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Workforce analytics has become an essential tool for businesses looking to optimize their talent management processes and stay ahead of the rapidly changing job market. With access to accurate and comprehensive data from various sources, companies can identify issues related to recruitment, retention, diversity, engagement, and skills development.
The workforce landscape has undergone significant changes over the years, and so has the way companies manage their employees. Workforce analytics has emerged over time as a critical tool for organizations looking to optimize talent management strategies.
As a component of the overall Talent Planning/Talent Management process within organizations, succession planning is an undertaking that generally aims to strike a balance between the objective and the subjective. When comparing internal versus external candidates at all levels within a company, insights into global labor market intelligence are paramount to developing a holistic succession planning initiative.
When it comes to Talent Planning (e.g., talent acquisition, talent management, succession planning, or organizational design), alignment between the Hiring Manager, key hiring stakeholders, and their talent/HR business partners are essential to successfully hiring, promoting, and retaining top talent for business-critical roles.
Successful organizations all have one thing in common: they know that the key to winning in an increasingly challenging market lies within recruiting the best talent available. However, whereas successful organizations used to get by recruiting within just their local metropolitan area, today’s more competitive talent market paired with more flexible working arrangements has both enabled and necessitated that businesses work to attract talent from a broader geographic area across the globe.
With the rapid expansion of TELUS International’s business, including multiple acquisitions and new delivery centers, there was mounting pressure on the Talent Acquisition team to provide timely and accurate talent data. The manual process of investigating each line of business, analyzing salaries, assessing candidate experience, and factoring in human capital information was cumbersome and inefficient.
The modern talent market is primarily defined by scarcity, uncertainty, and constant change. While Human Resources teams may be faced with such challenges, their counterparts within the business are still relying upon them to develop and deliver the talent necessary to execute business-critical objectives.
From labor shortages to hiring freezes, understanding the external labor market versus the internal talent marketplace within an organization is paramount to determining whether or not to invest internally or externally to fill open roles or new positions. When organizations find themselves needing to fill an open position, they often default to primarily sourcing talent from outside of their existing employee population.
Business leaders face a myriad of challenges when it comes to Talent Acquisition, expansion, diversity, and retaining top performers. To ensure that their organizations remain competitive and successful in the long run, it's imperative to adopt a data-driven approach to talent management. That means…Labor Analytics.
