Organizations are placing more emphasis on their build-from-within strategies as part of their overall approach to talent. Moreover, they are discovering the critical importance of identifying, retaining, and developing high-potential and high-performing employees. In many cases organizations are facing low talent availability, expensive onboarding, and extensive training periods to get new hires up to speed. To address this organizations are optimizing the management of high potential and high performer pipelines, providing a clear upward mobility path to save both time and money. Building talent from within not only makes sense fiscally, it is also known to be a strong internal retention driver, creating stability. Additionally, filling critical positions often requires months or years of development, so having a strategic build-from-within strategy can often alleviate a future talent crisis.
If companies are to pour resources and time into high-potentials who will soon be filling critical gaps, then having an intelligent plan is vital. Many question arise when you are putting together a build-from-within plan. What are my critical gaps? Who are my high potentials? How do I best retain the talent we are developing? To answer these questions, leading organizations are turning to predictive and prescriptive analytics. For instance, organizations can use data-driven flight risk predictions to determine where their critical gaps will be. Predictive models can also help to identify the primary drivers of turnover and facilitate strategies to improve retention among high-potential and high-performing employees.
Identifying the top reasons why people leave allows organizations to establish a prescriptive retention strategy at the individual employee level. One size does not fit all and individuals who have different turnover drivers require different retention strategies. Now, organizations can employ the most effective and efficient measures to retain their most valuable assets. Also, having knowledge of when there will be critical vacancies gives organizations time to determine how immediately these vacancies will cause business impact, and prioritize which positions to focus on first.
The benefits and applications of predictive and prescriptive analytics are endless. Organizations who have this capability possess a true competitive edge. Prior to employing data science, organizations have risked that well-meaning but haphazard talent moves could create instability. Each reactive decision to buy or borrow talent for a critical gap might create an even larger gap down the road. With predictive and prescriptive analytics, organizations can get reliable analytics about future gaps before they occur and develop smart proactive plans that preempt gaps and ensure availability of talent to drive the business.
Vemo is a leader in workforce planning and analytics subscription software and predictive analytics consulting services. Vemo differentiates itself in the market by its expertise, innovation and customer-oriented approach.
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