When it comes to the use of data and analytics, there is always a disagreement over how important it is. Changing habits, learning, and implementation of new strategies are surely not easy, but knowing the advantages of it can help. In one of the studies of The Economist Intelligence Unit, 395 C-level executives were surveyed about their thoughts on big data and 76% of them saw the idea “positive” or “very positive” subject. At the same time, Deloitte found that 71% of companies see talent analytics as a high priority in their organizations.
Why is it so? Here are 5 top benefits of Talent Analytics that can surely change your opinion on people data.
- Map of People and Skills
With AI-based analytics, a company can create a map of the skills of its employees. This clear and objective view can help HR leaders and managers identify skills gaps and act accordingly to close the gaps. When you use Talent Analytics you do not need to guess where the problems are and how to solve them. Instead, data-driven insights about your workforce will help you make the right choices.
- .Learning And Development
Leveraging Talent Analytics, companies can better improve their learning and development effort to achieve better outcomes. Data-driven decision-making will make learning tailored, targeted, and timely. This will ensure that the training budget is well spent and that employees get greater benefits from their learning effort. With Talent Analytics, organizations won’t lose time putting their effort into initiatives that wouldn’t help employee productivity.
- Talent Mobility
When executing properly, talent mobility can be of extreme value to organizations as it saves them the cost of hiring, while providing employees with growth opportunities. Understanding employees’ preferences and career aspirations help identify the right opportunities for them resulting in higher satisfaction and higher retention rates. By relying on data, Talent Analytics can make the internal mobility process more efficient, transparent, and timely. Also, can also reduce bias and help enterprises create a more equitable working environment.
4. Early Identification of Future Leaders
Talent Analytics helps identify high-performing employees, identify their strengths and potential skills gaps, and take measures to prepare them for leadership roles. With the help of AI, Talent Analytics solutions can identify the traits of successful leaders in the organization and determine employees that exhibit these traits. A data-driven approach to the identification of future leaders can help optimize the succession planning process and ensuring leadership positions are filled in a timely manner.
5. Future Readiness
Organizations are typically overwhelmed with the task of aligning talent strategy to the organization’s strategic goals. HR departments engage in an alignment process trying to determine the competencies required to attain the desired goals, identify gaps between skills at hand and target skills, and develop reskilling and talent acquisition plans. Without Talent Analytics, engaging in such a process can be overwhelming and error-prone. The data-driven approach offered by Talent Analytics can improve accuracy and speed while reducing the cost of this process. AI can play an important role to simulate the impact of applying certain levers on business outcomes.
Surely there are more advantages of using data analytics for your HR strategy. Contact us to get more insights.