The ball has dropped, the confetti has been swept up, and we’ve ushered in a New Year. Once again, it’s time for us all to get down to business. To start the year off right, we’ve compiled a few of the most pressing talent management trends companies must address to make sure you don’t drop the ball in 2015.
1. Data-based Decision-Making Goes Mainstream.
The technology revolution conjures up a variety of feelings for many HR and business leaders, as it becomes increasingly difficult to ascertain which emerging technologies will help drive their talent management strategy and which are little more than a distraction. Leading organizations are realizing that all other business functions make key decisions based on data, and metrics-based decision-making in the talent arena is now no exception. Talent assessments and analytics will dominate this year as more companies rely upon the predictive and real-time benefits of such solutions and less on inconsistent, subjective interviews and other non-data-based inputs.
2. Recruiting/Training for 2020’s Talent Management Needs.
Demographic trends and skill gaps mean forward-thinking companies are preparing now for the hiring needs they will have 5-10 years from now, including recruiting new workers and training existing ones. Skill audits, ongoing talent assessments and skill gap analysis are all crucial to better understanding a company’s current state, and what gaps exist as they plan for the future state of their business.
3. Workforce Diversity – Finally the Year?
Data continues to pour in proving the value of hiring and retaining a diverse workforce in order to meet changing consumer demand and improve the operational and strategic performance of companies. Our own research (link to the women in business white paper) has uncovered vast benefits to a gender-balanced workforce, and a recent article (link to the recent MIT article) highlights research proving teams comprised of women outperform those without.
4. Succession Planning with Millennials in Mind.
More than 10,000 Baby Boomers retire every day in the U.S., leaving employers with a potential leadership shortage. Strategies to prepare for leadership gaps includes talent development through training and coaching, hiring back of Boomers as consultants to ease transitions, and preparing Millennials to take over the reins. In fact, by 2015 Millennials will hold 27 percent of management positions in the U.S. As younger workers are thrust into leadership roles much sooner than previous generations, talent assessment and management will be crucial in preparing and developing these future leaders.
5. Managing the Interconnected Talent Lifecycle.
More and more companies and their leaders now understand the connection between all phases of talent management – from hire, through retire. As a result, traditional silos such as, talent acquisition, training and development, and executive development are now being brought together under a broader talent management function in order to better manage human capital. Talent analytics have evolved in such a way that linking assessment and development data to individual workers, across their employment lifecycle, is not only possible but required to drive maximum performance and growth.
To learn more about using talent assessment solutions to improve workforce management and performance, contact XBInsight at www.xbinsight.com or 401.682.2859.