Have you seen the movie Moneyball? HR professionals have something to learn from every industry. Why not take into consideration methods of talent management used in baseball? Companies can use metrics in order to get predictions about employees’ evolution and how can HR managers hire successful employees.
Here’s a questions for you. There are a number of metrics platforms out there (Kontagent, KISSmetrics, Mixpanel, Flurry Analystics). How would it be wiser- to use those or to create your own tool? We think that the answer stands in personalizing the interpretation of your data. Besides, developing your own methods of gathering data and of using them gives you a competitive advantage in making better talent decisions.
We agree with the comprehensive grasp of the most inovative concepts in HR world of John Sullivan. Therefore, we present you his list of Proprietary Talent Management Metrics to develop:
• The factors or algorithm that predicts candidate on-the-job performance and retention
• A metric that shows what the level of competition for external top talent will be 6 to 12 months into the future
• A risk metric that shows which employees have a high probability of quitting within six months
• A metric that predicts what the turnover rate by manager will be in 6-12 months into the future
• An algorithm that successfully identifies leadership potential in team members with less than two years at the firm
• A leadership algorithm that predicts a leader’s success over the next two years based on the actions that they take
• Calculating in which cases moving and retraining existing workers has a higher return on investment than externally hiring new ones
• A metrics process that identifies the job-related factors that increase employee productivity and innovation
• A metric that accurately identifies innovators among candidates and recent hires
• An algorithm which shows which reward and recognition factors have the greatest impact on improving employee productivity
• A metric which accurately determines which employees are under or overpaid
• Predicting into the future how many years an individual employee will remain productive and “worth their salary”
Business case metrics
• Calculating how much the value of a replacement new hire is above (or below) the value produced by the average current employee.
• Calculating the increased dollar impact for each percentage increase in new hire on-the-job performance.
Most of the proprietary metrics above are already used successfully for improving baseball talent decisions and it’s a proof that using them for talent management in other industries is even closer.