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Predictive Talent Pooling – 10 Tips for Getting It Right

Most businesses are in the midst of a workforce redesign to empower newer, more nimble business models. The HR team must anticipate and keep pace with ongoing business innovations while driving leading-edge talent solutions to meet changing workforce needs and challenges.

Predictive talent pooling provides a hiring approach that blends strategic sourcing, talent pooling and predictive data tools to hire better people in less time and at less expense while meeting many of the newly designed workforce demands.

How can you set yourself up for success?

1. Be realistic. A talent pool will rarely cover all roles in an organization. Keep it to key roles and sectors that are hard-to-fill and crucial to the organization’s daily operations. Don’t spread your resources too thin.

2. Know what you need. Have a reasonable idea of when you will need the talent, where you will need them and how many you will need—otherwise you risk wasting time talent pooling candidates in areas where jobs will never materialize.

3. Aim high. Set the bar high and ensure your recruiters fill the talent pool with the best. Don’t fill it with poor quality or irrelevant candidates. This can cause the data you garner to become unusable and ultimately jeopardize the whole program. Be clear on entry criteria and also exit criteria.

4. Shore up your EVP. Your Employee Value Proposition is your currency in the war for talent. Be clear on why your organization is the best workplace in your industry and how to articulate that. This will help you retain and motivate current employees as well.

5. Be authentic. The information that you present to your audience has to be authentic or you risk people joining your organization and being immediately disillusioned by the gap between what was promised and the reality. Being authentic ensures your new hires have the right level of expectation when joining your organization.

6. Monitor its effectiveness. Is the talent pool justifying the resources that are going into it? Have a list of clear KPIs and report on them monthly, quarterly and annually. What is the placement rate of candidates in your talent pool? Is your cost-per-hire and time-to-fill decreasing?

7. Talk the talk. Sourcing specialists with deep experience in their representative industries are usually more effective at building rapport with the candidates in those industries, although there are exceptions and strong generalists do exist. Remember Sourcers are the first interaction the candidate has with your company, which is crucial in establishing the relationship.

8. Line up your ducks. Few organizations use talent pooling and even fewer use predictive talent pooling. Explain the business-wide cost savings and efficiency dividends to the hiring manager and make sure he or she embraces the change. If approaching candidates on social media, make sure the marketing team is on board, and that your team follows the firm’s social media policy.

9. Manage candidate expectations. Be careful with your wording when accepting candidates into the pool. Avoid stating or suggesting that it will lead to guaranteed employment.

10. Don’t drop off the radar. Putting candidates into a talent pool and never contacting them again leaves a negative impression. And don’t forget former silver medalist candidates. They might be perfect for those open roles!

Want more information on predictive talent pooling? Contact Hudson RPO

 
 
 

Predictive Talent Pooling: A New Approach to a New Type of Workforce

According to Deloitte’s 2016 Global Human Capital Trends Survey, 90 percent of business leaders in North America and 92 percent in Latin America rate “Organizational Design” as their top human capital-related priority. The results are strikingly consistent across industries.

This organizational redesign trend is driven by new business models that require organizational flexibility such as the

  • Rise of virtual workers and mobile project teams
  • Departure from functional departments to more product- and customer-centered structures
  • Need for Gig Economy contingent, contract and part-time workers for special projects

Not surprisingly the talent needs and challenges related to these new business models have also changed. For example, smaller, more mobile project teams require more nimble, globally savvy leaders. Yet while 89 percent of company executives view leadership as an important or very important issue, more than half (56 percent) don’t believe their companies are prepared to meet their leadership needs.i  HR and Talent Acquisition leaders must implement programs to identify and cultivate versatile leaders earlier in their careers, particularly Millennial leaders. This begins by hiring people with the right potential.

Likewise companies are shifting focus to diversity and inclusion, of which the benefits are well documented. Achieving a more gender- balanced workplace creates efficiency savings, enhances employee engagement, boosts productivity, meets the diverse needs of customer and suppliers and improves brand reputation.ii

For example, according to a study by Dr. Roy Adler of Pepperdine, companies with the strongest record of promoting women to the executive suite outperform overall industry-average profits by 34 percent (when calculated for revenue).iii

What if you could identify and build talent pools to meet each of these different needs? And what if you could predict when these candidates will begin a new job search? The implications for improved hiring efficiency and HR “readiness” are significant.

This is what the practice of predictive talent pooling provides: A hiring approach that blends strategic sourcing, talent pooling and predictive data tools to hire better people in less time and at less expense while meeting many of the newly designed workforce demands.

