In today’s economy, a company’s success often depends on specific, tough-to-replicate employee knowledge and creativity. The biggest responsibility for managers isn't directing assembly lines, it's managing the skilled employees who drive business.
That said, managers still struggle to understand the fitness and capabilities of their people. They rely on assumptions versus data-driven insights, depending on gut instinct for important decisions about hiring talent, developing employees and keeping them engaged. That approach doesn’t always work: 42 percent of employees are looking for a new job because they feel that their current role doesn’t make use of their skills, according to Deloitte.
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4 Ways to Boost Talent IQ
We have more data than ever about our employees—how they work, what their best skills are, where they need improvement—and it’s time to analyze that information and put it to use. Here are four ways managers can improve their "Talent IQ."
- Revamp sourcing and hiring activities: Recruiting shouldn’t be a shot in the dark, but it also shouldn’t be so rigid that hiring managers overlook potential candidates. Companies should shift to a strategy of hiring for potential and training for skills.
- Cultivate a skills marketplace: Sixty percent of companies list capability and leadership gaps among their top challenges. With a better understanding of employees' capabilities, managers can tap pools of talent with specific expertise for projects and other leadership opportunities.
- Spark performance management synergy: The annual performance review is old news. Now that managers have better access to real-time data about how their employees work, they should provide ongoing feedback to help employees stay engaged.
- Harness the dynamic workplace: With telepresence and our always-on culture, work happens anytime, anywhere. It’s more critical than ever for managers to create a central hub for employees to access the people, information and resources they need.
Companies with a strong talent IQ know the interests, expertise and capabilities of every employee. That knowledge makes it easier to identify and recruit candidates with the right culture fit, and also to proactively address retention issues.
For more insights on better understanding your employees, check out Cornerstone OnDemand’s paper, "Increase Your Talent IQ."
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