Analytics Are Everything – A Closer Look at Optimizing Talent Management

Our last post uncovered how organizations can benefit from running leadership development activities with the SOAP method used by the healthcare industry. Such a strategy does much more than improve the health of the company; it gives you the real-time, fact-based data to make faster, better-informed decisions about who to advance into leadership positions. But, if you limit the use of analytics to the development of leaders, you miss the opportunity to really improve the performance of all employees.

After all, how effective can those leaders be if their teams don’t have the skills to execute? Not very. Instead, use analytics as a way to raise the bar across the enterprise. Not sure how that can be accomplished? The secret is in the sauce – and knowing how analytics can be used at each stage of the talent acquisition process to optimize your workforce:

Pinpoint top talent: Want to hire more top performers? Analytics can reveal the qualities of your best employees, providing the insight to identify similar skills in the candidate pool. Analytics can also give you the power to dig deep and hire according to the needs of the company, rather than advance the candidates whose resumes stand out the most.

Close the gaps: The last thing you want is for skills gaps to impede on the ability to meet goals. However, if you are armed with info based on performance data, it will be much easier to reveal any shortcomings and provide the necessary support to help all employees advance their skills and close the gaps.

Find the rising stars: Analytics can also help seek out the employees who have what it takes to lead. Highlighting opportunities for advancement, and explaining how those high potentials can reach them, can create a more effective succession plan – and a strong bench of qualified leaders.

Make it easy to learn: Want to become a best-in-class employer? Then offer learning and development opportunities far beyond the onboarding stage. With regular performance assessments, you’ll have the information needed to deliver targeted learning for each employee, elevating the skills of the entire workforce.

Make performance pay off: Compensation often has a direct impact on employee performance and overall talent management. The right analytics can help you visualize different compensation scenarios and their impact on the workforce, enabling you to better engage employees based on their performance.

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