Consolidating talent intelligence: How to accelerate possibilities with new technology
New technologies are rapidly transforming the field of talent intelligence, enabling businesses to gain deeper insights into their workforce and external talent markets. From artificial intelligence and machine learning to predictive analytics and talent marketplaces, new technologies are opening up exciting possibilities for consolidating and analysing talent data.
Talent intelligence refers to the collection, analysis, and application of data related to an organisation's workforce, as well as the talent pool available in the external market.
Consolidation of talent intelligence
By consolidating talent intelligence, organisations can gain a comprehensive view of their talent landscape and identify talent gaps, potential areas for improvement, and opportunities for growth. This can help businesses make informed decisions regarding their workforce, optimise their talent management processes, and ultimately, drive better business outcomes.
Without a consolidated approach to talent intelligence, organisations risk missing out on critical insights that could make all the difference in their success. But it isn’t easy.
According to the Accendo – People Matters Study on the State of Talent Intelligence, 9 out of 10 companies say that consolidating talent intelligence is important. But nearly all note that it is challenging to do so.
And 52% of the companies say they find consolidating talent intelligence extremely challenging or quite a challenge, while 69 % say that such consolidation is either extremely important or quite important.
The current challenges
Consolidating talent intelligence data can be a complex and challenging process for organizations. One of the primary challenges is the sheer volume of disparate sources of talent data that may exist across an organization, such as HR systems, performance data, and recruitment data.
Additionally, limited visibility into external talent markets can make it difficult to gauge the availability and demand for certain skills and roles. Another challenge is ensuring the completeness and accuracy of talent data, which may be impacted by manual data entry, inconsistent data collection, and data silos.
The lack of a unified talent strategy can hinder efforts to consolidate and analyse talent data effectively. Addressing these challenges requires a strategic and holistic approach to talent intelligence that leverages new technology and best practices.
The importance
Consolidating talent intelligence with new technology requires a systematic approach that integrates talent data from disparate sources and leverages cutting-edge tools and techniques for analysis.
Organizations should define their business goals and talent strategy to ensure alignment with their overall strategic objectives. They should establish a unified talent data platform that integrates data from multiple sources, provides a single view of talent data, and ensures data accuracy and completeness. Here are three areas where it can be applied.
Recruitment and onboarding: Talent intelligence can be a valuable tool in the recruitment and onboarding process. For example: While improving candidate experience, talent intelligence can provide insights into the preferences and expectations of job seekers. Recruiters can use this information to tailor their communication and job offers to candidates' preferences. Similarly, it can enhance the onboarding process by analysing data on the skills and experience of new hires; organisations can identify areas where additional training may be needed or areas where new employees may be able to contribute immediately. Intelligence can be used to streamline the process such as sourcing, screening etc.,
Learning and development experience: Talent intelligence can be used to create a more effective and efficient learning and development (L&D) program. For example, talent intelligence can be used to identify skill gaps among employees. This information can help L&D teams design training programs that address these gaps and improve the skills of employees. It can also help in understanding individual employees' learning preferences, such as preferred learning styles and formats. This information can be used to personalise training programs and make them more effective. It can also help measure learning outcomes and support the mandate to build a learning culture.
Performance management: Talent intelligence can be a valuable tool in performance management. It can be used to set performance goals that are aligned with the organisation's strategic objectives. By analysing employee skills and performance data, organisations can identify areas where employees need to improve and set clear, measurable goals for performance improvement. Intelligence can also be used to monitor employee performance by tracking performance data, identifying patterns impacting performance and also for providing pointed qualitative feedback.
Predictive analytics can be used to identify talent gaps and predict future talent needs based on current data trends. And talent marketplaces can be leveraged to find and access external talent with the required skills and expertise. Digital transformation initiatives such as automation and process optimisation can be implemented to streamline talent management processes and increase efficiency.
You can learn about talent intelligence's current state by downloading a first-of-its-kind research study. Here’s what you will learn from this report:
• The top priorities for HR across South East Asia
• The key talent-related challenges that HR teams are navigating
• The top opportunity areas that HR teams need to reflect on
• SEA HR expert voices on how they’re thinking about talent and technology