New Research Shows that Corporate Talent Management, Pioneered in the 1970s, Is Rapidly Being Replaced by Talent Intelligence Solutions

• Analysis of groundbreaking, real-world Global Workforce Intelligence research shows that most industries cannot hire their way out of the talent and skills gaps they are experiencing

• Traditional HR practices of building siloed “centers of excellence” can no longer keep up with industry changes—creating a need for a new data-driven, systemic, talent intelligence model

• Strategic industries such as healthcare, semiconductors, energy, retail, and transportation are now quickly adopting talent intelligence systems to grow their workforces

The Josh Bersin Company, a research and advisory company focused on HR and workforce strategies, has warned that organizations not seeing the true skills picture of tomorrow could “hire themselves into obsolescence” by continuing to recruit and develop skillsets the market no longer needs.

The call to action follows deeper analysis of the real-world Global Workforce Intelligence (GWI) Project healthcare industry report, released earlier this month and which covered the healthcare sector. This fresh cut of its findings looks more deeply at how employers are adapting their talent strategies to align with industry reinvention and emerging opportunities in their sector.

A recent other study by The Josh Bersin Company found that 70% of all C-level leaders across all sectors believe their skills are falling behind, while more than 80% worry about not being able to hire the right people.

The goal of the latest analysis, which has been drawn together in a comprehensive new white paper for Josh Bersin Company corporate members, was to understand how all kinds of employers might rebalance and transform their talent recruitment, retention, reskilling, and redesigning-related activities, to create an adjusted and more sustainable talent pipeline geared to future opportunities.

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A smarter and more holistic approach to talent intelligence, based on a wealth of internal and external data sources, can play a powerful role in strategies both to plug emerging talent gaps and to reshape the workforce as entire industries experience reinvention, the research suggests.

Through smarter and more holistic insights, employers are better prepared for the recruitment challenges of tomorrow while simultaneously reducing their exposure to current trends such as the Great Resignation, employee coasting/Quiet Quitting, and the loss of talent to other industries.

Key observations and learnings from the newly-released GWI Project strategy primer include:

• Businesses have reached the stage of digital transformation known as Industry Reinvention.
  • New business opportunities create the need for new roles, new job titles, new organization models, and new skills.

• Talent intelligence is an evolution of sourcing analytics, people analytics, workforce planning, and retention analytics, combining all of these assets to enable more complex correlations and strategic forward planning straddling multiple HR subdisciplines, enabled by AI.

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• For a talent intelligence approach to work, organizations’ siloed HR-related centers of excellence must come together in a dedicated Intelligence Function.

• To support this function, a new architecture will need to be built, incorporating skills data for learning, internal mobility, recruiting, leadership development and pay; and a team that owns these decisions, understands what data exists internally and what needs to be pulled from the market.
  • Through multi-dimensional analysis, AI has an important role to play in talent intelligence as it enables the stitching together of multiple information sources (internal to the organization and external in the market) aiding leadership to spot where the gaps and opportunities are for their business.
    
    

Josh Bersin, global HR research analyst and CEO of The Josh Bersin Company, said:

“As industries converge and are forced to reinvent themselves, traditional talent management practices are ceasing to be fit for purpose. Instead, employers need to be proactive and strategic; they need access to real-world data on demand, to be able to know whether they are attracting, retaining and developing the right skills for their future needs. Without the right prompts, it’s very possible that many organizations will risk hiring themselves into obsolescence by building a team frozen in the past.

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