Small data is the holy grail of focused, decision-driven competitor talent intelligence
For well over a decade, big data and AI have been hailed as the key to collating talent intelligence in a digital world.
There are multiple solutions on the market currently for talent intelligence based on AI and big data, such as Horsefly Analytics and Talent Neuron. These tools mostly scrape big data sets from publicly available sources such as LinkedIn or online job notice boards.
This data can provide some broad insights into national labour markets and can help make global decisions, such as where to set up a new office based on the available talent pool, for example. The disadvantages being they can be very expensive and can have limited and inaccurate results.
What big data does not tell you about are people’s motivations and desires, such as if they are looking for a new role, what they expect from a new position, or which employers they could consider. They do not tell you how your competitors structure their teams, or where the top talent sits. They do not give you insights as to whether specific functions are growing or shrinking, or what big changes are on the horizon for competitors and people’s reactions on the uncertainty generated around that. They do not help you understand salary expectations, or a provide full salary and benefits breakdown.
This insight comes from small data.
What is small data?
- Small data is about people.
- It is data in a volume and format that makes it accessible, informative, and actionable.
- It is structured, focused, and easily interpreted.
- It deals with higher data quality with fewer errors and inconsistencies.
- It is well-suited for focused decision-making, where specific insights drive actions.
Small data for talent teams
All companies have access to internal small data - it’s the data generated by their everyday activities. For the talent acquisition team, this might include CVs, salary levels or skills taxonomies.
Business often missing out on collecting competitor data when their talent teams are speaking to potential candidates from competitor organisations and asking them questions about their role and responsibilities.
This small data can be leveraged to better inform hiring decisions, employee on boarding, employee retention, salary banding and so on.
Small data insights for talent intelligence
Talent teams can also be more proactive than collating already available data in their organisation. A talent intelligence team, or an outsourced talent intelligence specialist, can investigate, collate, analyse, and draw conclusions from the relevant data in a manageable format to inform specific talent decisions.
These insights include:
- Detailed organisational charts: these are the gold dust of talent intelligence, giving you access to detailed information on how competitors structure their divisions. This invaluable information isn't readily available online. Websites like The Org and The Official Board can be wildly inaccurate.
- Top talent identification: discover where top talent sits within your competitors, as well as details about their professional backgrounds and skills. This insight can only be acquired through networks and one-on-one conversations.
- Salary breakdowns: access detailed salary breakdowns, including all benefits. Unlike job postings that often omit salary details or provide only a range, this information will give you the precise salary offered upon placement.
- Talent attraction insights: understand talent attraction, employer brand perception, and employee value proposition directly from potential candidates. Learn what candidates are seeking in their next role and which companies they would consider for a potential move.
- Talent landscape analysis: explore where the best talent for your organisation is located, both regionally and within competing companies. Understand their availability and interest in making a career move.
- Talent due diligence: ahead of an acquisition or merger, equip your team with vital information about talent motivation, employer branding insights, and salary benchmarking in the target organisation.
- Real people's insights: access genuine insights, motivations, and thoughts from industry workers, providing valuable human-centric perspectives.
Small data for focused and informed decision-making.
Where generative AI produces generalised statements around large data sets focusing on mathematical trends, bespoke and unique interpretation on small data sets can provide people-centred, detailed insights and advice on specific talent matters for focused decision-making.
In an era where data reigns supreme, it's crucial not to overlook the significance of small data.