“Hudson’s use of predictive technology has allowed us to map out and monitor our talent pools. We now start a search knowing roughly how many people are qualified and available. It is the first time we have had access to relevant, timely supply- side data, and it has dramatically improved our performance.”
Mike Wolford, Sourcing Manager – Hudson 

Want to learn more about what Predictive Talent Pooling can do for you? Contact Hudson RPO

___________________________

i. “Global Human Capital Trends 2016: The new organization, different by design,” Deloitte University Press
ii.  “Food for Thought Fact Sheet -- The Business case for Gender Diversity,” Business in the Community, 2012
iii.  Roy D. Adler, PhD, “Women in the Executive Suite Correlate to High Profits,” Pepperdine University, 2001

 
 
 

4 Keys to a Great Leadership Strategy

“90 percent of my job is to fail.”

Speaking at an event recently, that’s how the head of a digital company described her job. She was tasked with taking risks on an ongoing basis, with the understanding that only a handful of her initiatives would work, and that this was acceptable. Only this way could her company stay on the leading edge of innovation.

Imagine the head of a big bank telling shareholders the same thing. It would never happen, and neither should it.

My point is that organizational context first and foremost defines what good leadership looks like. The first step in a leadership strategy therefore is understanding where the organization is going and then defining the specific capabilities its leaders need to possess to succeed in that environment and deliver the business strategy.

Recent Hudson research highlighted a sizeable disconnect: 92% of over 100 HR leaders said leadership was very important to businesses yet only 54% of organizations actually had their own clearly articulated leadership strategy. While 90% of those with a strategy had development programs to build leadership capabilities, some key details were missing that would impact the ultimate success of those programs.

To ensure your leadership development programs have the greatest impact, these are the four key components of a strong leadership strategy.

Define what good leadership looks like

The digital company mentioned above was clear about where it was going and how it wanted to achieve that. Risk was acceptable as long as the pay-off was speed and innovation.

Having a well-defined capability framework as the cornerstone of your leadership strategy will ensure your hires, promotions and development programs are all geared towards gaining the specific set of capabilities your organization needs most.

Plan for the future

We’ve heard of businesses using capability frameworks developed almost 10 years ago. To get a sense of how much has changed, think back to the features of the phone you were using in 2005. A lot has changed.

I’d suggest a leadership framework should be updated at least yearly. Just as frequently as an organization is talking about its financial results, it should also be talking about its people and leaders, what’s expected of them and what has changed.

It’s also important to future-proof your business with a leadership pipeline. Do you know how many leaders you will need in the coming years as your organization expands, and with what kinds of skills? Building the talent pipeline takes time and forward planning.

Identify the people you need

When you hire, promote or develop someone, you are taking a bet on them, but there are ways to spin the odds in your favor. Once you have defined the capabilities needed within your organization, it’s time to develop assessment methodologies to understand the development areas of your leaders and evaluate new hires or high potentials. A mix of different methodologies can give the fullest insight.

If your company needs someone with an appetite for risk, for example, that’s what you have to measure. Psychometric tests can provide insights that are proven to predict future behavior. A role playing scenario could also shed light here, by giving candidates a business scenario and looking at which courses of action they choose. Competency-based interviews can also help by asking for specific examples of where the candidate has taken calculated risks.

Develop the capability of your leaders

If organizations are spending big on leadership development programs without a framework targeting their specific needs, they could be developing superfluous or irrelevant skills, or investing in the wrong people for the job, essentially chasing good money after bad.

Highly focused development programs are the most effective. These may be based on real-life strategies, assistance, coaching and feedback – from superiors, peers and external experts. Practical advice that is grounded in real business experience stands the best chance of helping leaders see the world differently, and changing the way they react in different situations.

Returning to the fundamentals of a great leadership strategy, what you need from your leaders should reflect what your organization needs to do. When leaders demonstrate the capabilities the organization needs most, and are supported to continue to improve in this area, this attitude permeates the entire workplace. I’ve watched it happen and it is remarkable: organizations move so much faster toward their end goals, and their people love the ride.

 
 
 

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HUDSON

Hudson is a global talent solutions company. We help transform the workplace and unleash the full potential of organizations and individuals. Our expert team and proprietary tools provide you with unique insights and services that help you maximize your success. Across 20 countries, we deliver a range of recruitment, talent management and recruitment process outsourcing solutions to get you and your business where you want to be.