The Role of Talent Intelligence in Hiring and Growing a Skilled Workforce
Talent intelligence is transforming the global talent landscape of 2022, driving enterprises towards a more rewarding future. Organizations are turning away from traditional hiring and are using talent intelligence to hire for skills and capabilities instead. Skills have forever been a priority in hiring; however, limited by time, hiring practices have long used shorthand for skills, such as a college degree.
In 2022, continuing to rethink skill-based talent management will be essential for companies and candidates alike. These reworked requirements can capture the actual abilities needed for business growth. The talent landscape in 2022 is enabling HR teams to shift from showcased degrees to applicable skills, all thanks to technology. Talent Intelligence as a tool for workforce development is being rapidly deployed across global enterprises irrespective of industries they excel in.
Let us assess the role of talent intelligence in hiring and growing a skilled workforce.
The Need for Talent Intelligence
Talent Intelligence has provided us with insights into the ineffectiveness of the shorthand approach. It made us understand that credentials and job titles aren’t ideal for targeting key skillsets or the capability to acquire emerging skills.
Talent intelligence is based on employee data, global talent trends, and Machine learning algorithms backed by AI. However, the real power of talent intelligence is unleashed when people and machine come together to extract sharper insights from existing data.
This subtle but powerful combination of people and machine drives talent intelligence to new frontiers and enables companies to:
- Stay ahead of emerging labor market trends
- Make strategic decisions about talent
- Manage talent acquisition costs
- Reduce employee turnover
- Identify your urgent hiring needs
- Diagnose talent patterns across the organization
- Digital transformation
- Analyze compensation
- Improve productivity
- Build strong teams
Let us look at the different roles of talent intelligence in the creation, management, and development of a workforce in 2022.
Talent Intelligence in Recruitment
The last two years have led to the birth of the hybrid work model extensively being deployed by global enterprises. Due to this model, recruitment has taken the online route, and talent management teams are witnessing the rise in talent intelligence in recruitment.
In the next few years, discovering quality talent will entirely depend on a recruiter’s ability to automate their workflow and unearth insights into their talent pool. Talent intelligence is helping enterprises to utilize their time better, hire efficiently, shortlist accurately, and screen resumes without bias.
Talent intelligence in recruitment also enables enterprises to:
- Engage candidates by utilizing intelligent insights.
- Conduct onboarding as an experience to remember.
- Eliminate recruitment bias.
- Power D&I efforts by accessing insights from the global talent ecosystem.
- Match candidate intentions with business intentions and test compatibility.
In the coming years, talent intelligence will transform the global recruitment landscape by providing insights that will power the workforce of the future.
Talent Intelligence in Workforce Planning
Digital transformation, the pandemic, cultural developments, and the need for D&I have strongly contributed to the global talent shift we’re witnessing right now.
In today’s changing market, the workforce itself is arguably the most important tangible asset for most enterprises. However, despite its importance, there is a visible lack of planning in it.
Organizations aren’t sufficiently informed of the current or future workforce gaps resulting in the formation of an incompetent workforce today.
Talent intelligence in workforce planning is revolutionizing talent management and is enabling enterprises to take a leap further and enjoy benefits, including.
- Leveraging a 360-degree view of the talent ecosystem
- Forecasting and analyzing talent trends
- Incorporating D&I into the workforce
- Identifying any potential skill gaps and more.
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 that facilitate workforce planning the right way.
Talent Intelligence in Reskilling
Reskilling is the practice of self-learning or teaching staff to acquire new skills that will allow them to do different work.
Today, reskilling employees has turned into a priority if organizations intend to survive in the current volatile and uncertain business environment. It is agreeable that talent shortage is one of the biggest challenges of today, and reskilling is the way forward in a situation like this.
It maximizes production by increasing accuracy, quality, and productivity. This aids a company’s most significant potential by enhancing technical skills and increasing organizational resilience. Talent intelligence enables organizations to understand their reskilling needs and develop their plans accordingly.
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.