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Talent development is becoming more common in certain businesses. It keeps your organization's workforce relevant and helps you figure out what factors result in better performance.
This is important for several reasons. Research by Udemy has shown that 80% of employees believe that a culture of learning makes them more engaged and interested in their work. Here, talent management professionals must take note.
Successfully hiring an employee doesn’t mean that the job is done. Your organization still needs to provide talent development, to ensure that candidates remain interested while they’re in the role. The last thing you’d want is to lose your top talent and have to settle for a third choice candidate from your pipeline. To perfect talent development, you can use people analytics, and this article explains how.
People analytics is the use of insights gathered from data and statistics on employees to make decisions regarding talent management. It is a great tool for talent development because it gives you deep insights into your employees.
It considers data points including demographics, assessment data, recruitment data, employee engagement, tenure, sales, productivity, the value created, and much more.
This means your strategies and decisions will be data-based, rather than based on intuition. Often, this results in higher success rates.
Organizations can use people analytics to improve talent development in many ways. You can analyze data from all parts of the employee development lifecycle. For instance, analyzing how actions and strategies connect to outcomes. This allows you to ask the right questions to get further in the growth process.
You can also find skill gaps to fill, identify career pathers and offer tailored development, and even identify future stars. This is only the tip of the iceberg. Let's dig a little deeper into people analytics and talent development.
Gathering insights from surveys is time-consuming. While the practice is useful and important, you may need something extra to help you guide development. Here’s where you implement people analytics. For instance, you could roll out small surveys on engagement (more regularly) and use them for immediate insights with the help of AI.
By processing and analyzing the data collected, you can gain insights into what is not working, for example. In other words, you get a look at the information behind employee performance. This means you can adjust your processes and talent development strategies.
Using people analytics, you can dig into data to figure out what the agents of high performance are. Thereafter, you can better your workforce by increasing these agents of high-performance. You may look at data and see that the more juniors interact with seniors, the better they are at their jobs. This will show you that you must encourage more interactions of this sort.
People analytics can help you to define what the perfect instance of talent is. To do this, you can compare your data to publically available data. Once that is complete, you'll know where to focus your talent development efforts. Or maybe you’ll know why you’re going to do things differently to benchmarks!
Analytics also allows you to determine who to promote, or who to prime for a promotion. First, you'll build a profile of a strong performer using algorithms. Then, you mine your database of employees to see who matches the characteristics.
This gives you an understanding of which employees should receive extra attention. You can also determine career paths for employees and suggest ways they can develop themselves.
Finally, people analytics will show you where there are gaps in knowledge or skills. It will also tell you if the gap exists for many employees or only for one or two of them. This will give you concrete evidence to base your talent development decisions on. Specifically, it tells you whether you need to give training on a large scale, or coaching on a smaller scale - or if you need to hire new skills.
The data-based evidence also makes it easier to negotiate resources for talent development.
According to Deloitte, many organizations think that they do not have enough data. They also reported that many do not know which talent dimensions are important for high performance. People analytics can be difficult. Taking the time to understand it will be worthwhile. This is the first step, always. Take a course on it and do your research. It will help a lot.
Thereafter, you should do the following:
It is common practice to attempt talent development on intuition and experience alone. With the technological advances that we see today, though, that will not get you very far. Your talent development will be slow and unsatisfactory (for you and the employees). This will lead to the loss of great talent. Ultimately, it will also be a financial loss for your company due to high turnover rates.
To avoid this, you should put people analytics in place as soon as you can. You'll better your talent development, and gain many other benefits from it too. If this sounds good to you, contact SwoopTalent today!