The increasingly competitive and uncertain market of today is pressuring organizations to operate at a faster pace. As global enterprises compete to integrate new technologies into their stacks, the unavailability of adequate data is proving to be a roadblock for them.
The exponential talent gap, rising attrition rates, failed recruitment efforts, and emerging skillset are breaking obsolete talent management systems in place. Without adequate data, the talent management teams will have to tackle these challenges manually.
This is where talent intelligence comes into play.
What is talent intelligence?
Talent intelligence refers to the process of collecting and analyzing global talent data to extract insights on various facets of talent management useful to navigate present-day talent environment”.
This wealth of data enables talent professionals to make data-driven decisions around recruitment, workforce planning, and L&D initiatives.
Talent intelligence combines the best of micro and macro-level insights spread across industries, roles, and functions that simplify the talent ecosystem for talent professionals.
To explore more about talent intelligence, don’t forget to refer to this comprehensive guide.
Why Businesses Should Use Talent Intelligence
Stay Ahead of Emerging Talent Trends
The micro-targeted insights presented by a talent intelligence tool help talent professionals predict and prepare for emerging trends in the labor market.
With such predictive information in hand, talent stakeholders can adapt processes in time to ensure the company embraces change which prevents talent loss and boosts productivity.
Example: If modern work models could be predicted in the early stages of the pandemic, organizations could’ve adopted these models earlier and prevented mass layoffs or attrition.
Make Strategic Talent Decisions
Talent intelligence unravels global talent data in the form of insights that assist in a better understanding of the worldwide talent landscape. Not just that, one can also look inward and figure out their workforce dynamics and how they match up to this environment.
Doing this will provide you with data-backed insights you can refer to when making significant talent decisions.
Example: You can identify emerging skillsets and decide on L&D initiatives to reskill your employees for niche skillsets.
Manage and Reduce Talent Costs
Talent acquisition, development, and attrition costs, each associated with talent management, can be a hard hit to your business. Failing to manage these costs can be fatal to your talent strategy resulting in lower productivity and financial results.
With talent intelligence, you can identify what works best for you, how to pick the right channel, how to develop your talent affordably, and more.
Example: You can identify which channels attracted your best candidates, and you can choose to prioritize those channels and stop spending on other platforms.
Reduce Employee Turnover
High attrition rates are a major financial drain for any organization. On average, replacing an employee costs 30-50% of their annual compensation, which soars up to 150% for mid-level employees and to a whopping 400% for high-level, specialized employees.
Talent intelligence assesses turnover metrics like performance, compensation, and culture to identify what resulted in attrition and how to prevent it in the future.
Example: You can identify if salary had a role in the equation? Did the employee not fit into the company culture? Identifying sources of attrition will help you fix them before the next wave hits.
Identify your Urgent Hiring Needs
Talent intelligence can be used in monitoring your urgent hiring needs as well. You can utilize talent data from a talent intelligence tool to identify if you need extra manpower and what skillsets that workforce would need.
Since this data comes from globally targeted sources, the authenticity of this data enables data-driven decisions based on global trends.
Example: You can identify who’s most likely to leave or retire and create a gap. You can further identify new talent to fill this gap using data.
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.