Leveraging Decision-making tools for Talent Management
Today, modern leaders understand the importance of strategic talent management in managing risk, driving successful business outcomes, and future-proofing their organizations against potential talent shortages.
Whether it’s automating laborious tasks or analyzing a mass of analytics, technology, and data-driven processes are transforming every aspect of modern talent operations.
Traditionally, a limited amount of data was analyzed by a group of people to arrive at a decision; however, this posed a threat to the applicability of the decision. Since it was human beings arriving at a decision, chances of subjectivity and error in data could be a reality and prove fatal to the organization.
Today, the global business ecosystem is witnessing a shift from traditional decision-making to data-driven decision-making. Global leaders now understand that data, as numbers and words, isn’t valuable until they can derive insights that are crucial to decision-making.
This realization has led to the introduction of a new term called “talent intelligence,” a unique combination of intelligent technologies and a supporting tech stack that gathers, analyses, and interprets talent data for the end-user.
Talent Intelligence has distinguished itself as a central aspect of intelligent recruiting, with more and more organizations utilizing it for faster and better talent management.
This article explores the possibilities of talent intelligence as a decision-making tool for effective talent management.
Talent Insights for Data-driven Decision-making
Talent Intelligence helps organizations get unparalleled access to global talent data and insights based on chosen locations and skillsets. Organizations harness the ability to discover global talent hotspots, learn skills architecture and empower their managers to make data-driven decisions.
By understanding the global talent scenario, organizations can craft the best future-focused workforce plans and evolve faster than the emerging trends. Organizations utilizing this data also predict the upcoming market trends.
A suitable example for this could be the application of talent intelligence in hiring initiatives and extracting global talent, especially during an ongoing talent war.
Future-proofing your Workforce
In the post-pandemic business ecosystem, the workforce itself is arguably the most important tangible asset for most organizations. Yet, despite its importance, it is often not carefully planned, measured, or optimized. The global talent landscape is shifting faster than ever. Modern-day workforce planning has changed being facilitated by various factors including digital transformation, the pandemic, cultural developments, and the need for D&I in place.
Workforce planning, in a nutshell, is the analysis and planning for the future of your workforce by assessing potential talent gaps in the organization, ensuring proper talent management is in place, and finding the right fit for each role.
Workforce planning powered by talent intelligence is helping enterprises:
- Leverage a 360-degree view of the talent ecosystem
- Forecast and analyze talent trends
- Track their competition and their talent strategies
- Access global talent insights and understand the talent scenario of the market.
- Incorporate D&I into the workforce
- Estimate costs and track workforce plans
- Identify any skill gaps and prepare to bridge them
With the help of AI-backed talent management tools, modern HR leaders have started to utilize global talent data, organizational workforce metrics, and predicted trends to make better workforce decisions.
Diversity & Inclusion for a better workplace
Diversity and Inclusion (D&I) is increasingly becoming irreplaceable as organizations look to create a more reflective work environment of the current demographic progression.
D&I has always been looked at as compliance or a program undertaken to run business operations, but the current scenario positions D&I to be more important to business than it was considered before.
The idea is that each employee brings a different set of perspectives, thoughts, beliefs, and ideas, which help employers harness different views over various business challenges and opportunities.
It is essential to understand that implementation of D&I in organizations does not happen overnight. Instead, it involves a series of operations from removing unconscious bias to strategically steering key stakeholders’ thoughts, emotions, and behaviors to attain exceptional outcomes.
But before any of these measures can be implemented, stakeholders need to carefully audit their current D&I scenario to develop a holistic strategy. This is where talent intelligence comes in.
Talent intelligence helps organizations craft a good D&I strategy that is directly connected to their workforce plans and talent management initiatives, making the decision to implement D&I more solid and relevant to the company.
Learning and Development
COVID-19 has thrown a daunting challenge to companies – an accelerated digital transformation timeline for all. At such a time, reskilling employees has turned a priority if organizations intend to survive in the current volatile and uncertain business environment. One of the most crucial aspects of talent war is the talent shortage, and reskilling is the way forward in a situation like this.
With fast-moving economies and rapidly changing business ecosystems already being witnessed, reskilling using traditional methods can result in slower transformations, taking more time than usual and leaving less for actual work.
Talent intelligence helps organizations understand their reskilling needs and develop their plans accordingly. Especially at a critical time like this, organizations need to take reskilling as an organization-wide initiative.
By leveraging data from over 8000 data sources, Draup has extracted and analyzed data of over 4500+ job roles, 2500+ locations, and 100,000+ courses spread over 33 industries. It has also analyzed over 4Mn+ career paths and 30,000 skills and has it all in its extensive database. Talent Intelligence platforms such as Draup enable talent management teams to utilize and work around all the pillars we discussed above.