Talent Intelligence

People Analytics Outside In

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Hi, Friends,

I am back from delivering a session on unconscious bias and courage for the Special Olympics. Yes, I am not only a people analytics person; I also do broader HR consulting. The session was great, and the cause is amazing.

But as I ventured out there to DC, I also thought, why don't we talk about the world of people analytics outside the organization? Also known as Talent Intelligence.

So, in today's issue, we will cover:

• What is talent intelligence?

• One talent intelligence tool: Public Insights

• And finally, the state of the talent market right now, broadly

Let's dive in!

What is Talent Intelligence?

I got into the debate about this with the Talent Intelligence guru, Toby Culshaw. And I still stand by my position, Toby. (If you don't follow him on LinkedIn, please do).

To me, Talent Intelligence is People Analytics. Here is why:

• People Analytics is the art and science of using people data to make effective organizational decisions.

• Talent Intelligence is the art and science of using people data to make effective organizational decisions.

Do you see the difference?

Well, at a high level, they are the same.

However, if you look closely, People Analytics is more general, including all types of people data. On the other hand, Talent Intelligence broadly looks at the data relevant to recruitment, examining data in the market. Hence, talent intelligence.

So, this means:

• Data on skills needed in the organization

• Workforce planning

• Recruitment metrics

• And, of course, external market data

I think the first 3 are fairly self-explanatory regarding data sources, but the latter? Where is that coming from?

Data Intelligence Tool Spotlight: Public Insight​

I like Public Insight because it essentially scrapes the data from LinkedIn and organizes it for interpretation into dashboards that look at everything from the supply and demand of roles in the market to compensation to the skills that are most in-demand right now.

Here is the selection of dashboards you can explore:

The platform shows you these data over time, which creates a super convenient way of understanding the talent market and changes within.

I don't partner with many organizations, but I just had to partner with Public Insight as their data are incredible and valuable.

So, if you want to check them out, let me know for an introduction and a sizeable discount!

But there is no better way to share the platform's value than showing you what it can do and why I think it is so cool!

Let's talk about the state of the talent market now!

So, I was chatting with Anthony Singh about the state of the talent market recently. Anthony is in the recruitment space and, in particular, on the finance side in Canada. Here are a few points he has shared:

• The projected unemployment rate for Ontario is expected to be 6.8%, suggesting a slowdown in the Canadian Labour market

• The wage growth we are looking at is at 3.6% for the year, which is consistent with what I have seen as well

• Next, 75% of finance and accounting jobs require strong proficiency in data analysis and analytics (see also here)

So, let's take a look at what is going on with the talent supply and demand:

The rough numbers show a sizable drop in postings over the last 6 months. So, perhaps the demand for talent is waning somewhat and with layoffs, many people are looking for roles. Hence, the unemployment rate increase is not an impossible prediction.

Corroborating the story, we see a massive drop in the urgency of postings (the postings employers pay for as they need talent ASAP):

Let's switch gears to wage growth:

So, we are seeing 4% over 6 months, which means the growth is higher in the last 12 months (~ +12% on average). However, if we look at salary surveys, the estimates are usually tied to the budgets, which typically gravitate towards 4%. Hence, a 3.6% increase is very reasonable and expected in the current state of the labour economy, where employers have more power.

Now, let's take a look at the essential skills necessary for an Accountant:

Much of it is related to accounting, but there are also some mentions of Excel and MS Office more generally. So, perhaps a deeper dive might give us more insight into the data. (I have to do it when I can play around with the platform some more.)

Pretty cool, eh?

I am sure you are wondering about something related to the HR Director:

And here is one for HR Analyst:

So, you get my point! Talent Intelligence allows us to dive into the market data and make decisions about:

• What skills are out there in the market?

• What is the demand for those skills?

• What is the supply?

• What can we expect to pay for these skills?

And much, much more!

Special thanks to Public Insight for letting me play around with the platform and share it with y'all and to Anthony for providing some macro data!

Till next week!

Ciao,

K

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Whenever you're ready, there are 2 ways I can help you:

#1

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#2

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