Several factors like tight market and massive incoming of data are impacting the way HR professionals are performing jobs. Looking at similar factors, talent management is also changing. Issues around talent management are becoming more and more complex. The role of artificial intelligence and talent analytics is shifting in how people are looking at compensation. To succeed in attracting, developing and retaining top talent, it’s critical to be flexible and forward looking.
1.(Don’t) mind the gap!
Ways to reach professionals who have been out of the workforce includes proactive sourcing, workshops and alumni networks. Recruiters are no longer looking at employment gaps with raised eyebrows as the disgrace of time off between jobs. Neither is time off to raise children, travel and learning new skills considered barrier to effective on-boarding.
2. Making artificial intelligence more ‘intelligent’
Artificial intelligence (AI) is a new practice in recruitment especially to source qualified candidates. However, if not observed its intelligence will undermine efforts to increase diversity. For example, AI can still often embed gender bias on removed resume.
Feeding AI with non-partial data such as assessment results can also help mitigate the risks associated with bias that these technologies bring. When it comes to reviewing resumes, some countries have mandated that certain personal information. It needs to be withheld during the early stages of the recruiting process. Practices such as ‘blind screening,’ whereby personal information is not revealed till final stages are becoming more prevalent.
3.Rethinking the annual performance review
In a survey, 96 per cent of respondents shared real-time feedback and day today performance discussions with their bosses to be more effective than annual review. 30% said their annual performance review is having no impact or is ineffective in improving their professional performance. 43% said it is having no impact or is not helping in making them understand what to do differently.
4. The diversity and inclusion pipeline
To measure progress, many organisations have started to use applicant tracking systems (ATS). This is to find out percentage of hired minority applicants. While it is against the law in most parts of the world, organisation are working towards favoring minority groups. Perhaps they are working to increase their diverse candidate pool. They use unbiased assessments to ensure the most qualified hire.
Across the globe, there are mandates that boards of directors to have female representation. Perhaps this is a positive move to increase diversity and inclusion at the top. Organisations are also seeing an increased focus across all levels for diverse Talent Management.
5. How are we doing?
In an employee’s market, serious investment goes in collecting feedback throughout the recruitment process. However the importance of candidate experience for attracting and engaging top talent is necessary. “Continuous feedback is the name of the professional development game as annual reviews fall short to meet the employee expectations”
6. Talent management analytics and business analytics
New roles and titles are emerging across many industries to meet the changing strategies of organisations. Today, talent management analytics is becoming just as important as business analytics. Talent landscape of analytics in specific markets is coming into with business analytics also to create the most effective and sustainable approach. Generally, business leaders have set their strategy by using business analytics to determine cost and operational effectiveness. For example, they determine where to open an office based on cost and proximity to raw materials. However, they may fail because they don’t have access to the right type of employees. This come with cases where digital innovation put premium on people who learn new skills to thrive in changing markets.
7. Talking talent management holistically, from hire to retire
With huge source of data, one should assume organisations need to integrate ways and analyse all elements of talent decisions such as recruitment and compensation. In many organisations these functions operate under a different ‘language’ often unable to speak with between themselves. It is allowing a calibrated approach to talent that is tightly linked to business outcomes. It will help in creating a custom development program once the candidate is hired.
Credits: Stephanie Edwards and Inside HR