7 Ways Talent Profiles Can Benefit Your People and Your Bottom Line
In today’s HR environment, organization’s and technology can boost the effectiveness and efficiency of any existing or newly created people management systems. One example of an underutilized system is the individual talent profile. A comprehensive and well utilized talent profile system can benefit both the assessed individual and the company as a whole.
What is a talent profile and how can it be utilized? An employee talent profile is a compilation of useful talent and development based information that helps management and HR to make more informed and accurate employment decisions and changes based on a variety of criteria. Below are 7 vital components to include in your talent profiles:
1. Work style, learning style and preferences
By understanding the way an employee functions and how they prefer to work or learn, management can more effectively assign projects and training that naturally engage the employee. By engaging the employee in work and training, the opportunity exists to:
create possibilities for the employee to find more fulfillment in their work
improve performance levels due to increased engagement and commitment
positively affect retention rates and savings reflected in lower recruitment and turnover costs
Past indicators of high performance can be useful to pinpoint what type of work an employee would excel at as well as their level of mastery. This can also be a clue to what the employee values in their work, leading to a higher level of engagement and success. Examples of past indicators of performance may include:
Specialized certifications and education
3. Work history:
Tracking what contextual experiences an employee holds can assist management in the assignment of:
Career mobility placements
Increased or changed responsibilities.
Previous work history skill sets can be utilized in training and adoption of new opportunities.
4. Development required
An individual talent profile can help HR and management to identify:
Characteristics or competencies an employee is striving to develop
Areas to develop for career advancement or mobility within the company
Development opportunities to increase effectiveness or mastery in a current role
Succession planning strategy for individuals
5. Languages spoken and relocation desired
By tracking languages spoken and desired relocation destinations within searchable talent profiles, a company will be able to tap into their employment database to more readily find candidates that may fill a need within the company.
6. Job interest
In the same way that keeping tabs on languages spoken and relocation desires helps to create an internal candidate pool, tracking role interest can help reduce recruitment and training costs. By making individual employee mobility interests searchable in a database, employers can:
look first to fill employment gaps with talent already existing within the company
help make recruitment quicker and more streamlined with reduced cost.
7. Psychometric profiles for teaming and competency development
Employees who have participated in psychometric assessments, such as the TMA method, can be evaluated through the system to check team compatibility based on competencies and desired outcomes and traits. This can help to:
design more effective and synergistic teams with intention.
provide a scientific approach to talent selection. Managers are often biased on the team member selected and they hope the personalities and skills will collectively create the outcomes desired. This was such a big problem at Google that managers were pulled out of the decision-making process altogether. Using an advanced system like TMA can help take the guesswork out of the process and help maximize the performance of teams.
methodically identify development opportunities and position matches for existing (or new candidates) when looking to place people in positions they will excel in.
When used appropriately, talent profiles have the capacity to improve employee engagement and retention rates, reduce turnover and costs, and drive higher levels of performance. Meet Sam Reeve, Founder and Managing Consultant of CompTeam If you are a high growth, technology centric company that wants to develop and high performing workplace, contact CompTeam and we will implement impactful solutions that are custom fit to your culture and people.
Sam Reeve's core focus is leading companies through transformational change by optimizing talent initiatives with reward programs to achieve long-term strategic objectives. Sam’s diverse experience includes the design and optimization of performance-driven variable compensation plans for executive, sales and core employee populations of growing companies. Prior to founding CompTeam, Sam has worked in compensation functions of notable firms such as BlackRock, McKesson and Automatic Data Processing (ADP). Sam is a global certified compensation consultant (CCP, GRP) with over 15 years of experience in Total Reward Strategies.