In a recent study conducted by McKinsey called the ‘McKinsey Global Survey: War for talent 2000’, it has been found that top performers are 400% more productive than average ones and this gap rises with a job’s complexity, with top performers being 800% more productive. This shows the importance of talent management for top executives in organizations today. Talent management is the science of anticipating the need for human capital and then coming up with a plan to fulfil it.
The whole process of talent management is quite complicated as it doesn’t end with just hiring. Today organizations need to retain and develops their employees, consider how they fit into the company culture, how they contribute to the larger business goals and grow with future plans.
Many organizations continue to confront this challenge of hiring and retaining talent by adopting a reactive approach, wherein they rely heavily on outside hiring. The other approach is to bank on forecasting and succession planning. However, these methods have been a failure today because the business environment is quite volatile.
Why Talent Management is an Important Business Strategy
Talent Management is a vital business strategy for any business because it has been fully retained within the processes related to employees of the business. Today companies trying to achieve digital maturity are adopting advanced analytics to improve how they identify, attract, develop, and retain talent. It is the managers with a reporting staff who still have the job of attracting and retaining talent. As a result, companies are making use of advanced analytics to help them unlock the power of data, consequently increasing rigor, reducing bias, and improving performance.
How to Improve the Talent Management Process
Companies that are already using advanced analytics to hire and retain people have identified various benefits. Here is a list of such benefits:
With analytics, you get to dig deeper and uncover the issues that impact organization-wide performance. Managers can apply such insights to their recruiting practices and talent-development strategies and address distinct performance gaps.
With analytics companies can harness professional data available publicly to find new sources of recruitment, compare the workforce with competitors, and identify potential employees for key roles.
Advanced analytics helps in recognizing characteristics associated with successful hires and apply strenuous methods to assess candidates for those characteristics. The result is a quicker process and a varied set of hires with an improved likelihood of success.
With 3i Infotech’s analytics and business intelligence services, companies can make the most of hiring and retaining talented individuals. 3i Infotech has allied with industry leaders and data warehouses to help companies stay a step ahead of the competition.