Why is it that HR gets the importance of talent management, yet continues to go with their gut when it comes to demonstrating the value of people strategies and practices?
With automation, the performance data is there to mine and use for the greater good of the organization. In a recent article for HRExaminer, Cathy Missildine writes, “The issue is not that HR has big data, it’s that HR has been scared to death of data for decades.”
For you, HR pro, to position yourself as the steward of people development practices that drive performance and contribute to business objectives — you need to get comfortable with data.
Because talent data is not only a “treasure trove” as Missildine states, it’s what senior management needs. And based on a recent survey of 313 CEOs, CFOs and HR Directors, the CIMA and the AICPA say that only 12% of CEOs are confident about the quality of metrics that senior management receive on human capital.
And…the Oxford Economics Global Talent 2021 report cites that profound shifts in the global marketplace means that HR leaders must take “a more evidence-based approach to their people management strategies…drawing on improved analytics to identify talent segments and gaps, optimize resource allocation, integrate workforce plans and manage unavoidable risk.”
Talent data is a strategic game changer for the HR profession
The ability to use talent data to solve a business issue isn’t a nice-to-have skill anymore; it’s a must have. This sentiment is echoed by SHRM in its 2012 Competency Model for HR which cites ‘Critical Evaluation’ as one of the nine elements of HR success.
If you don’t have these skills, find support from someone who does. St. Camillus is an organization that did exactly that:
Talent management ROI is about measurable improvements
Demonstrating talent management ROI requires a focus on actionable data that enables organizations to make measurable improvements to their people practices.
Take employee development as an example. Using data collected from your talent management system, you can measure competencies before and after an employee completes assigned learning activities to assess how these development activities improved performance.
We recently published an article titled, The ROI of Talent Management that delves deeper into this topic. I invite you to read it and share your thoughts on how HR can get more comfortable with taking action on what your talent data is telling you.
As Janice McNulty, Manager Continuous Advancement at Halogen Software explains:
The data is there to use HR, so use it to your advantage.
If you need more guidance on how to leverage your HR data, this article can help.
Your turn: What are your burning questions about how to make the best use of your talent metrics?