The most valuable and essential resource for any organization is its people. They are the heart and drivers of success in any organization. An organization needs to invest in its people by providing them the right environment to grow professionally and personally. Talent development is one area that is well sought. Now and again, the human resource department comes with innovative ideas for talent management and development. The process of talent development starts right from selecting suitable people for a particular profile to their retention. The global work environment is changing every day. More and more companies are changing the way they were looking at talent development. Companies used to think that if they recruit highly skilled people, they need not worry about their progress for several years. They were expecting highly skilled people to build a skilled workforce on their own. But not now, since the skill set required to perform a job is changing rapidly.
Talent development and management are also going through a period of change. In the organization, an employee continuously looks for a flexible work environment and diverse profile. They have to be reskilled many times during their span. An innovative work environment has become a basic need. The creative person will look for challenging work and expect their employers to provide the same. Data-driven decision-making has become essential to cater to this need, and using Analytics is the best way. Data Analytics is already helping organizations for their customer experience and product management, so using their internal workforce is not a new concept. Using HR Analytics, which specializes in people’s data, is the fresh hot cake for human resource and talent management. In the present time, if you are not utilizing your data to generate valuable insights, then you are missing something important. Analyzing people’s data for accessing their development needs can add value. So let us see how analytics can help the organization in its talent development programs. The process of talent development starts with hiring the right talent. The analytics system inside the organization helps in storing all information related to the employees. This information is not limited to their demographic and skill set but about their behavioral habits shown during the hiring process too. One can store the recording of the employee’s conversation during the interview process, which can be analyzed using big data methodologies for depth understating while onboarding of the employee. The combination of human and machine intelligence is shifting the thinking process within the HR spectrum. Machine learning algorithms help analyze people’s data and provide the required input for skill measurement at any point in time. Analytics tools are managing the talent scorecard, skill matrix, workforce planning, talent pool development, analysis, access to resources, etc. Several tools can quickly build a useful talent dashboard, which can easily help senior management view the current talent pool. Analytics helps in all significant talent development areas, such as recruiting, development, and retention of talent.
These days’ organizations are collecting multiple data points about their employees. Later these data points help in the development of training programs. Bringing an agile methodology with the use of analytics is making talent development programs friendlier. Predictive analytics techniques help HR managers segment employees based on their training needs, building different retention strategies for another segment. By using statistical modeling techniques, cost management has become more comfortable. Predictive analytics is assisting hiring managers in hiring the right talent based on the data. For example, an HR manager can get multiple inputs from several available sources on the internet using analytics tools. Be it a social media platform where a prospective employee is posting his view. Therefore, the origins of information about the employees are not limited to their resume anymore. After hiring, their skill set development, a program they are part of, and their platform are being analyzed by these analytics tools to get better insights about the employee.
Overall, data analytics using machine learning, artificial intelligence, and big-data methodology is becoming a future for talent development. Therefore, all the organizations recommend bringing workforce planning as close as possible to HR analytics. Let data-driven decision becomes a culture so every employee, no matter what level he is in the system, believes in data analytics’s capability. There are several models exist which help in building data-driven culture across the organization. An organization needs to select one of them based on their business areas and living culture. Transformation may not be natural, but when done, the future will look different.
(The above article is published by ISTD Delhi chapter in their Souvenir 2020 which was released in National Conclave on 5th and 6th September 2020)