Talent mapping: How does it benefit your business?
January is often time to take stock and plan for a successful year ahead. For those working in HR, that’s about making sure you have the right people, your people have the right skills and you’re keeping them engaged and motivated.
A business with the right talent mapping strategy can take a proactive approach in finding the right people, rather than sitting back and waiting for people to find them. It is particularly beneficial in areas where there are skills shortages or a high competitiveness for talent. Setting a talent management strategy teases out the types of skills and cultural attributes you’re looking to build up in your business – and in most cases this links to the goals businesses set to become successful.
Talent mapping involves internal managers who will ultimately facilitate the recruitment process. Attracting and putting forward the right candidates for the business will save time and resources in the full recruitment lifecycle, as well as bolster the current workforce with talent that fits the business.
Well executed talent mapping also builds better employer branding by engaging with the right people in a meaningful way.
How technology can improve it
Developments in technology and the transparency of information on social media gives firms access to huge amounts of data on candidates. This includes information on competencies, skills, capability and employment history. Technology also grants companies direct access to the candidates themselves, which is important for engagement and dialogue.
With a higher level of knowledge, data and interactions, it is key to keep track, especially for companies playing the long-game. Only technology can allow companies to manage such volumes of integrated talent data in a meaningful way.
A great example of this is how companies use games to engage candidates online. Candidates can demonstrate their intuition and reaction to specific tasks and for companies it surfaces talent which needs to be tracked and engaged with.
In the age of big data, predictive analytical insight is set to have a huge impact on talent mapping. Combining recruitment data and performance data of current employees helps to identify characteristics and skills of candidates with high potential for the company. This insight and historical data helps to influence the broader talent mapping strategy.
The consequences of a lack of talent mapping
Not hiring the right talent has two major consequences: it incurs a financial cost to the business and you risk losing current talent. According to a recent poll of HR directors, 70% said that they had made poor hiring decisions, which led to a loss in productivity in over half of cases (52%) and for just under third resulted in reduced staff morale (30%).
In a candidate driven market, businesses can’t wait for candidates to come to them, they need to take a proactive approach and develop a flexible strategy both internally and externally.