Talent Management: the latest weapons in the war for talent
Get ready for a shock. I hope you’re sitting down. You know how important talent management is to HR? In fact, it’s pretty much the whole point of HR, right? Yet research by ADP find that only 8% of HR’s time is devoted to talent management. Only eight percent! Or to put it another way, if 92% of HR’s time is NOT focused on talent management, then what are they doing?
The global workforce reality
According to a survey by Harvard Business Review, almost 60% of respondents said they work in an environment without a culture of quality, especially when it comes to having peers who go “above and beyond.” Gallup believes that only 13% of the global workforce is highly engaged, and Glassdoor research shows that only half of all employees would recommend their employers to their friends.
Unfortunately, employers have failed to keep up with the rising tide of employee expectations. There’s an ever-widening gap between recruiters and job seekers regarding the tools they use and the user experience. Many employers for example overestimate how well their current processes meet jobseeker expectations. While 46% of recruiters feel their current process of tracking applicants “works well,” a pitiful 16% of job seekers agree.
Such companies are in serious danger. Global economic forces are having a significant impact on growth. Finding the right talent is getting harder. Business leaders more than ever need HR to think strategically and support the business, and that means a heavy focus on talent management.
Manage talent with data-driven technology
Most businesses are not short of talent, but with 37% of companies’ data left sitting in Excel or similar types of databases, they often don’t know where the best talent is, or how to move it to the right place. Selecting top talent and succession strategies in the current climate means satisfying a multi-generational, culturally diverse and largely disengaged talent pool.
If an organisation can’t be bothered to properly manage its talent, then rest assured the talent won’t hang around for long.
The global talent pool now has bigger demands and higher expectations, so attracting, aligning, retaining and developing this new workforce is about becoming a brand of choice. In order to meet their needs and wants of existing and potential employees, and to create learning initiatives and performance management programs that actually work, companies need data-driven insight. Analytics leads to more customised attraction and retention programmes, and enables you to make more strategic decisions. You might discover, for example, that non-financial rewards are increasingly valued by employees. Indeed Millenials are often more interested in having a range of experiences rather than a career.
The importance of tools such as video conferencing technology, online communication hubs and file sharing will only become more important in facilitating teamwork between remote workers and across time zones.
Nurture employees relations with innovative platforms and tools
The good thing about talent management nowadays is that it’s really easy to ask employees what they want. Gone are the days of staff suggestion boxes stuffed in the corner of reception. Now new tools for employee feedback and communications can be adopted. Talent communities for example: online communities for candidates and employees, allowing recruiters to nurture prospects until a match can be made, sharing company updates and information on openings with a ready-made talent pool.
And as high-income earners join young job seekers on social media platforms, employers can optimise their social messages to build talent pipelines and provide more information to candidates. Using candidate relationship technologies, recruiters can now nurture conversations with employees and job candidates. This requires effort from recruiters and managers to create a network, develop the relationships and content to keep members engaged and interested. Such effort can be made a lot easier by engaging with an expert partner with ready-made cloud-based systems. But it is effort that will be paid back many times over.
For more talent management insights read our latest report “Digital Talent Communities Toward a Community Powered HR”.