LinkedIn introduced a premium feature to its service late last year in an effort to help members compare data from various companies in the same industry. The Microsoft-owned professional networking site now wants to help human resource executives and other members gain real-time insights into talent-related data in order to make informed decisions by launching Talent Insights.
The feature was first announced in October 2017 and it contains two reports — Company and Talent Pool reports — providing data that can be used for peer benchmarking and retention analysis to university recruiting. In particular, there are five use cases that LinkedIn says will help members understand how to use these reports. One use case is sourcing strategy which will help talent professionals analyze the location and skills of their target talent using the Talent Pool report.
For HR departments that want to compare their company's talent data with that of their competitors, the Company report can provide competitive intelligence in order to formulate strategies and benchmark their workforce. Employers will also be able to examine the strength of their brand using the Talent Pool report, which provides insights into how talent engages with their company on LinkedIn.
Users can also take advantage of the combination of the Company and Talent Pool reports in workforce planning tasks in order to gain insights into various labor market trends including skill growth, relative attrition rates, and hiring demand. These trends can help companies understand their priorities, LinkedIn noted.
Finally, The Talent Pool report also helps companies identify locations where it is best to open an office due to the high volume of talent. It's interesting to see how the Talent Insights feature will help companies make talent-related decisions and boost their recruitment strategy.