How Can You Navigate The Workforce Market Using Data-Analytic Talent Strategy?
Updated: Aug 23
Today’s job market is volatile, fluid, and constantly changing. Navigating it requires a comprehensive understanding in demand jobs and related skills. A key resource for companies is to use data analytics to support its talent strategy.
Collect and Analyze Labor Market Data and the Company’s Talent Needs This includes data on job trends, compensation, and the skills and qualifications required for the roles needed. Here is the opportunity to review the latest industries that are growing and skills that are in demand, as well as the types of jobs that are available. The data can be obtained via labor market reports, various job postings and/or industry publications. Identify Skill Gaps Data analytics will allow companies identify skill gaps that currently exist in their workforce. The analysis determines which skills the company will need to develop in their current employees and then target in attracting new talent. Once the company has analyzed the data, the talent strategy can be developed, identifying key skills, attributes, and qualifications that are needed within the company. Only then will the company best understand the most effective ways to attract and retain talent. Develop Targeted Recruiting Strategies Now that the company has the requisite data on the jobs and skills that are in demand, a targeted recruiting strategy will attract the right candidates with the right skills. Effective management of the company’s recruiting strategy can include industry specific job boards or social media channels as well as offering certain incentives to attract the top talent needed. Develop an Inspired Talent Strategy The strategy should not only include employees, but a workforce that includes contractors and remote workers with various specialized skills on a global basis. Technology, Technology, Technology The company’s recruiting and talent strategy as well as related HR processes, such as job postings, applicant tracking, and onboarding require top notch technology. The goal is to streamline the hiring process and increase new hire and ongoing employee engagement that allows the company to hire and retain the best talent. Invest and Re-Invest in Talent Development Companies need to look at their workforce as an investment and what it will take to develop their employees. Reskilling, upskilling, and other opportunities help ensure the company has ready now skills and expertise at all times to adapt to changing market conditions. Analyze what is needed now and finetune for the future. Be Ready to Adapt your Talent Strategy Staying up to date on the ever-changing market trends and adjusting the company’s talent strategy is key. Monitor job and industry trends. Take time to attend industry events and conferences to remain current while keeping an eye on the future.
The Future of Work Navigating the current labor market requires a dynamic talent strategy that uses a focused data analytics platform and technology to support it. Using a data driven approach to talent strategies allows companies to acclimate to the changing labor market more effectively and ensure they have the right talent in place to meet their business and client needs. Our Expertise MSI’s Consulting and Advisory Team are experts in supporting companies develop and implement Talent and Recruiting Strategies that help companies gain a competitive advantage in the marketplace. Our focus is helping organizations optimize and develop long range strategies for our client’s success.