Talent Intelligence Empowers HR on a Strategic Level
It seems like every third article I read relating to Human Resources is how top level executives want their head of HR to be a true business asset to their company. At the same time, I am sure most heads of HR would like a seat at the C level table to give their input and make a difference for the better of their company and employees. There have been many solutions offered as to how this should and can be done through talent management solutions; however it all begins with an essential piece of the puzzle that ensures real results occur and flow to the bottom line.
So let me get right to the point. It starts with real time data around the skill sets for roles your company needs to grow and prosper. Of course workforce planning is key in defining what the organization will need in the coming months and years, and from our experience, what is usually missing to support the workforce plan is knowledge on the realities of the talent market. As we have stated in previous blogs, most companies are able to efficiently fill 85-90% of their hiring needs through an internal team without too much trouble. The question is, are they hiring the best talent who represent active searching candidates, which is 17% of the total labor pool according to LinkedIn studies? As this question is critical and a great topic to be addressed in a later blog, I’ll stick to the point and data that for the 10-15% pivotal roles (hard to fill), you will spend six to eight times more money when having to engage a search firm. Plus, if you are only searching 20-25% of the potential labor pool, then there is a high degree of risk that a wrong hire will cost your organization a substantial and noticeable amount of money, time, and resources. So how do you identify the majority of the talent pool to capture the best talent and limit your risk? It begins with sourcing the entire talent pool and synthesizing mounds of data, analyzing the trends, and aligning the outcomes provide the insight your Talent Acquisition Team to build the right strategies and messaging for targeting talent. This proven approach is a straightforward process set up to understand the current market and examine all options to make the best hiring decisions and course of actions.
Here is one example of how this can empower your HR team to provide greater stategic value within your organization. For this example, let’s say your company is planning on opening a new facility and cost effective is a critical objective. Most companies have standard procedures that include, business development analytics, real estate options, and on down the list. However, very few do an analysis on the talent pool, current salary ranges, competitors (within and outside of your industry), and MAP out the results. Why?? Especially since the highest cost to a company is their employees. If HR could come to the table with this type of data and show what markets are the best for them to fill their pivotal positions, imagine the cost saving and the strategic value the information provides to the company when making decisions.
In today’s Talent Acquisition/HR market, things move faster than ever before. Real Time data is the key to making the right decisions at the right time. Speed to Value is what it is all about in today’s world of business.
Avancos Talent Intelligence can do all of this and more…. Talent Intelligence will allow internal resources to access, sort, and make sense of the raw data that is available to identify and source the entire talent pool. It increases their bandwidth, accesses 90% of the talent pool, and most importantly, allows them better insight into developing and executing an effective sourcing strategy. By utilizing organized market data, you can analyze what is trending like skill sets, compensation, and experience needed within your industry and competitors. In essence, Talent Intelligence is the light that shines on your talent market, relevant to you, and in real time. In the end, to attack and take on Pivotal Roles, increasing your bandwidth with a tool like Talent Intelligence allows better insight and decisions for better hires.