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Todays business currency is knowledge, creating an economy in which up to 70% of an organizations value rests upon the knowledge of its employees. Yet a look at how most organizations HR technology systems order and share employee information belies this fact. Legacy technologies have created data silos that make gathering knowledge difcult at best. Without an integrated approach to talent data, companies cannot hope to gather the information necessary to generate the actionable insights that determine talent strategyand, therefore, business success. A McKinsey Quarterly article dened Business Intelligence as the ability to transform data into insights to help manage a company [it] consists of the processes, applications, and practices that support executive decision making. Knowledge Infusion then denes Talent Intelligence, a subset of Business Intelligence, as managing workforce data in the context of other business information, and using it to drive decisions. Talent Intelligence provides a talent management framework designed to help businesses fuel growth by improving their insight into the strengths, weaknesses and potential of their current workforces. Taleo views Talent Intelligence as the next era of talent management that will give companies an advantage otherwise unavailable in todays market by delivering insight on internal staff, best practice experiences and industry-level benchmarks.
Talent Intelligence has also become important to HR leaders, most notably because they are the historical owners of the people issues. They are now under increased pressure to justify investments in all projects and tools, including talent management initiatives; they need the data to provide these justications. For years, HR has been seen as a cost center, a necessary expenditure without any real connection to the bottom line. In order for HR professionals to show that comprehensive people strategies improve business performance and add value, they need a system that can provide talent insights and metrics. Taleo and Human Capital Institutes recent Talent Intelligence Study revealed that more than 75% of companies who took part in the study did not have access to the talent data they need to make informed business decisions. They simply did not have access to reliable data on the 10 most important data points identied as key to measuring the effect of talent on business outcomes. The goal, then, is for organizations to nd a way to close this talent intelligence gap.
Both efciency and effectiveness are important, but companies need to focus more on the effectiveness of their talent strategies and their impacts on the business strategy.
There are also legal ramications for poor data collection. For example, in the U.S. federal contractors and subcontractors are required by the Ofce of Federal Contracts Compliance Programs (OFCCP) to keep detailed records to ensure that they act without discrimination when using the Internet or related electronic data technologies for recruiting and hiring. In order for the OFCCP to check for race, gender and ethnicity bias, this information must be collected by organizations. These statistics must be gathered in the same manner for all Internet applicants, but it must be clear that providing this information is voluntary and that those applicants who choose not to provide it will still be considered for the position. This information must then be stored apart from the resumes during the evaluation process. Such specic information can also reduce company exposure to lawsuits from candidates who feel they have been discriminated against. For organizations using spreadsheets or working within data silos, this level of compliance becomes very challenging. Additionally, a new Securities and Exchange Commission ruling in the U.S. makes good talent data a necessity rather than a luxury. The ruling requires the boards of publicly traded companies to oversee risk management; risk is dened as any issue that is likely to have a materially negative effect on a company. This means that HR is now required to collect talent data that addresses the companys ability to fulll its business goals and meet any legal stafng requirements for instance, ensuring the staff-to-patient ratio at a health care facility by forecasting the need for more health aides or making sure that employees who need certication are meeting their continuing education goals. Failure to maintain the needed number of properly trained employees constitutes a risk that must be reported to the board of directors. Organizations without a consistent, user-friendly and reliable means of gathering this critical Talent Intelligence face an uncertain legal and nancial future.
Talent Intelligence is the driving force of todays knowledge economy. The organization with the best understanding of its people needs, in the context of other business information and in light of its particular goals, prevails. Obtaining this critical data has historically been difcult due to inefcient processes and siloed technologies, but new systems that integrate talent data across the employee life cycle and across the organizationempower companies to make strategic decisions. Talent Intelligence offers organizations insight into their most important assetstheir peopleand the processes that help to nd, retain and develop them.
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ABOUT TALEO Leading organizations worldwide use Taleo on demand talent management solutions to assess, acquire, develop, and align their workforce for improved business performance. Taleo and all Taleo product and service names mentioned herein are trademarks or registered trademarks of Taleo in the United States, France, The Netherlands, U.K., Canada, Australia, and several other countries. All other product and company names mentioned herein may be the trademarks of their respective owners. Copyright 2011 Taleo Corporation. All rights reserved. No portion of this document may be reproduced in any form without the prior written permission of Taleo Corporation. TBE_0061_0311