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Are you ready for Talent Analytics?
It is safe to say that Talent Analytics is, without a doubt, one of the trendiest topics with the start of 2015. Everyone is talking about it, but have they embraced it? In order to do this, your organisation must analyse themselves and decide if they are really ready to accept this change. Looking at some of today’s most critical talent management challenges, it has been determined how Talent Analytics and the ability of examining the value of available data can help.
High cost of recruitment
Talent acquisition and management is costly. This cost increases if the candidate hired is a bad one with large amounts of time and resources required to source the position and attract, interview and interact with candidates.
Talent Analytics helps you analyse and understand why certain hires fail and the rest succeed. You will be able to reassess your onboarding activities and hiring teams to ensure you receive better results.
High cost of employee retention
Managing and retaining employees is a challenge and it involves a high usage or resources and high level or morale.HR needs to do all it can in order to make sure employee retention is higher so that the cost of employee turnover is minimized.
Evidence shows that good talent management and employee engagement results in better employee retention. Data shows which employees are involved in engagement, which are not and which are at risk of leaving. This information can assist your organisation in improving its engagement. It also helps analyse which employees are hard workers and are more productive and it is possible to learn why they are more productive than the others.
Better employee engagement
According to studies, better engagement of employees leads to better business results for the organisation. In order to improve your organisation’s bottom line, HR leaders need to ensure employee engagement is at the top of the list.
Talent Analytics provides insight to which employees are engaged and which are not. This information can be coupled with performance data to provide insight on the organisation’s top performers, potential future leaders and more, resulting in a better performing organisation overall.
Improves competitive edge for the organisation
Talent Analytics is being discussed increasingly around the world, however not many organisations are utilizing it and benefiting from it. So while it is clearly the next big thing, adopting Talent Analytics can help give your organisation a competitive edge. Talent Analytics can be used to gain information and guidance on better decision making for the organisation.
Immediate real time analysis
Generally when an opportunity to analyse data comes along, it is usually historical. Historical data is very useful and can be used to gain insight on many areas including what, how and when certain activities occurred. However, even with that value, historical data is not nearly as valuable as having an analysis of the current and updated data right at our fingertips.
Talent Analytics, which is available right now, provides HR professionals and leaders the latest analytical information in real-time, enabling immediate decision making in the organisation. These tools further reduce the cost and resources sacrificed to obtain insightful data.
If an organisation’s aim is to make a difference in the way it operates regarding its employees and if they want to back it up with talent analytics, the time to start would be right now. Talent Analytics will provide an organisation with an overall improvement in employee engagement and result in better organizational performance.
