Identifying your talent needs for today is not enough. You need to be able to predict your future challenges and prepare solutions. Knowing how to utilise talent mapping will allow you to do this, and will also maximise your chance of recruitment success. Most importantly, the benefits of talent mapping are not only apparent during hiring and the early stages, but in the long-term too.
What is talent mapping?
Talent mapping is the in-depth assessment of your internal workforce, external talent pools and pipelines. It allows you to see the capabilities and strengths you have within your team and the areas where you are lacking. This enables you to plug any gaps and prepare for short, medium and long-term hiring activity. Comprehensive talent mapping focuses on every level of the organisation and ensures that you have a pipeline of future leaders ready. Data is at the core of this strategy, and people analytics is what makes it so effective. Utilising all the information that you’re sitting on is one of the most cost-effective ways of improving efficiencies and shouldn’t be overlooked.
The many benefits of talent mapping
Never caught short
There are countless benefits that come with utilising talent mapping. Knowing where your top employees are and staying on top of their movements will always be a good thing. You can know exactly who to look for when starting new projects and where to find them. Because talent mapping includes the careful analysis of not only the people in your team, but the professionals in your sector, you will have a much better understanding of how to engage them and get them onboard. Predicting trends and identifying shortages ahead of time will mean that you are never caught short of talent.
Maximise the potential of existing employees
As the economy improves and the market for high-skilled workers tightens even further, companies are realising they can’t simply recruit all the talent they need, but must develop it internally. Offering your people opportunities to learn and develop has countless benefits. For example, you get to maximise the potential of your existing employees and can cut back on the costs that come with onboarding new talent. Also, by moving people into new roles and giving them meaningful challenges, they will likely feel more motivated, less bored and therefore more likely to stick around. This is all possible because of talent mapping, as it allows you to have a comprehensive overview of your people, keep updated with where they are in their professional development and know when they are ready to take on new challenges.
Boost diversity and inclusion
As you will have a detailed overview of your skills surplus, shortages and needs for business growth, you will not have to gamble on making the wrong hire. Instead, you will be able to make calculated decisions, based on data, for your next recruit. This will also allow you to eliminate any chance of recruitment bias and will move you towards nurturing a workforce rich in diversity and based on skill. This is because you’ll no longer be hiring on judgement, but on proven ability.
Reduce time-to-hire and recruitment costs
By being more direct in your approach and pro-active in your talent mapping, you can drastically cut back on your time-to-hire and recruitment costs. Having a candidate persona and clear idea of who you need in the company will cut back on any wastage, and will propel you in the right direction. Avoiding the wrong hire is something that you definitely want to do, as according to a report from REC, a poor hire at mid-manager level with a salary of £42,000 can cost a business more than a £130,000.
Why talent mapping is best managed in-house
Starting your talent mapping process, and continuing its management is best handled by a dedicated, in-house team. You could outsource this crucial step to an external talent management consultant, however there is no way of guaranteeing confidentiality or a conflict of interest with other clients. Bringing this process in-house, however, ensures that you are always sourcing the very best talent for you.
It’s also more practical and time-efficient to take things into your own hands. This is because you already have visibility of your existing workforce and an in-depth understanding of talent needs. You’ll be able to seamlessly integrate talent mapping with your wider people strategy and create a streamlined process. Plus, with digital technology available, like advanced LinkedIn solutions, it is now possible for everyone to access data on available skills themselves.
Also, thinking about long-term goals, keeping things in-house will help you with succession planning. Being in control of putting the right people in place and doing this successfully will benefit you further down the line when it comes to investment needs and sales.
To find out more about the benefits of talent mapping and how we can help with your people strategy, get in touch today.