The benefits of using LinkedIn Talent Insights for talent sourcing

Talent acquisition experts must comprehend the external job market and their internal workforce more than ever. To stay competitive, recruiters can research the origin of top hires and the most rapidly growing skills in a specific industry. This can aid recruiters in discovering fresh candidate pools to source from, and other market information can assist them in identifying the candidates most likely to respond to their outreach efforts.

In the past, conducting this kind of research involved sifting through reports, statistics, and data that could be incomplete or outdated by the time they were published. LinkedIn Talent Insights, introduced in 2018, is a talent analytics platform that provides recruiters with data from over 575 million professionals, 20 million businesses, and 15 million active job listings worldwide.

With LinkedIn Talent Insights, talent professionals can readily access abundant market data and insights, but knowing how to utilize them effectively is essential. By utilizing reporting features, recruitment experts can obtain distinctive data sets that can assist with peer benchmarking, competitor analysis, and even determining the location of a new office.

What is LinkedIn Talent Insight

LinkedIn Talent Insights is a talent intelligence platform that empowers you to make smart workforce and hiring decisions. LinkedIn Talent Insights enables talent acquisition professionals, analysts, and company leaders to make informed business decisions by providing data-driven insights. This platform enables them to engage in more strategic talent recruitment and management practices.

Talent Insights converts data from LinkedIn user profiles into distinct data points, which are then standardized and consolidated for macro-level comparison. LinkedIn Talent Insights is advantageous for companies seeking to expand and scale quickly without dealing with the complexities of hiring and onboarding. This platform assists in filtering through candidates, allowing you to concentrate on selecting the most suitable individuals for the job.

LinkedIn Insights encompasses two report functions: the Talent Pool report and the Company report. These reports provide recruiters access to distinctive data that can aid in competitor analysis, peer benchmarking, and other tasks.

LinkedIn Talent Insights Top Business Use Cases

The Talent Pool report and the Company report are two report functions included in LinkedIn Insights. These reports offer recruiters exclusive access to data that can assist in competitor analysis, peer benchmarking, and other related activities.

1. Sourcing strategy: See where talent is and where it’s going to optimize recruiting efficiency

Gaining knowledge about the talent you wish to hire, such as their location, current employer, and skillset, can significantly improve your recruiting efforts. The Talent Insights Talent Pool report offers comprehensive insights into your desired talent pool, which can be highly beneficial.

For example, you require a product developer for the consumer goods sector. Upon creating the report, you'll receive an overview of the total number of professionals with a product development background and the primary cities where they reside.

2. Workforce planning: Understand labor market trends, including skill growth, relative attrition rates, and hiring demand to determine how to build and grow your teams

To facilitate workforce planning, you can use the Company and Talent Pool reports to comprehensively understand labor market trends. This information can assist in identifying your company's priorities.

To begin, the Company Reports can be utilized to ascertain the locations, roles, and skills experiencing the most significant growth within your organization. Additionally, you can utilize the same approach to identify the same factors for your competitors. As an illustration, you may discover that a rival firm is recruiting for an emerging skill within their product development team at a quicker pace than you. This could indicate that you need to hasten your hiring process for that skill and cultivate the talent you currently have.

Moreover, the Talent Pool Report can be employed to compare your company with industry standards. As depicted in the example below, the Consumer Goods industry's fastest-growing skill for product development is "analytical skills”. You can compare this to your company's growth in that skill area to determine whether you may be leading or lagging in the market.

3. Competitive intelligence: compare your company to peers in your industry

The Company Report can provide you with valuable information on the talent in your company and your competitors, which can aid you in making more strategic decisions.

Suppose your competitor is called "Company X". By generating the Company Report, you can access a comprehensive overview of Company X’s workforce composition, talent flow, attrition rates, skill inventory, employee education, and other relevant information.

You can access more detailed information by exploring each tab of the Company Report. This will provide comprehensive insights to guide your competitive strategy and help you compare your workforce against industry benchmarks.

By analyzing data from the Company Report, you can better understand where your company stands about your competitors, allowing you to make informed strategic adjustments.

4. Employer branding: Understand how different audiences are engaging with your employer brand

Knowing the strength of your employer brand and what is important to potential candidates can give you a competitive advantage in finding and hiring talent more efficiently. LinkedIn Talent Insights can provide insights into your brand's relative strength and the factors that matter most to your target talent.

The "Employer brand" tab in the Talent Pool Report provides data on how talent interacts with your brand on LinkedIn. This includes metrics such as the number of updates clicked, visits to the company page, the company follows, and job views.

This tab in the Talent Pool Report provides insights on how talent interacts with your brand on LinkedIn and helps you gauge your chances of attracting talent within a specific talent pool. By understanding what matters most to your target audience, you can develop messaging for campaigns that resonate with them.

