“The future is already here. It’s just not evenly distributed.” This means amazing innovations are happening all around us – but not everywhere. Businesses strive to innovate and stay ahead of the curve, but many struggle to promptly turn their ideas into effective products and services.
We call this the gap between innovation and execution. This gap is why many companies cannot keep up with today’s competition and need help and suitable applicants when looking for personnel. If individual companies have already retained the best employees, the others have to fall back on less suitable candidates.
Talent Management Is Also Data Management
But how can modern technologies help to stay one step ahead in recruiting? A decisive factor is an intelligent evaluation of data – and the corresponding targeted use. Meanwhile, 65 percent of companies identify themselves as data-driven, and 59 percent believe they are gaining market share with data-driven business decisions, according to a new study by VMware. 61 percent of the companies also use the data they already have to improve their recruiting.
It is not necessarily just about the sheer amount of data but rather about linking information and data points that have yet to be considered to create meaningful connections. The constant acquisition and collection of data does not necessarily increase its value. The value only comes from understanding this data and giving it structure. Thanks to well-founded analyses, companies can identify new, suitable applicant groups that were previously ignored. HR managers can use it to identify previously unnoticed talent pools – and in this way, also gain in diversity.
A concrete example is the addressing of so-called “passive candidates”: Passive candidates neither actively search for job advertisements nor do they write applications. Some are quite open to alternative job offers. Through an individual direct approach or with the help of perfectly placed advertisements in social media (social ads), it is possible to address passive prospects in their free time.
This principle of active sourcing, the targeted, proactive research, addressing, and recruiting of potential employees, also includes initially virtually binding only loosely interested candidates to the company, i.e., winning them as followers and thus building a long-term bond. Sound data collection and use are crucial for active sourcing to find and convince the best candidate for a specific job.
To create interest in an open position among promising specialists, HR managers, and recruiters also use existing contacts for the active sourcing process. This procedure is known as referral sourcing. Active sources look at the contacts of specialists who have already been recruited. The probability of finding someone with a similar qualification is quite high. Regarding referral sourcing, it is important to work with targeted software designed to carry out the process in a more targeted manner, simplifying it and thus accelerating it. Again, data is the key tool for success.
The economic benefits of using technology to innovate and gain competitive advantage are clear, yet only some organizations have truly realized the potential of their data. According to a VMware survey of 100 executives from the Forbes Top 2000 companies, nearly three-quarters (70 percent) of companies admitted they struggle to unlock the value of their data, which directly impacts their ability to innovate. More than half (58 percent) fear falling behind the competition if they can’t use their data better.
Long-Term Competitive Advantages With A Multi-Cloud Model
Data is increasingly being generated and used outside data centers across multiple clouds and national borders. However, this critical information needs to get into the right hands faster than ever: into the hands of management to make business decisions, into the hands of customers – in the form of comprehensive shopping experiences, and the hands of employees – in the form of digital tools.
A multi-cloud strategy is a de facto model for companies that want to bridge the gap between developing ideas and making them happen. It’s the best way for organizations to manage and leverage their data more effectively when workloads are more distributed than ever.
Closing The Gap Between Idea And Implementation
The right technology platform is as important as the strategically defined framework, trained staff, and the appropriate corporate culture. Even if, at first glance, old processes must be converted and the IT adjusted. Accordingly, skillful use of data in recruiting can save costs in the long term and achieve competitive advantages.
By adopting a multi-cloud approach, organizations can lay the foundations to leverage their data better today and in the future. You no longer need to worry about data sovereignty implications, decentralized operations, or complex infrastructure; you can easily manage multiple environments to do more with your data – finally bridging the gap between innovation and execution.
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