In this data-driven era of business, information is constantly being accumulated and from varied sources. Some of this data can be very useful, like a hidden jewel buried within vast sums of not-so-useful information. With so much data coming in from multiple sources like the HR department, social media, marketing teams and sales teams, there is potential for disconnection which could lead to inefficiency and loss of cohesion. Let's briefly examine why proper talent data integration is so important.
What is Talent Data Integration?
Data integration is the process of combining information from separate sources into a usable form for better understanding. Talent data refers to the people who are working for a company, their skills, how they contribute, what their capabilities and tasks are and how they meet the companies objectives. Understanding how to effectively use your workforce is vital for a successful company. The workforce is the human capital of a company, it underlines everything that company produces and without symbiosis, the company will never reach it's potential.
Importantly, talent data also extends beyond the workforce - you should include your prospective and former talent, and ideally the talent of your competitors!
Why is Talent Data Integration So Important?
Successful companies understand the necessity for proper talent data integration as a means of retaining their human capital's potential and thus, their company's potential as well. You could think of talent data integration as the oil for a fine-tuned machine. With so many moving parts, data integration helps companies make informed decisions, keep employees well informed, ensures that the best person for the job is getting the job and guarantees better customer engagement. Having a proper strategy for implementing this information ensures that your company avoids redundancies, miscommunication, retains efficiency, avoids costly errors, and takes full advantage of business opportunities.
Important but Not Easy
Despite being so vital to the success of companies, many businesses fail to fully apply a proper talent data integration strategy. This is most likely because it is a difficult process. Part art and part science, it requires extracting and standardizing information from multiple sources and often times in different formats and transforming the data into a database or silo for proper analysis. The advantages of implementing a talent management process are clear, however. According to the 2010 Bersin and Associates Talent Management Factbook, companies with a strategy-driven integrated talent management system displayed significant advantages like higher revenues per employee, much lower employee turnover, greater ability to higher the best person for the job, and increased adaptability for changing economic conditions.
Ensuring that your human capital meets the needs of your corporate strategy is vital for a successful business. The data involved comes from numerous sources whether it is a cloud-based system, human analytics, on-premise or from social media, to name a few. For a free assessment on how SwoopTalent can help your business create a successful talent data management system, contact us, we will help you connect all of your systems and have a single set of all your talent data.
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