With talent planning, a good HR manager can proudly say their organization has “the best of the best.” Talent planning is vital in strategic HR management. An organization maintains an advantage over its competitors by having a formalized plan for hiring, retaining, and developing current and future employees.
Understanding the Importance of Talent Planning
Employees are an organization’s valuable assets. Talent planning aims to invest in current and future staff for business growth.
The formalization of talent planning effectively attracts talented employees
According to Forbes, 46% of HR leaders prioritize recruiting for their companies to succeed. However, 50% of them also believe that the competition for talent will increase in the next six months.
Formalizing your approach to talent planning systemizes your process as a whole – from workforce planning to talent acquisition to talent development.
Did you know 40% of employees quit in the first 90 days? At least 22% of those who left did so due to a lack of career advancement opportunities. In addition, while 76% of C-suite leaders believe that internal talent mobility is necessary, only 6% are confident that they are good at moving people from one role to another.
To retain talent, the organization must also engage them. Disengaged employees have a 15% lower profitability for the organization. Meanwhile, highly engaged employees are more profitable by 21%.
Talent planning inspires a growth-driven culture
Talent planning also involves developing its current employees to anticipate the organization’s future needs. Companies with excellent strategic talent management are 2.9 times more likely to identify leadership potential in employees and invest in their learning and development. They are also 3.8 times more likely to improve employee work performance.
With talent planning, the HR department can anticipate the skills their employees will need for business growth and pave the way toward organizational success.
Developing a Comprehensive Talent Management Strategy
When creating a talent management strategy unique to your organization, here are some components all successful strategies have in common:
Attraction and Retention Strategies
Attracting and retaining talent is essential so your staff is constantly sufficient, well-rested, and motivated.
The talent strategy for attracting and retaining employees is to promote the organization as the best workplace to be employed in.
It also means that even rejected applicants must have a positive experience with the organization. For example, a rejection letter is more considerate than ignoring the applicant after they have an interview with you.
Career “Level-Ups”
Employees are essential to achieving business objectives. Learning programs and internal promotions motivate employees to be productive and find purpose in their work.
As mentioned above, the lack of career advancements is one of the reasons why employees leave. By giving employees programs that allow them to expand and apply new skills, they uplift the organization through their career growth.
These programs can also function as performance management processes. It also allows HR departments to identify and invest in high-potential employees.
Leveraging Legitimate Interest in Talent Planning
The analysis of data is important to identify and engage with prospective employees during talent acquisition. It is also vital for creating programs for talent development.
This means HR departments are processing a magnitude of data, bringing data privacy concerns.
While having informed consent from employees is one option to regulate data privacy, employees withdrawing their consent can hinder talent planning and other crucial HR operations.
The nature of informed consent in the employee-employer relationship can also be questioned as a power imbalance exists. Employees may feel compelled to consent to safeguard their jobs.
Therefore, legitimate interest is an alternative to consent. Legitimate interest is a legal basis for HR departments to carry out necessary processes without explicit consent.
But legitimate interest is a broad concept. While talent planning’s data usage is necessary to acquire and retain quality talent, HR departments must ensure it does not cause unwarranted employee harm. Privacy measures and data protection regulations provide transparency, security, and compliance.
The Talent Planning Process: From Definition to Implementation
The talent planning process encompasses the HR management and strategies for attracting, retaining, and upgrading the quality of their workforce. It is their systematic approach to growing the organization by growing its talent.
As mentioned above, one of the components of talent planning is knowing the organization’s direction. It allows us to set talent planning goals.
Goals set the metrics for assessing current skills and talent capabilities and gaps. It affects the data we must analyze to design talent development and succession plans.
With assessment goals set, we can create talent planning initiatives for workforce planning and talent acquisition.
Workforce Planning: Aligning Talent with Business Goals
To be highly successful within an organization, talent must act for the benefit of the organization. An effective way is to align workforce planning with the organization’s business goals. In addition, it streamlines the process of analyzing the correct data to identify skills and talent needs and critical roles to create strategies for talent development.
