Ecosystem: Talent development strategy
As part of our Digital Talent Development ecosystem, inhouse companies and multinational countries have a goal of developing pool of ICT talents. Companies are discovering and managing talent globally for every role hired automatically finding highest converting, best fit talent from internal, external, passive, and the extended workforce.
Managing talent may fall under the umbrella of Human Resources, but its impact is felt by the entire organization. Hiring accuracy, decreasing time-to-fill, and retaining talent are integral to an organization’s bottom line and speaks to the overall health of a company.
The importance of talent intelligence has grown more than ever in response to how COVID-19 has changed HR technology. A chief human resources officer (CHRO) or chief people officer (CPO) is a corporate officer who oversees all aspects of human resource management and industrial relations policies, practices and operations for an organization. As global organizations race to add new digital technologies to their stack, CHROs and HR teams are increasingly indispensable as the leader of the employee experience. These technologies are imperative for how talent strategy will remain competitive in the changing world in response to COVID-19. The pandemic has forced many people to re-evaluate their work and the war on talent has become increasingly competitive, with millions of people quitting due to burnout, return to office, and work-related stresses.
When leveraging Talent Intelligence, organizations are using a data-backed approach for engaging with workforce, across the employee lifecycle. Workforce strategies need to be aligned with business strategies to create a cohesive ecosystem.
With the power of machine learning, automated processes, and the ability to visibly connect data points, recruiters can evaluate data on a granular level for faster and more accurate hires. Global organizations are adopting and adapting to new technologies at a greater speed than ever before if only to keep up with their competitors.
Talent intelligence gives enterprise organizations a competitive advantage for every aspect of their talent strategy. From attracting to hiring, and developing and retaining talent, people are organization’s most valuable asset. HR leaders can better predict talent acquisition and development needs and make strategic decisions at an enterprise level. Gain better visibility into the strengths of total talent pool, as well as notable gaps in skills.
Map out talent strategy in advance with succession plans, prospective teams for upcoming projects, and potential leaders to develop. Better understand why people leave organization and why others stay. Was it related to the role itself or company culture? Employee churn and replacement is expensive, especially for replacing specialized positions.
Diagnose talent patterns across organizations. Objectively measure workforce demographics to create actionable insights into the future success of organization. Talent intelligence tools can also identify inequity in everything from payroll to promotion opportunities to help create actionable policy changes.
Talent management data can provide managers with an objective environment to better understand their workforce’s intersecting demographics. By leveraging their own insights, HR leaders are developing efficient and fair policies for shortlisting new candidates, upskilling, career pathing, as well as fostering diversity, equity, and inclusion —all important facets of the global organization.
Top organizations are built with a diverse group of capable and talented people. With the support of artificial intelligence, management team will have the tools to make more accurate, efficient, and fair talent decisions.
Where candidate and employee experience require a new level of detail, talent intelligence can illuminate the areas that organization is vulnerable to losing top talent and improving upon the entire employee experience.
Are organizations ready to digitally transform understanding of workforce? In under developed country like Nepal this transformation process is difficult. Look forward to the direction Talent Intelligence is moving and learn more about the type of data talent acquisition leaders are leveraging to transform their organizations.
AI will continue to influence the recruiting technology landscape. While AI has helped automate many core recruiting tasks, the war for talent has become harder, more complex and more expensive. Navigating this sea change will require both recruiters and recruiting leaders to develop new skill sets and add more company value beyond hiring. Forward thinking talent leaders are looking for ways to increase their function’s contribution to the company. One key competitive advantage that is being embraced by some of the most successful companies in the world— including Google, Intel, Facebook and Microsoft— are talent intelligence teams.
Talent intelligence as a strategic advantage
Let’s explore how talent intelligence teams add value, how to identify and hire the right people for team and support their success with the right tools.
There are strategic teams that help companies in three core ways: creating talent driven location strategies, understanding competitor footprints, and identifying new and emerging talent threats.
Location strategy is one of the core areas in which talent intelligence teams can add value. While often times recruiting is brought in to hire talent for a new location after it has been decided, a talent intelligence team ensures that expert has a seat at the table before a location is decided or debated. By supporting location work with actual data on talent market availability. These teams help companies make better location decisions by analyzing whether the talent they need to hire even exists in the markets that executives may be interested to expand into.
Some of the most compelling examples of adding value through location analysis are related to diversity. Simply by combining availability of key talent pools by geography with publicly available census data, companies are able to prioritize which locations are more likely to help them meet their diversity hiring goals.
Similarly, talent intelligence teams can often add significant value by mapping out the talent footprint of all of your competitors. By understanding which geographies competitors are hiring in and whether they are hiring for new types of talent to extend to a new market, a talent intelligence team can deliver significant value not only to recruiting, but also with regard to corporate development, mergers and acquisitions, and executive functions, as well. Often times there can be great value in helping company decide where not to go based on lack of talent availability as well.
Many talent intelligence teams also focus on providing value by mapping and tracking talent flows both with their own company and at those of competitors. Being able to understand that a particular function within your company may be shedding talent to a key competitor, or that people have been over-hiring from a particular company are valuable insights that are often missed by expert teams without talent intelligence.
Further value is also unlocked by connecting the research that talent intelligence teams deliver to the core recruiting work that is done by recruiting and sourcing teams. By moving to a data-based approach that’s supported by actual market data and tracked over time, companies can more effectively source and ultimately hire the right talent at scale.