No matter the industry, employers are complaining of a talent shortage and struggling to fill job openings. In a recent survey, 45% of participants said the reason was that they are unable to find the skills they need. As emerging technology has changed the business landscape, new skills are becoming increasingly in demand.
When a company is faced with several unfilled roles, the company's productivity, efficiency, and longevity are all at stake. In the past the obvious solution to an unfilled position was to hire someone new with the hard/soft skills necessary for that profession, however, there is an alternative solution that could help businesses consistently fill job openings with the most qualified person every time. As a company grows, this could be a viable and sustainable practice that would convert your HR managers into talent agents, capable of recruitment, better retention of staff, performance management, learning and development, and allocating compensation strategically. Let's take a look at how the development of a talent data lake could help a business recruit and retain talent and build a team for future growth.
What is a Talent Data Lake?
Data lakes are a centralized archive for all the digitized information your company takes in. Data lakes take in all the big data from Internet-connected devices, IoT initiatives, research, social media, etc. It stores all this structured and unstructured data in the same place which enables data scientists, data miners and data analysts to do a range of activities including data movement and run various data processing and analytics like machine learning and real-time analytics. The benefits of having a talent data lake far exceed using less paper.
When properly executed, the data lake can become a hub of information and streamline all things HR related including performance reviews, recruitment, career development and talent analyzation within the employee network. This information can help make more informed decisions and help develop the strongest team for the task at hand.
Put the Analytics to Work
Whether there is a lack of applicants, or the applicants lack the hard/soft skills necessary for the job position, a data lake can help a company explore their options and figure out alternatives. For instance, if hiring a new employee isn't an option, the lake provides the information about your current employees. If they possess technical competency, business understanding or communication skills, it is possible they have the potential to be trained and developed to fill the empty role. This, of course, requires a slight investment on behalf of the company but this could be a positive alternative to just leaving a hole in the operation.
When you consider the business requirements and total costs of training, developing a current staff member is relatively inexpensive. They already have their footing and are invested themselves within the company. By providing them with new opportunities and recognition, you are fostering loyalty while also sending a message to other employees that you appreciate and reward hard work, initiative, and ambition.
When considering to expand a current employee's skill set, a data lake can help take the personal dynamics out of this decision and help managers explore the options within their staff. What is the overall goal of the company and what are the skills and resources needed to fulfill this goal? A few questions will need answering. But when applied effectively, analytics will help a company attract/retain talent, manage workforce costs, help scale the business for optimum efficiency while minimizing business disruptions.
Consider the Future
As business on a global scale becomes increasingly dependent on digitized information, the companies and industries that embrace this principle the quickest will have a distinct advantage over their competition not only in the arena of revenue but in recruiting in-demand talent as well. The larger the company, the more demand, and difficulty in filling empty positions. In a recent poll, 54% of the participating tech-savvy data and AI aficionados predicted that deep-learning and advanced data analytics would play a large role in their future projects. By incorporating a data lake into your company's infrastructure you will get an in-depth look into the talent market and find the ideal candidate for your workforce.
At SwoopTalent, we specialize in creating talent data lakes, that will connect the world's talent data with your business' talent data. This information creates a personalized stream of analytics to help power better decisions and create a viable and successful workforce. Contact us to create your business' own personal data lake and connect all of your systems.
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