What's Your Organization's Talent IQ?
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The document discusses the importance of workforce intelligence for organizations, emphasizing the need for data-driven talent management strategies to enhance hiring, employee engagement, and retention. It outlines various actionable steps to improve talent acquisition, develop internal skills marketplaces, and foster a culture of recognition and feedback. By leveraging advanced talent management solutions, companies can better understand and optimize their workforce to drive productivity and profitability.
What's Your Organization's Talent IQ?
- 1. CORNERSTONE INSIGHTS INCREASE YOUR TALENT IQ Stop guessing and start making smarter decisions about your workforce
- 2. BUSINESSLEADERSOFTEN SAYEMPLOYEESARETHEIR MOSTVALUABLEASSET. $110BILLION 1IN5 But how much insight do companies truly have into their workforce? Too many organizations rely on assumptions vs. facts when it comes to talent. Others simply have no reliable means of gaining better data and insight into the fitness and capabilities of their people. Why is this? Part of the answer is data. But behind data is strategy – having the right processes and resources in place to gain better workforce intelligence and enable executives, managers and line leaders to make smarter decisions about talent. This includes decisions about hiring the right people, developing employees and keeping them engaged, and placing them in the right roles now and for the long run. Not having this information can potentially threaten the growth and profitability of your organization. what U.S. businesses spend on talent acquisition1 of employers facing talent shortages say it is having a high impact on their ability to meet client needs2
- 3. We have a clear view of the skills and knowledge required to execute on current and future business objectives We are able to consistently identify and recruit candidates with the right skills and who are the right culture fit We can see how each employee directly impacts and contributes to the success of the organization We have a pulse on employee engagement levels, as well as on what motivates our people and drives their productivity We know which employees are flight risks so we can proactively address retention issues Our training and development investments align with the skills and leadership needs of the business We have succession plans in place for identifying and developing high performers and future leaders, as well as ensuring the right people are in the right roles across the business We have insight into the career interests, expertise and capabilities of every employee in our company WHATISYOURORG’STALENTIQ? Answering NO to any of the following questions means the health and success of your organization could be at risk.
- 5. 50% 1REVAMPSOURCINGAND HIRINGACTIVITIES Recruiting shouldn’t be a scattershot affair. But it also shouldn’t be so rigid that you overlook potential candidates because the timing isn’t right or because they don’t meet every item on the experience checklist. How can you adapt your recruiting strategy to keep pace with a fluid – and highly competitive – talent market? Use modern tools such as social networks, video and mobile to forge deeper candidate relationships and create talent pools for current and future opportunities. Amp up employee referrals and internal sourcing. Shift to a process that focuses on hiring for potential and culture fit and training for skill. And create a targeted onboarding program that engages new hires from day one. 89% of job candidates want to apply for jobs from their mobile phones1 of new hires fail because of attitudinal reasons (vs. lack of skill) within 18 months3
- 6. 2Access to better employee insight creates an opportunity for a skills marketplace – pools of internal talent with very specific capabilities and expertise that can be pulled together for projects, tasks or leadership opportunities. Organizations with these abilities are inherently more nimble and competitive. Achieve this by diagnosing the skills, knowledge and competencies needed to propel your business forward. Allow employees to go beyond the traditional resume and paint a more accurate picture of his or her interests, expertise and potential value to the organization. Identify and invest in closing the capability gaps across every level of your organization – not just among high performers. And make learning a part of the very fabric of work – timely, contextually relevant and easily accessible. CULTIVATEASKILLS MARKETPLACE 42%60% of companies cite “capability gaps” and “leadership gaps” among their top talent challenges1 of employees are looking for a new job because they feel their current role doesn’t make good use of their skills and abilities4
- 7. 3Evolving beyond a transactional performance management process gets you the data you need to make smarter staffing and development decisions – and it gives employees the feedback and recognition they crave, resulting in higher engagement and productivity. How can you reach this nirvana? Enable and capture ongoing, real-time employee performance feedback and recognition from managers, peers, project teams and more. Encourage more meaningful performance and career discussions between managers and direct reports – with an emphasis on coaching and mentoring rather than judging and evaluating. And increase transparency and establish clear goals so that employees (and the organization) know how they’re contributing to the bottom line. SPARKPERFORMANCE MANAGEMENTSYNERGY 31% companies with a “recognition-rich” culture have a 31 percent lower voluntary turnover rates than their peers1 63% of engaged workers would keep their jobs upon winning the lottery5
- 8. 4Work can and does happen anytime and anywhere – not just in the office from 9 to 5. Luckily, today’s technologies make it easier for employers to intertwine physical, mobile and virtual workspaces in ways that encourage more communication and collaboration. How can your organization capture the collective knowledge of your workforce and ensure pockets of critical information aren’t hidden? Transform your talent management system into a one-stop resource that gives employees quick and easy access to the right people, information and resources they need to do their jobs. Provide user profiles that curate all of an employee’s system activity in a central place. And employ collaboration and project management tools to enable real-time networking, activity tracking and sharing of information across job functions, teams and time zones. The more active the participation, the more data organizations can capture for pinpointing where valuable expertise, skills and competencies reside. HARNESSTHEDYNAMIC WORKPLACE of U.S. workforce (64 million employees) have jobs that accommodate at least part-time telecommuting6 $700BILLION what U.S. businesses would save per year if these workers telecommuted just half the time6 50%
- 9. Cornerstone OnDemand is elevating what talent management software can do for your organization. We know the right approach to talent management is as critical as ever to gaining better workforce insight and making smarter decisions about your most valuable asset: your people. Find out how our unified, cloud-based solution – from recruiting, onboarding and learning and development, to performance management, succession planning and compensation management – can help your organization get to know its talent better, increase employee engagement, and facilitate where and how work really gets done today. SOURCES 1. Bersin by Deloitte, Predictions for 2014: Building a Strong Talent Pipeline for the Global Economic Recovery, December 2014 2. Manpower Group, 2013 Talent Shortage Survey 3. Hiring for Attitude, by Mark Murphy, Nov. 2011 4. Deloitte Talent 2020: Surveying the talent paradox from the employee perspective, September 2012 5. Gallup, August 2013 6. Global Workplace Analytics, August 2012 VISIT US AT CSOD.COM/REIMAGINE-WORK