How Talent Intelligence Software Drives Smarter Hiring and Workforce Planning

It’s a new day in HR as talent intelligence software gradually becomes a staple. This new technology has flipped the script on traditional hiring processes by offering profound real-time insight into the job market, candidates’ skills and preferences, and organizational data. Amazingly, it doesn’t end there; its features can also help hiring managers and HR leaders provide a positive employee experience, thereby improving employee retention. 

Still unsure of jumping on the talent intelligence software bandwagon? Below are different ways it streamlines hiring and workforce planning and reduces employee turnover.      

Access to a Larger Talent Pool and Real-Time Market Insights 

Talent intelligence software powers hiring more efficiently by expanding HR managers’ hiring reach. Through global talent mapping, these platforms can identify potential candidates from geographic locations far and wide. They can also alert hiring professionals to quality candidates who might be a good fit even if they aren’t actively searching for jobs.

Talent acquisition experts can get the inside scoop on the job market from talent intelligence platforms. They can pinpoint in-demand skills and nascent job roles, allowing companies to modify their hiring priorities and strategies to suit their future needs. Likewise, the platforms provide insight into real-time salary benchmarks for similar roles across industries, ensuring that organizations offer competitive compensation packages.        

Advanced Candidate Screening

By leveraging technologies such as AI and data analytics, talent intelligence software can boost the accuracy, fairness, and efficiency of the candidate screening process. They go beyond keyword matching to analyze the context and transferability of candidates’ skills and experiences. 

Since talent intelligence platforms can be configured to hide identifying details such as candidate names, pictures, and demographics, they help hiring teams establish an equitable hiring process. What’s more, they can screen countless resumes instantly, saving time and ensuring that nothing slips through the cracks.       

Through competency mapping which involves aligning candidates’ capabilities with role requirements and analyzing historical data to identify which candidates are most likely to succeed in the role, these platforms can detect candidate fitness for the role. Talent intelligence software also incorporates behavioral assessments and personality tests, all of which help analyze the job fitness of candidates.        

Tailored Development and Succession Plans

Employees are likely to stay longer at organizations invested in their professional advancement as 70% of workers say it increases their sense of connection to the workplace. 

Talent intelligence software can help hiring managers improve their workforce planning by leveraging data and analytics to craft development plans for their employees. With predictive analytics, the platforms can identify skills that will be in demand soon and conduct a skills gap analysis to uncover areas for improvement in the team’s current skills. 

Based on the skills needed, talent intelligence software, when integrated with learning management systems, can recommend training programs and dynamically adjust learning plans as employees advance. 

Talent intelligence platforms can also help organizations create career paths for their employees based on the latter’s skills, interests, and performance. They can identify high-potential employees for leadership positions in the organization and define paths to sufficiently prepare them for those roles.      

Enhanced Collaboration and DEI Efforts

Strong team cohesion and an equitable and inclusive work atmosphere are crucial for employee retention. 

Talent intelligence platforms can help HR teams build employee retention by promoting cross-departmental collaboration. They can achieve this by spotting team members with complementary skills across departments and outlining a collaboration model that ensures each employee’s strengths support their colleagues’ weaknesses. These platforms can also identify subject-matter experts and mentors within the organization and connect them with employees who need their guidance, thereby facilitating knowledge transfer. 

By providing real-time insight into various diversity metrics within the organization, talent intelligence platforms keep company leaders updated on progress toward diversity and inclusion. They also compare the organization’s diversity and inclusion status quo to industry standards and suggest actionable steps to ensure improvement.     

Predicting Turnover Risks and Powering Targeted Retention Strategies

Talent intelligence software can build employee retention tremendously. Using their machine learning models, they can identify warning signs of employee turnover. By tracking productivity trends, employee attendance, and participation, they can analyze employee engagement and provide real-time alerts when there’s an increase in turnover risks. 

The insights talent intelligence platforms provide can be used by HR teams to design effective employee retention plans. These plans will address the underlying cause of the turnover risks whether compensation, lack of employee recognition, or poor management practices. Addressing these concerns will boost employee experience, enhance retention, and save costs.

These are the different ways talent intelligence software fosters better hiring decisions, and workforce planning and improves employee retention. Leverage talent intelligence to exponentially improve your talent acquisition and management. If you’re ready to get started, reach out to Cangrade to learn more.