One aspect could leave the top management teams shaking their heads. The constant tremendous gap between the potential of the human capital of many companies and the constant failure to develop and utilize that talent.
Every large company today invests significant amounts of their annual budget into the process of searching, hiring, onboarding, developing, training programs and utilizing talented individuals. However, that very large investment often fails to achieve its core objective of properly utilizing the skills, developing them further and retaining those team members.
The great irony is that companies bring the best available into their organizations, the more likely it is that they lose them if not properly deployed and developed.
A study reviewed in Harvard Business Review describes this problem precisely, “Despite all that is known about the importance of developing talent, and despite the great sums of money dedicated to systems and processes that support talent management, an astonishing number of companies still struggle to fill key positions—which puts a considerable constraint on their potential to grow.”
The article makes the point that instead of a talent factory, such organizations suffer numerous debilitating consequences, including:
• Inability to compete and expand into new markets
• Higher attrition rates of the best performers
• Losses in productivity
Often, human resources gleefully report positive information about new hires and devising of training programs of C-level executives. Management is then expected to commit their organizations to plans and projects that require the full use of these resources. When that utilization gap is present, plans and projects underperform and often fail to achieve core objectives.
Moreover, talented individuals grow increasingly frustrated since the best of their skills remain unutilized and their capabilities remain unchallenged.
Contextual Intelligence based Spire Talent Platform not only addresses the complex issues of talent deployment, in addition it is a comprehensive and proven technology-based solution.
With proprietary technology processes, it gives real-time insights of talent pool in terms of in-depth skills analytics, project simulations, skill gaps and personalized training suggestions. This knowledge is at the heart of the aspiration for maximum utilization of talent. It gives actionable intelligence with unmatched accuracy levels of 80-95%. Below are listed few of the benefits.
• 75% reduction in talent deployment time
• 50% reduction in talent deployment costs
• 1% positive impact on revenue
• 8% increase in profitability
In addition to these concrete benefits, decision makers can mitigate organizational risks in advance with the help of real-time simulations (skills versus costs involved in future projects). More than anything, the system easily integrates with any existing ERP/HRMS systems.