Talent Acquisition: Hiring and Retaining Top Talent
After gaining insights from workforce planning data analysis, the HR department can create effective talent acquisition strategies and techniques. Attracting and sourcing top talent in competitive markets is a priority for organizational growth. The hiring process must also be streamlined to create a strong corporate impression as an employer and be efficient as a department.
But talent acquisition continues beyond there. It must implement retention strategies to keep high-performing employees.
Building a Skilled and Agile Organization
Part of talent planning is building a skilled workforce that can adapt to new challenges and demands. It is crucial to identify and develop essential skills for future success. To do so, the HR department must foster a culture of continuous learning and development. By having an element of adaptability in employees and teams, an agile organization can take on fast-paced changes in its market.
Ensuring Compliance and Privacy in Talent Planning
HR professionals must safeguard employee and applicant data which contains personal and sensitive information. Therefore, data protection and privacy in talent planning are crucial. The HR department must implement robust privacy policies and practices.
Each organization also has different compliance requirements for data privacy, depending on location, industry, clients, and data utilized. In addition, international, federal and state compliance regulations are often changing. Setting automated alerts allows you to keep up with new privacy laws.
Most of all, maintaining transparency is a must. Trust is an integral part of protecting employee and applicant data. Obtain necessary consent for storing and using talent data.
Data Protection and Privacy Policy in Talent Management
Data protection policies are crucial to secure sensitive employee information. Thus, they must be communicated to all employees and stakeholders for proper implementation.
A good data privacy policy must have the following elements:
- Breach assessment: determine vulnerabilities of HR data.
- Security measures: detail the defenses for data privacy.
- Data utilization: discover how company data can be ethically collected and used for HR strategizing.
- Data breach protocols: create guidelines if HR data is breached, such as backup servers, informing regulators and solutions in case of ransomware.
- Secure storage: record how talent data is handled and the security of its storage.
- Lost files guidelines: List contingency plans to take on how to recover misplaced or accidentally deleted files, as they can be a source of data leaks.
Consent and Legitimate Interest in Storing Talent Details
Storing talent details is crucial for talent planning. But without informed consent from the employees, it can violate data privacy rights, resulting in discriminatory practices.
While legitimate interest is a valid legal basis, implementing consent management practices for storing talent details and usage is a solid foundation to start with first.
Leveraging Rhetorik’s Tools in Talent Planning
Tapping into global sources of professional profiles is vital for talent planning. Tools such as Neuron360-Profiles can plug more than 800 million global professional profiles into your streamlined hiring process. With the most current and comprehensive data, it extends your reach to the right people, based on their skills and experiences, as well as their job titles.
Once you have your pool of talent data across the globe, it doesn’t stop there. Neuron360-Profiles responds to real-time queries to provide further insights. It also maintains the accuracy of your talent data with monthly updates on current and past employment details, skills, experiences, and much more.
As talent planning must comply with data privacy rights, you can be confident that Rhetorik’s data is ethically sourced. As a result, it is readily available for HR departments to compare, match and target professional social media profiles.
How Rhetorik Technology Data Enhances Talent Planning
Rhetorik’s technology data allows you to leverage data-driven insights for talent acquisition and development. Through Neuron360-Profiles, you can use AI data analytics to identify skills and talent trends and patterns to enhance your talent planning strategies.
- Rhetorik occupational model classifies job titles. It involves translating job titles from over 164 countries to streamline better talent acquisition and expand your potential talent pool.
- AI-powered skills extraction model helps you automatically discover and evaluate 32,0000 skills from public occupational profiles to detect new innovative skills and to use those skills to identify more and better candidates.
- Normalization and standardization model for skills and job titles unifies your data set. It increases your data system to analyze and predict outcomes with 20% more efficiency.
Collaborating with Rhetorik for Effective Talent Strategy Execution
Get “the best of the best” by sourcing over 80+ data fields for your talent planning strategies. Staying ahead of the competition for talent is vital, and you can do so by finding emerging skills with our AI models.
By collaborating with Rhetorik, you get tailored solutions for effective talent strategy execution. Trusted by companies for our global data excellence, we have the highest level of adherence to international privacy and compliance.