Leveraging Data and Analytics in Executive Search

Data is king, especially in the world of Executive Search. Over the past four years, we’ve worked incredibly hard to ensure that we are equipped with the best methodologies and technology to support us in the Executive hiring process. 

With organisations requiring complex skills for senior roles, data gives us all the opportunity to hire at pace, without sacrificing the intricacies required when screening, interviewing, and assessing Executive talent. 

However, knowing how to leverage data and analytics can be complex, so working with a talent partner who understands what data is valuable and when it should be used is key. 

How can analytics improve the Executive hiring process?

Identifying and assessing talent pools

There are thousands of candidates out there, and knowing what to screen and look for - especially when hiring at executive level - is difficult. The first step of an executive search is mapping the market and identifying and assessing talent pools. 

Analytics enable you to kickstart as well as streamline this process as you will have foundation criteria that you can use in the first instance. You can then refine and group talent pools based on other criteria and, in turn, create solid candidate lists for roles within your organisation. 

Competitor analysis

Understanding who your competitors are hiring and what these profiles look like is crucial. Not only will it give you insights into the skill sets that your competitors are looking for, but it’ll also allow you to see the gaps in their hiring. It’s important to note that competitor analysis shouldn’t dominate your hiring efforts, as each organisation is different - even if you are direct competition. 

You should use competitor analysis as a guide rather than a rulebook. Think of it as something you would check on a bi-monthly or quarterly basis to get a quick insight into what your competitors are doing, as well as seeing who is entering and exiting their organisation.

“Data analytics provides recruiters with the tools and methodologies to overcome these challenges and make data-driven decisions throughout the recruitment lifecycle. It enables recruiters to optimize their processes, enhance candidate quality, promote diversity and inclusion, and align their strategies with the organization's broader workforce planning goals. 

By harnessing the power of data analytics, recruiters can improve their efficiency, effectiveness, and ultimately achieve better recruitment outcomes.” - [source]

Salaries and benefits

Similar to competitor analysis, analytics can improve the Executive hiring process when you’re looking at areas such as Salaries and Benefits. Regardless of whether your organisation is a start-up or you’re an established enterprise, you cannot assume that you’re always making the correct decisions when it comes to salaries and benefits. Candidate demands are continuously changing, as is the working world that we all live in. 

Would we all value remote working as highly as we do in 2023 in comparison to 2019? Market changes, whether they’re drastic (such as the COVID-19 pandemic) or minimal, have a direct influence and impact on salaries and benefits that candidates now see as valuable. Collecting salary data allows us to engage in accurate and in-depth salary benchmarking exercises, giving clients who choose to engage in an Executive Search salary options. We can then consult this and create packages that are relevant to the market, not just the skill sets.

How can analytics lead to better hiring decisions?

Real evidence of the demographics you’re hiring

If DEI is something you’re focusing on, then you must use data to influence your decision-making, as well as measure the demographics you’re hiring and attracting. Diversity and Inclusion is a continuous journey that organisations embark on, and the only way to improve the demographics within your teams is to track it. 

Let’s say you’re focusing on gender diversity, it’s essential to look at the gender balance within your organisation first and how you can impact this from a hiring perspective. In Executive Search, you want to ensure that you’re providing a fair and inclusive process for all - a great way of doing this is through using data and analytics to steer it. 

This will also hold you accountable for your DEI efforts, and force you to look beyond tick-box exercises and instead use real evidence to drive your DEI initiatives forward.

Enables you to genuinely make informed hiring decisions

Whether you’re engaging an agency and using their data and analytics, or you’re relying on in-house methodologies, the bottom line is that leveraging data and analytics enables you to make informed hiring decisions. Whether it’s to help with DEI or it’s simply to ensure that you’re hiring the right people for the job - you shouldn’t rely on opinion or guesswork to lead your talent strategy.