company evaluate its position against competitors, set ambitious but realistic goals, and make decisions for future growth.
However, using this large and unique data pool demands a smarter strategy. These are the 5 best ways to use LinkedIn Talent Insights for your company’s success.
1. Understand the trends.
Understanding industry trends is crucial to recognise where your company sits regarding its competitors. You need to see where you’re lagging behind and in which areas you might be leading the market. This helps you determine priorities and set achievable goals.
Both report options give you holistic insights into your industry and the labour market. The company report helps you discover trending skills, locations, and roles. You can harness this information to tailor your recruitment and employee development strategies.
Your sourcing can also get a boost. Depending on hiring demand and your employer brand, you might have difficulty hiring top talent in an industry saturated with job openings. But you might look to neighbouring industries to source candidates with transferable skills.
2. Use data to get management buy-in.
No talent strategy can work without all company stakeholders being on the same page. To get buy-in from leadership, use LinkedIn’s precise and up-to-date data.
Managing stakeholder expectations is a key objective for a hiring team. For example, managers might expect candidates to meet a long list of stringent prerequisites or live in a specific area— and struggle to find talent.
In this case, you can harness talent pool data to show how these expectations narrow the options to only a handful of candidates. Based on this information, it’s possible to adjust expectations (such as limiting the search to key skills or offering remote work options) and get the best talent for the job.
3. Leverage location data.
The Talent Pool report holds a goldmine of location-related information. With the boom of remote work, it’s no longer necessary for a candidate to be close to the company— finding the best person for the role is what matters.
Instead of looking to fill a role with candidates from big cities like Sydney or Melbourne, you might find talent clustered in unexpected places. Whether nationally or internationally, opening your search to less-saturated markets makes it easier to target top talent.
And in the case that in-person work is necessary (for example, when opening a branch in a new city), knowing where top talent is helps you make better location decisions.
4. Keep relevant stats in mind when setting targets.
LinkedIn Talent Insights can help your company set (and meet) meaningful diversity targets. Learning about your current and potential talent pools means you can improve your chances of hiring talent from diverse backgrounds and minorities. There’s less guesswork, which helps focus your efforts on widening your pool and boosting your employer brand to attract candidates.
These insights also let you understand the movement in the job market. You can discover the tenure medians for different roles and save time by targeting your messaging to those candidates most likely to engage.
5. Take a look at your competitors.
LinkedIn Talent Insights gives you the chance to learn where you stand regarding your competitors. Use targeted searches to discover your competitors’ attrition rates and tailor your talent strategy.
On one hand, you might find companies with high attrition rates and low growth. This means you stand a good chance of engaging productively with their workforce— and you can learn what doesn’t work.
On the other, competitors driven by high growth and low attrition are the pace-setters in your industry. Study their practices through a Company report to discover their talent pools and target junior candidates with a similar educational background.
With market data from LinkedIn Talent Insights, you have the opportunity to make smart, data-driven decisions in your talent strategy. In 2023, your company could reset hiring priorities, meet diversity goals, and source top candidates faster.
Work with us to transform how you attract and engage talent through embedded talent acquisition. Our experts match your company with the right talent on a flexible basis. You get an aligned, diverse, engaged team to drive your company to sustainable growth. Write to us today!
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