Technology has prompted a rethinking of talent management while incorporating the latest data across the business. It gives a helping hand to meet the need for fluidity in talent amid COVID-19 break and remote work culture for the talent managers.
Further, talent management is becoming more of a C-suite and board-level topic because all issues ultimately get directed to people. People take the center stage to move business or create value. Managing people presents a larger business challenge cutting through departmental agendas. As a result, CIOs, CTOs, and talent managers are adding technological edge to talent management practices.
It is estimated that the HR tech market will grow to USD 9 billion by 2022. Some of the recent HR tech and trends include:
- SaaS-based ERP systems for HR administration like onboarding, payroll, and benefits management
- Use of software products to leverage proprietary data, machine learning, and open data
- Use of performance management software to set and measure goals efficiently
Plus, consumerization of the workplace and an increasingly competitive talent landscape have led to redefining of talent management in new and innovative ways.
Let’s see how talent management professionals can shore up the talent and meet these business dynamic shifts.
Understanding the organization’s goals
As a first step, it is essential to understand everything about the organization’s economic realities, business objectives, and performance expectations. This will help to map and devise a talent management strategy. The strategy should encompass the talent, business, and development goals.
Often, there are instances where HR and talent management leaders start with their goals and objectives. This bottom-up planning of strategy might risk misalignment of business goals. It is recommended to take a top-down approach to align HR strategy with the business strategy.
Answering the questions like an organization’s commitment to deliverance, people’s need to deliver those commitments, the gap in headcount and talent, critical roles to fill, and many more. This will enable us to take a business approach for people’s strategy.
Prioritizing employee experience
Employee engagement calls for satisfied employees. So, it is critical to find out what motivates them and understand their demands from an employer. It is a known fact that people who love their workplaces perform better and most likely to stay.
Organizations actively involved in corporate social responsibility attracts today’s employees as they want to work for a greater good. It also creates branding in the market, one of the easiest ways a business can afford to.
Going forward, employee experience also makes the employees respond favorably in their work setting. As employees find personal meaning, they eventually get aligned with the organizations’ purpose and values. Employees actively participate in and pursue new talents. As they get a personal identity, they develop new relationships for business too.
Meeting the essentials of employees by recognizing their demands increases employee sentiment and they are likely to stay longer. This creates value to customers, investors, and lessens the burden of hire and fire dilemmas.
Workforce planning enables to bring the right technology into the talent. It focuses to accomplish the goals either with people or through technology. It involves analysis, forecast, gap assessment, workforce supply and demand, and determination of target talent management to place people with the right skills in the right job. It involves the following phases.
- Aligning strategic planning with headcount
- Creating a crystal-clear view of talent demand and supply
- Prioritizing future workforce investments
- Identifying talent risk before it creates an impact on business objectives
- Managing unplanned talent costs
- Highlighting and addressing issues that limit employee productivity
- Building competitive advantage through planned and reactive talent management
- Quantifying measurable and meaningful outcomes
- Assessing gap, demand, and implementing solutions
Bringing technology and innovation in these mainstreams helps the HR and talent management team to meet the organization’s goals with the right technology and talent.
To meet these goals, it is necessary to level up the skills and validate them with employers. Getting oneself enrolled in talent management certification programs is the best way to go forward with the goals. Solidifying the talent management strategy brings differences in the organization. Monitoring of true business impacts through a strategic framework enables the talent management team to reach its goals for employee development, retention, and related efforts.
Innovation in every step takes the organization to new heights and success.