The demand for talent has been picking up for the past few years, perhaps to the degree that the balance of power has shifted from employer to employee. Employees are also becoming more mobile and willing to work as contracted specialists and independent consultants, a development that has compounded the challenges associated with hiring, engaging, and retaining staff.
The talent landscape within corporations has also been changing. Boomers are retiring at a steady rate, and Millennials are stepping in to take on these positions on their own terms. Flexible work arrangements and positive work/life balance are now expected.
The impact on managers and leaders
The evolving nature of the workforce has resulted in less control, more variables, more unknowns, more risk, and a constantly shifting environment for employers. Business projections are becoming more challenging and less certain. As a result, managers and leaders are forced to rely on the bench strength and stability generated by diverse teams.
Through the thoughtful assembly and diversification of teams, business leaders are able to bring consistency and balance, which increases the odds for success. In order to accomplish this, team leaders must be able to confidently identify the strengths of each person on their team and define their roles while understanding how to focus and challenge each person. Team leaders must also do the same for potential new hires and new additions to their teams from elsewhere in the organization.
Building effective teams with People Analytics
In the Deloitte CFO Journal article, Managing Talent Costs with Talent Analytics Technology, Jason Geller, principal at Deloitte Consulting LLP said, “HR and People Analytics have the potential to transform the way organizations hire, develop, and manage people. Leading organizations are already using talent analytics to understand what motivates employees and what makes them stay or leave. These insights help drive increased returns from talent investments, with huge consequences for the business as a whole.”
People Analytics is not limited to simply comparing candidates for selection; organizations can also use this tool to support complex objectives like:
- Rapidly assessing and analyzing hundreds of candidates for an entry level position while predicting potential fit for future positions.
- Conducting career-path and bench-strength analysis for existing teams.
- Comparing recently promoted senior leader to their new teams or predicting the fit of a potential manager with various teams.
- Identifying high-potential candidates for emerging-leader programs.
- Informing the development of onboarding programs.
- Assembling innovative teams with a proper mix of strategically focused individuals who can facilitate, implement, and execute.
- Mining existing talent pools (full-time, part-time, and contractors) for people that can fit a wide range of positions.
According to Josh Bersin, principal and founder of Bersin by Deloitte, Deloitte Consulting LLP, “Talent is now the most scarce and valuable commodity on earth, so companies who really understand how to attract, retain, and manage people will win.”
For business leaders who are looking for a talent advantage, People Analytics is one of the most valuable tools in the toolkit.