12 June 2017

Business Intelligence at the service of Talent Retention

As society evolves and moves towards a new, more digital and innovative economy, attention to people and knowledge has gradually increased. Today, organizations face new challenges in dealing with the constant emergence of new technologies, the dazzling speed of innovation itself, and demographic changes in the workforce.

The emergence of new technologies has substantially influenced and modified talent management strategies, as well as the whole design of organizational structure in companies, by evolving their leadership models and by promoting a culture totally focused on their professionals.

In addition to having to deal with the usual shortage of qualified IT professionals, organizations must also develop strategies focused on talent retention, creating a mechanism for encouraging, involving and sharing knowledge, between the organization and its professionals. An organization thus needs to keep pace and, at the same time, find the agility necessary to engage its ecosystem, meeting its needs. It is essential that they incorporate technological tools that make it possible to maximize the use of information in order to create benefits for their internal environment, as well as to ensure competitive advantages in their external environment.

But... How does an organization effectively retain its talent?

Focusing on the implementation of Business Intelligence (BI) tools, since they enable real-time analysis, reducing the time spent between analysis and decision making, it is undoubtedly a strategy with clear results.

Perception-based management no longer has room in the contemporary setting, and new techniques and tools have emerged to make management more objective and effective, based on concrete facts and real results.

For the Human Resources department this tool gives you countless advantages, both for the department itself and for the organization, as they have large volumes of raw data and, using BI tools, can detect patterns, streamline processes and support decision making, saving a lot of time on analysis that was previously drawn from multiple sources. And it has a crucial role in talent retention, since it enables human resources to perceive in a more detailed and less intrusive way the profile of their current and future employees, so that they can interact with a greater level of proximity to them.

How can BI be used as a tool for retaining talent when they are constantly being harassed by big companies?

Several times, we realize that a company has difficulties to retain talent but, even with several attempts, we can not find out why. The first step to prevent talent from leaving your company is to understand why employees are looking for work in other organizations and then implement a strategy to change that scenario. This is where Business Intelligence comes in.

BI tools generate employee reports, and from these reports the manager can conduct analysis and initiate research to understand the reason for the difficulty in retaining talent.

First, they need to specify and address specific market segments and offer a differentiated service - labor supply. It is no longer enough to offer only a competitive salary package, which in itself has lost its importance as an exclusive way of attracting and retaining talent, since many of the talented candidates see it as a given. Instead, they are looking for a compelling corporate image, being available to share values ​​and stimulate corporate culture. In order to retain these talents at such a high price, it is necessary to provide opportunities to enhance competence.

Thus, it is urgent to implement:

- Promote organizational flexibility;

- Mobilize the knowledge of the organization;

- Facilitate professional and personal development;

- Enable the management of new functions.

It is therefore important to put your professionals at the center of your strategy and adopt BI tools that allow you to contact them more closely and at the same time to demonstrate that you have enough knowledge to make them aware of what they are doing part of their organizational culture, sharing their values.

BI tools open new paths, not only to realize employees' assiduity, productivity, and motivation ratios, but they also represent significant added value for the company. On the other hand, they provide a number of improvements to Human Resources departments within an organization, whether in the selection of candidates, in providing profile information for each, in performance reviews, cost containment, productivity and absenteeism, etc.

In this way, given the urgency with which organizations are constantly confronted with these issues, Human Resources teams are changing the way they worked in the past to ensure a better future for the area as well as for the whole company.

At the same time, companies are beginning to use BI in HR departments as a solution in the decision-making process. All these efforts will make organizations stronger and more competitive globally.

Thus, understanding the characteristics of human resources processes such as recruitment, involvement and identification of challenges that drive the advancement of the business, can position the company above its direct competitors.

And is your organization prepared to receive this new generation of professionals and meet their expectations?

Opinion article published in media Human Resources Portugal – June 12, 2017