Links recently hosted our first webinar looking into HR analytics for talent management. We invited Mohit Seth of Green Lane Talent Management as a guest speaker on the topic.
As part of Links’ mission to help HR leaders in Asia make a difference in their business, we were keen to demonstrate how HR analytics can be used to optimise talent management in the company. Given the recent advancement in the use of analytics in the HR industry, we thought it would be a great opportunity for HR leaders to learn more about this new trend and how they may use analytics to bring greater value to their company.
If you missed the webinar, don’t worry. Below is a recap of the main message. For those who would like a copy of the slides and webinar recording, please click the on the following link: http://info.linksinternational.com/links-webinar-hr-analytics-for-talent-management-download
Why is talent management important?
Before we look into the HR analytics portion of the talk, let us first start by answering why talent management is important to a company.
There’s been a lot of talk in recent months about the rise of AI and how this will cause a shift in the workforce. Similar to the years of industrialisation, we foresee that there will be major changes in the workplace. However among all these changes , one thing remains, and that is talent.
While some show growing fear that the rise of AI may mean less jobs for people, what we and many professionals predict is that there will still be a demand for talent. Perhaps even a greater demand for people with skills different to those that are required in the current day.
In light of the different changes and shifts – technological, demographic, generational and/or otherwise – it is crucial that companies have a properly planned and implemented talent strategy in order to grow a successful business.
Building a Roadmap
A great way to keep your talent strategy on track is to build a roadmap. A roadmap is useful in helping you identify your business goals and aligning your actions to more effectively achieve those goals, yielding quicker results.
During the webinar, we introduced the CBD Talent Strategy model which refers to Connect, Build and Deploy. For a more in-depth look into the CBD model, please refer to our webinar recording here.
Whether you are a user of the CBD model or other talent strategy roadmaps, what’s essential is that each step is tightly aligned to the final goal. This is where data and analytics are important as they help keep check of the company’s progress, making sure that you are moving towards your company’s goals.
Drawing Insights from Analytics
So, what insights can we draw from HR analytics to help keep our talent strategy on the right path?
A very interesting insight that you can draw from your analytics is “Best Bets”. These aren’t necessarily the best performing members of the team, but the individuals with high potential in which you should invest more. Best Bets are defined as people who have consistently shown great value and are people you should have as a foundation for your company’s future.
It is not enough to only identify the Best Bets however, but to also analyse their environment to see if there are any challenges or blockers in the way of their growth. For example, with analytics you can also identify lower performing or more obstructive individuals who may form what is known as the “frozen middle”. This refers to the people in middle management who are obstructing those of whom they are in charge. By identifying these, you not only secure a more solid talent foundation but also minimise attrition.
On the slides to the webinar, besides Best Bets, we’ve listed eight other useful insights that can be drawn from HR analytics to help keep your talent strategy aligned to your business goals. If you’re interested, you may also check out this infographic on the “6 Things you can do with HR Analytics”.
Making it count
At the end of the day, for a talent strategy to be effective, it is important that there is a cycle of measurement and implementation. Instead of focusing on long term goals, it is sometimes more efficient to focus on short to mid-term goals and adjusting the method and approach as required. To have actionable initiative rather than vague statements to help talent properly understand and achieve their goals
For more details on the topics and discussion points, you may download the slides and webinar recording from the following page: http://info.linksinternational.com/links-webinar-hr-analytics-for-talent-management-download