August 29.2018, 8.47am
How technology can help transform your Talent Management strategy
Supporting the success of top talent within an organisation is a simple recipe: “…Turn data into information, and information into insight.”
The quote from Carly Fiorina, former CEO of Hewlett-Packard, makes workforce management seem easy. Of course, anyone who has been around leadership knows that it’s a complex process – and it can fall apart if you aren’t well prepared.
CoreHR’s Smart Talent Expects report found that 70 percent of workers feel like they can’t reach their full potential in work, while only 36 percent believe that their organisation has helped them to develop a clear career path. Actionable intelligence curated by advanced analytics and intuitive dashboards are helping companies both large and small to better understand their teams. With more information at their disposal, they can improve their talent management strategies, keep high performers from leaving the company and build comprehensive professional development systems.
If your talent isn’t properly managed, they’re going to defect to your competitors. However, technology and talent management have the potential to be the solution.
Talent analytics in the modern enterprise
Innovative organisations are spearheading talent development strategies that turn their best performers into difference-making assets – and, crucially, drive bottom-line results across the board.
“The work of HR is going to change so it’s much more speed focused,” Rik Kirkland, senior managing editor of McKinsey Publishing, said. “And I think HR can become an operation that actually creates speed relative to competition by being able to reduce drag.”
It’s a prevailing line of thought that has generated action across the globe in forward-thinking companies. Nearly 7 in every 10 businesses view talent analytics as a core component of their operations strategy moving forward, according to Deloitte’s 2017 Human Capital Trends report.
But research has revealed there’s a profound disconnect between investing in talent analytics, and actually having the ability to drive change. Only 1 out of every 10 companies has a grasp on which metrics correlate most closely with performance – or, where tangible impacts would be felt across the business if improvements were made.
Currently, over 70 percent of UK employees aren’t engaged with their work, according to research conducted by the Organisation for Economic Cooperation and Development (OECD) – a potentially massive problem for HR teams around the country.
Making talent management simple
Despite the fact that analytics are objective by nature, metrics aren’t always clear-cut. Every portion of the business can generate evidence that supports an insight, but finding the right figures is a challenge in its own right.
“Gaining visibility within the workforce is critical to driving positive outcomes from data,” Dean Forbes, CoreHR CEO, says. “If your analytics aren’t supporting a birds-eye view of operations, leadership will be bound to a silo – and nobody benefits from a situation like that.”
CoreHR’s talent management solution makes it easy for HR leaders to collect data across the business and generate reports on easy-to-view dashboards to track the progress of each individual employee. Using proven metrics that translate performance to insight, managers can support the professional growth of top performers and identify people who are most likely to leave.
At the foundation of a Talent Management process sits a competency level program. The tool takes into account a variety of data for every team member that fuels algorithmic models which track competency against:
- Other team members in the company.
- Similar positions and titles across the industry.
The competency level solution can also play a key role during reviews and can be used in tandem with CoreHR’s 360 Feedback function. The talent management feature puts power back into their peoples’ hands, letting them follow their development in the business through an easy-to-use portal that’s available on mobile. With the 360 Feedback feature, fellow colleagues and managers can deliver feedback to help high performers and underachievers identify professional areas to improve.
The reports generated from the tool can provide managers and HR leaders with objective insight, as opposed to subjective praise or criticism. This results in employees feeling more engaged, as they’re able to track their performance over time and see how the changes are influencing their ongoing feedback.
Ultimately the data provides visibility, and that transparency allows HR teams to use powerful predictive analytics tools to better understand the workforce. Employees that are at a high risk to leave, for example, can be identified through algorithms that take into account proven industry factors – for example, failing to sign up for long-term benefits, or an abnormal amount of time off.
Furthermore, businesses can fuel their analytics even more by deploying consistent employee temperature checks. The anonymous questionnaire helps leaders better understand the positives and negatives of the current corporate environment, and how they can make improvements to the organisation’s career management strategy.
CoreHR helps businesses invest in talent management
Overcoming resistance from management to embrace big data can be tricky; integrating HR and talent analytics without top-tier data science talent has never been easier. Comprehensive cloud-based platforms like CoreHR empower companies to collect disparate data from across the business to support key talent management initiatives.
With real-time reporting and intuitive dashboards, enterprises have been able to wave goodbye to spending hours on spreadsheets and instead can focus their attention on improving operations. They’re able to figure out what makes the workforce tick, how to make that experience better and how it can foster people’s professional development.
Reduce churn, develop a better company culture and keep employees happy – and all with CoreHR’s integrated software. In many ways, it couldn’t be simpler.
By David Scully