5. Geo-location decisions: Quickly identify the markets with high supplies of key talent to make decisions about where to open a new office

The Talent Pool Report provides useful insights for making important decisions, such as determining the best location to establish a new office.

The Talent Pool Report can provide valuable insights into making decisions about opening a new office. To support expansion, you can use the "location" tab to identify countries, regions, or cities with sufficient talent in your core job functions. You can also assess the demand for the same talent in that region to determine how competitive the labor market is.

Using the Talent Pool Report, you can utilize the "employer brand" tab to evaluate the strength of your brand in that region to help determine if you can successfully compete with other top employers in the market. You can also examine the "company" tab to identify the leading employers in those areas to determine if you can challenge them.

With the availability of talent intelligence, there are numerous ways you can leverage Talent Insights to make informed decisions and prepare for the future. These use cases mentioned above are just a few examples that demonstrate how Talent Insights can help you make data-driven decisions and eliminate uncertainties.

Top Benefits Businesses should Leverage from LinkedIn Talent Insights.

As we delve deeper into the usage of LinkedIn Insights, we discover more and more advantages. If you contemplate incorporating LinkedIn Insights into your marketing strategies, you could enjoy some of these benefits.

1. Content that is specifically tailored to a particular audience or demographic

Creating effective content is critical, and it remains a challenge to master. Regrettably, there is no definitive guide to crafting precisely targeted content. Our best option is to get as near as feasible and do our best.

LinkedIn Insights can assist us by providing information on what our audience is interested in learning more about and what they prefer to avoid. We can gain insight into our audience's preferences by analyzing data on the most and least engaged content.

Additionally, LinkedIn Insights can be utilized to examine competitors' strategies and gain insights into their approaches. This knowledge can then be applied to create original and distinct content.

2. Improved Retargeting

In the marketing industry, it is widely understood that a retargeting advertisement is exceptionally valuable. Retargeting entails identifying individuals who have recently interacted with your content but did not take the intended action.

For instance, you may have provided a free e-book in exchange for an email address to expand your email list. If someone clicked on the e-book ad but failed to submit their email, you could use retargeting to show them another advertisement.

Retargeting campaigns are highly effective because the potential customer has already shown interest and engagement with your brand. They are familiar with your brand and have enough trust to click on your link and visit your website. As a result, retargeting ads can have a click-through rate (CTR) that is ten times higher than a typical advertisement.

3. Increased Employee Retention

Many hiring managers utilize LinkedIn to locate and evaluate potential candidates in their field. As candidates' qualities and abilities evolve, keeping up can be difficult. One effective method for gathering information on potential candidates is to examine groups of candidates on LinkedIn to gain insight into their backgrounds and expertise.

Comprehending the characteristics of job applicants can aid in identifying the most suitable ones. If your goal is to expand your company by recruiting new employees, utilizing LinkedIn Insights can assist you in identifying the top candidates without going through the trial-and-error process, which can be time-consuming.

4. Remain up-to-date with current trends

In addition to gaining insight into potential candidates, LinkedIn Insights also enables you to understand customer preferences. By analyzing follower insights and trends, you can identify common characteristics among individuals who follow your company and track trends in which large groups of followers are interested.

For instance, if you operate an e-commerce store that sells politically-themed gear, accessories, and clothing, your popularity would typically be higher during election years than in the intervening years.

In the lead-up to the election, you can utilize LinkedIn Insights to determine which trends are of the greatest interest to people, which pages they follow, and which content they engage with the most.

5. Harness diversity for meaningful targets

LinkedIn Talent Insights can help you evaluate the diversity of the talent pool from which you are currently sourcing. Considering diversity during the sourcing process enables you to make more strategic decisions. By expanding your recruitment efforts and improving opportunities for hiring diverse talent, you can better align with your organization's diversity goals. Real-time data provides insight that can aid in establishing meaningful targets and breaking down information for better hiring decisions.

Determine the typical length of time candidates remain in a particular role and then engage with candidates who fit this criterion. Create a focused list of candidates that you intend to cultivate and engage with, saving time and resources by avoiding those who are not interested.

Final Thoughts

Although data is crucial, it's not solely about the data itself. The true value lies in how you interpret the data and transform it into actionable steps to enhance your business, and this is what LinkedIn Insights offers.

Suppose you find yourself regularly hiring new employees and struggling with turnover. In that case, the issue may not necessarily lie in your onboarding and workforce development process but rather in your talent acquisition efforts, which can be costly. By using talent insights, it's important to acknowledge that not all qualified candidates will be a good fit for your company. Through the utilization of talent insights, you can gain an understanding of industry trends and how skillsets are evolving.

Despite being a powerful B2B platform, many businesses are not fully exploiting LinkedIn's potential. If you are thinking about experimenting with LinkedIn Insights, HireQuotient with its new product EasySource, can offer guidance on utilizing your LinkedIn business profile effectively to optimize your results.