Acquiring exceptional talent is the first step to building a foundation for business success. However, recognizing true talent is not always possible with a glance at a resume or even a sit-down interview. It may not even be completely evident after a person is hired. Some skills are not recognized or understood until the person is placed in the right situation or given the opportunity to use them.
This is why talent analytics is essential to improving the culture of a company and helping your team members to grow and succeed. Talent analytics uses the concept of big data and applies it to the people within an organization. By gathering and monitoring information related to productivity, skill development, and engagement, talent analytics can help business owners lead their employees more effectively.
Here is how you can introduce this kind of system into your company to improve the workplace and help your team members come into their own.
Define Your Model Employee
Talent analytics can help you define the exact type of employee that will fit into your company by breaking down the exact skills (both technical and interpersonal ones) necessary. For example, a telecommunications company used this technology to measure the qualities that their current successful employees had. Then, they used this information to create a model of what the next hire should ideally look like.
They found that their best workers had logical thinking skills, were detail-oriented, and competitive, so they made sure that their next hire fit the bill.
Whenever you are looking for a new employee to come onboard, it is imperative that you know the exact skills and talent they must possess to fill the available role. This can be more complicated than just listing off the basics on a job description. Yes, the ability to handle the day-to-day tasks of the position are necessary, but there may be some skillsets that could make all the difference in how well a new team member meshes with the company.
Gauge Career Trajectory of Each Position
Talent analytics can help your business create the kind of career opportunities within the company that attracts the best talent. According to an MRI Network study, one of the most important things that job seekers look for in a business is advancement. However, when recruiters are meeting with candidates, it may not always be obvious if that person has what it takes to move their way up in the company.
Talent analytical systems can be used for the purpose of identifying the kinds of talents and skills that each person has that could signal leadership potential. For example, Harver, an AI-powered “smart” recruiting system, enables businesses to create personalized assessments to measure aptitude in various hard and soft skills necessary for career advancement in each position. These assessments give both the recruiters and the candidates the information they need to properly evaluate whether or not they would be a good fit for the company.
Qualities like strong communication skills, leadership abilities, and even personality traits like humility and extroversion can be accurately measured to show recruiters if the candidate has what it takes. By using talent analytics to identify these types of qualities, managers can accurately map out the ideal trajectory for each position in the company.
Talent analytics not only measure and identify the skills of potential employees but also of the ones currently in the company. By tracking productivity, output, and even enthusiasm, these systems can work to gauge the atmosphere of the office and uncover any obstacles that could be diminishing engagement.
Engagement analytical systems help managers understand what motivates (and demotivates) workers. Workify is a tool that uses a combination of big data analytics along with feedback surveys to get an accurate representation of the engagement levels within the office. From there, Workify seeks to uncover the root of the issue to help leaders come up with solutions to anything slowing down success.
In order to maintain a healthy culture in a workplace, leaders must be able to recognize any obstacles that are standing in the way. Positive work environments and employee engagement go hand-in-hand, but some roadblocks can be deadly to a growing business.
Understand Reasons for Turnover
Understanding the reasons why employees left your company can help leaders design strategies to prevent high turnover in the future. Talent analytics can identify the causes of employee turnover and even predict whether or not an employee is likely to leave any time soon.
For example, Visier uses predictive analytics to track key data points like engagement and productivity to evaluate if that employee is at risk of leaving. It also tracks the specific factors and metrics that lead to both turnover or loyalty. With this information, managers can see what needs to be changed in order to keep top talent around.
Finding a replacement for an employee is a long and expensive process. It takes companies an average of 42 days to fill an available position, a process which can cost over $4,000. However, talent analytics can be a great tool to use to reduce the chances of turnover, and even predict it before it happens.
Overall, talent analytics is one of the most powerful tools that leaders can have in their arsenal to create a better work environment for everyone. The data from these systems can be used every step of the way in the employee journey, from recruiting the best talent to making sure that they stay with the company long-term.
By understanding the talent within your organization, you can create a healthier, happier workplace that encourages growth and success for everyone involved.