Creating a Perpetual Talent Pipeline

Last time we saw this kind of battle for talent was in the late 90s with a hot economy put on steroids by Dot Com and Y2K. Our reaction at that time was to build out world-class externally facing Talent Acquisition functions to bring the war to the marketplace. High turnover was the norm and our answer was more external recruiting.

In 2019-20, the situation and opportunity are very different. We now have the technology and access to data that allows us to assess and recruit people from all possible sources of talent both externally and internally, in real-time. In other words, as people’s skills develop and they change jobs, we are able to monitor those developments as they unfold, as opposed to viewing their skills on a resume if we get one.

Smart companies are recognizing that one of the most important competitive elements is speed. External recruiting alone is slow and transactional. It simply takes too long to open a new recruiting requirement, find a candidate, and manage the interview process from beginning to end, which can ultimately take months.

By combining external recruiting with internal recruiting, you have an engine built to perform through every stage in the recruiting process.

This combination creates a Perpetual Pipeline and it is always turned on and ready to deliver candidates.   

The holy grail for hiring managers is to always have deep bench strength at every level in the company plus, an equally deep pipeline of external candidates. Pivotal to that is the ability to grow people from within, through precise skills and competency gap analysis, and proactive training, as opposed to constantly going outside the market to fill those gaps.

What was done in the last war for talent will not work in this one. Unlike the 90s era of hidden away, dog-eared folders of resumes; everyone has access, in some form or another, to all possible candidates to fill a position. We have the opportunity to deploy next-gen technology platforms and processes to get to those candidates quickly and effectively and to stack rank them in real-time as the candidates acquire new skills and experiences. By leveraging technology and analytics we can combine the externally focused talent acquisition and internally focused employee-development functions into unified talent acquisition, development, and management function.

Companies that embrace a Perpetual Talent Pipeline model will create a center of gravity and employment brand that people will want to work for.  This will reduce turnover, improve hiring performance, and reduce cycle time when companies need it the most.

Oh, and by the way, employees will love this. 

Why does a great employee have to leave the company to get the promotion they deserve? How does that help the company?

A Perpetual Talent Pipeline model is employee engagement at its most effective. This is what employees want most – upward mobility, the opportunity to work on new and interesting projects, or to be recognized for learning new skills. If the employee knew that an internal talent manager was tracking their progress the same way the Talent Acquisition manager was prospecting in the open market, they would work hard to fill whatever knowledge or experience gaps that are required in order for them to move up. In a perfect world, they might even be able to look at the people they are being compared to.

The hiring manager could have a living, breathing pipeline of talent options, both internal and external, that are unified into one, 360-degree view of their talent. The same hiring manager would be on the pipeline themselves for their own internal mobility.

Conversely, and sorry for the tough love, bad hiring managers would be very quickly revealed. We already know that a bad boss is the #1 reason for turnover, even above the quality of the company. It is time to make managers compete for talent internally in the same fashion as they do externally. That will put the spotlight on management to create an environment that people want to work for. 

It’s early, but progressive firms will be looking at this closely as they consider their 2020 HR budgets in the context of an ongoing “War for Talent” and the need for faster business cycles. The result of a well-executed Talent development and mobility strategy and supporting technology platform will include improved employee retention and satisfaction. 

Satisfied employees that are growing professionally are less likely to leave the company. That enables a much needed competitive advantage for the company in an overheated talent market.

It’s time. The technology is ready. The TA function is ready. And the company needs this to compete.

If you're ready to gain a competitive advantage with intuitive analytics and predictive insights, PredictiveHR is here to help. Schedule a demo with us today. 



Labor Shortage

Forget China

We Still Have a Major Labor Shortage.

Since my last blog on this topic, the unemployment rate has gone down and the net job openings have gone up.  This is not a tactical problem.  This is strategic.  The concept of retaining your best employees is not a new one.  But, the new wrinkle of unprecedented levels of full employment puts sellers in control. 

Sports remains a decent metaphor and, I believe, a signal of what is to come when there are simply not enough great people to do great work.  We are in a free agency market.  Talent moves unencumbered from one opportunity to the next.  What used to be called “job hoppers” are now just free agent athletes seeking the best return for their talent.

Companies are projects. As long as they remain interesting to the employees, the employees will stay.  In fact, interesting is better than money.  How many times have we all stayed at a job or taken a job because it was more interesting?  Plenty. By the way, money is only a motivator before it is given.

So.  What do we do?

Many of you are doing a lot. Employment branding.  Employee Engagement.  Better Benefits.  Compensation Models.  Etc. Etc.

What we are learning is that the company has to be true to itself.  A terrific “employment brand” is ruined with one bad Glassdoor rating. Everyone understands that Glassdoor is a vehicle for post termination payback.  But, if there is enough data in the sample, then the conclusion matters. Employees want to work for a company that people want to work for.  

So, the real lesson learned is that from the CEO on down, the people have to be believable and trustworthy.  The business has to make sense.  If the business makes sense, then the rest is on management.  If management is not good, and even if the business model is good, people will still leave.

Before you embark on an Employment Branding exercise, first reflect on the business itself.  Is it the kind of business that people want to do for a living?  If not, you better think about re-engineering the company.  If it actually is a business people want to work for, and they still are not knocking down your door, then look in the mirror.   

Leadership skills will become much more important than ever in this new world order.   I want to work for someone I believe in.  If the idea is also good, then even better.  But, a great idea with a bad leader is doomed. A decent idea with a great leader will flourish.

Most business are decent. They solve a problem.  They can be made into a destination employment environment with some tweaks.  It starts with good data.   

Good decisions come from good data so maybe we should start there.  What’s your employee data telling you?

 

 

 

 

3 Key Considerations for Successful Use of Data & People Analytics

3 Key Considerations for Successful Use of Data & People Analytics

People analytics has finally arrived in HR, but use of analytics is still rudimentary and not evenly distributed. That much was clear at the 2019 People Analytics & Workforce Planning Conference in Miami on May 5th-7th. HR leaders, vendors and partners in the HR space gathered to discuss the challenges of people management and potential tools and solutions to those challenges through the application of analytics.

Military Veteran Talent Development Under the Watchful Eye of Predictive Analytics

Military Veteran Talent Development Under the Watchful Eye of Predictive Analytics

As we continue into 2019, we will see a growing industry-wide shift taking place in the talent market that is driving new business strategy. With an overall projection of 20.5 million jobs that will be created by 2020 and the labor force growth rate slated to decline this year  (Jobs Outlook), employers are now even more challenged in competing to attract and retain top talent. This shift has pushed employers to rethink their talent strategies to pursue a forward-thinking approach that will enable them to stay ahead of their competitors.