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Talent Analytics Tips from the Experts

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Skillsoft brought together five of the world's most prominent talent analytics gurus to share insights about the current state of analytics, and practical suggestions for evolving organizational capabilities. Here's what they had to say...

Talent Analytics Tips from the Experts

  1. 1. Talent Analytics Tips from Super Smart SME's What's the big deal? Analytics trumps intuition Who is doing it? Big Data in talent analytics What does it look like in practice? Skillsoft brought together five of the world's most prominent talent analytics gurus to share insights about the current state of analytics and practical suggestions for evolving organizational capabilities. Here's what they had to say. .. But do organizations truly know how to invest in talent wisely? No. The vast majority of hiring, management, promotion and development decisions are made on gut feel, personal experience or invalidated corporate belief systems. Talent is a significant investment. 31 40% Most organizations spend forty percent or more of their total revenues on their talent. 40% The evidence abounds. .. — . 30°/ ..{ Higher Stock Retuns Organizations that regularly use data in decisions generate thirty percent higher stock returns than their peers. Top performers are leveraging analytics Top performing businesses are five times more likely to be using analytics than low performers. Top performing L&D teams are three times as likely to be using learning analytics as their peers. Ample room for improvement Just 2% are A 2015 report from Towards Maturity states that only 2% of L&D ' ' . . . _ - _i organizations report that they are p ra ctl c_l n g currently involved with analytics. a n a The good news is that 35% are planning to increase their emphasis on building analytical capability. What does that mean for the rest? That could indicate that as much as 63% are not intentionally planning to do much about analytics. While many in the field are quite ambitious about strategic advancements in L&D capabilities, it is clear that more sweeping changes need to happen. ..fast. I Not Planning (63%) I Planning (35%) I Practicrng (2%) Could it be a labeling problem? While much of the recent research may illustrate that few organizations are conducting analytics, the experts are quick to note that it could be a matter of visibility and labeling. Some firms have been applying talent analytics practices for decades (especially as it relates to recruiting), they just haven't called it as such. What are the benefits? I Increase evidence-based judgements and make more confident decisions Move from allocating investments equally to aligning investments intelligently But analytics is not about instant insights. Big Data's individual measures do not provide insights by themselves. Leading indicators help quantify an idea that leads to an insight. A leading indicator is a measureable factor of performance that changes before the larger trend or condition changes. A measurement map approach helps define what the leading indicators are and how the strategic goals serve as the context for any talent investment. Measurement map puts talent investments in context 4. 3. 2. 1. What skills do What leading what business What is the we need to indicators resuits need to strategic goal invest in our correlate < occur to organization is talent to achieve positively to achieve that seeking to our strategic those business goal? achieve? goals? results? The steps of talent analytics Identify the hypothesis or - - _ - - - _ _ - _ _ _ _ - _ _ - _ - _ _ - _ °'”eSt'°"' Important tip! Compile the data sources and ieading indicators “Not everything that can be counted counts and not everything that counts can Apply the expertise or software. be counted’, Interpret the data. _ Aibert Einstein VVVV V Present the findings and recommendations to the business owners. What does Learning evaluation goes to a new level this mean for the five According to some experts, it means there is now a sixth level in the leVel5? Kirkpatrick/ Phillips learning evaluation model: Reaction Learning Application Business ROI Predictive Impact Analytics The SME's shared that organizations do not necessarily need to conduct evaluation efforts sequentially. For some initiatives, it may be appropriate to focus on predictive analytics and not the other levels of learning evaluation. Four levels of maturity What are the benchmarksr; The industry analyst firm, Bersin by Deloitte, found that an astounding 86% of ' organizations are focused primarily on reporting - which represents a purely historic view. Only ten percent of organizations have crossed the chasm toward conducting advanced analytics and an even smaller number of organizations (four percent) are using predictive analytics to predict talent outcomes. Level 4: Predictive analytics Development of predictable models, scenario planning Risk analysis and mitigation, integration with strategic planning Level 3: Strategic analytics ‘»i ll’ la‘. i. r'i 't. iti'. t tdl analysis, development of "people models" *3 to driderstand cause and delivery of Level 2: Proactive—Advanced reporting Oiiir. ‘iti«. iii. 'il itiiriiitii-.9 ttii ii. -iit liri {Ill lliirj illiil ilw . .ii il iri. ll'1'i/ l lvltlllldllll<: 'lit>li. ,>lidl dlidly': .|. > dl'i<. .l Lldt . ».. _ Level 1: Reactive—OperationaI reporting Ad hot. OpL'l't. }ll0ll{Jl reporting Reactive to bLlS| l‘l€SS derriands, data in isolation and difficult to analyze HOW d_0 _ How to cross the chasm organizations _ _ _ advance? ;| ;ihe journey to an optimized workforce at benefits from analytics is not easy, but it surely pays off in terms of stronger talent results. If you are inspired to cross the chasm from ad-hoc reporting to advanced and predictive capabilities, here are the key characteristics to build: I . Go deep in technical skills or "borrow" ' ‘ some from another department . Develop expertise to tell "the story" behind the data . Credibility is key so ensure your data quality is high . Create action-oriented se| f—service dashboards Skillsoft is a pioneer in the field of learning /1 - Ab_°ut and talent managementwith a long history Skllls Skillsoft of innovation. Skillsoft was named a Leader in both of IDC Skillsoft and IBM are building a ground- MarketScape's Big Data/ Analytics and breaking adaptive learning experience ITIL/ ITSM reports, and as a Major Player in that will facilitate higher talent eight other Marketscape reports. engagement and outcomes. Q To learn more, click here Q SumTota| 's workforce analytics solution provides access to a single, unified learning and talent management model. The data is presented in a personalized, intuitive and highly configurable user interface to track metrics, set targets and identify deviations. To learn more, click here Q To learn more, click here

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