In HR, it’s a well-known truth that the efficient management of human capital is the key to adapting quickly to market needs. But the question that every HR manager inevitably asks is, ‘what is the best way to achieve this?’
The answer? The talent supply chain, a long-term strategic process, is an ideal solution that allows companies not only to acquire and develop talent, but also retain and optimize it over time.
So, what is the talent supply chain all about? In this article we’ll discover what it is and how it can add value to your company, and finally take a look at the best tools for its implementation. Keep reading!
Talent Supply Chain: The key to unlocking your team’s full potential
Simply put, the talent supply chain is the strategic and continuous process of acquiring, developing and retaining human talent within a company. Just as the traditional supply chain smoothly manages the flow of goods and services, the talent supply chain takes care of less tangible commodities – the skills and experiences of employees.
In order to overcome talent shortages and deftly adjust to changes in the market, companies need to build a deep understanding of their teams’ existing skills and talents. The true power of the talent supply chain lies in its ability to develop and maintain a wide inventory of skills – allowing companies not only to manage the current competencies of their teams, but also anticipate and adapt to future demands.
The benefits of building a skills inventory in your company
A talent supply chain brings numerous benefits to an organization, significantly improving its ability to manage and optimize human capital. For example, if a company wants to adopt new technologies into its strategy, the talent supply chain makes it much easier to identify employees with the relevant digital skills to help the process along.
But the benefits don’t stop there. By taking this approach and building a skills inventory, companies can also enjoy:
- Greater organizational agility: The ability to redeploy talent on a dime allows companies to quickly adapt to changing market demands and the needs of internal restructuring.
- Skills optimization: Identifying and assigning specific skills to appropriate roles improves operational efficiency and brings the best out of employees on an individual and collective level.
- Improved talent retention: By understanding and matching employees’ professional expectations, talent retention is reinforced and turnover is reduced.
- Alignment with business objectives: The talent supply chain helps to ensure that employees’ skills and competencies are closely aligned with the company’s wider goals and strategies.
4 key stages in talent supply chain management
The talent supply chain involves a series of stages that take the process beyond simply hiring and holding onto employees. Each stage contributes significantly to the creation and maintenance of the future inventory of skills:
- Acquisition: the first step is to identify and attract essential talent. The use of recruiting platforms, as well as building a solid and reputable employer brand, are key here.
- Development: Development is all about enhancing existing skills and promoting professional growth. For example, imagine a company facing the challenge of incorporating new financial management software. Upon discovering that some of its employees already possess transferable skills relevant to the software, an internal training program can then be implemented to improve their proficiency in the new system.
- Retention: This involves implementing strategies to keep employees engaged and satisfied. By recognizing employee aspirations and offering opportunities for internal growth, you can retain your most valuable staff. According to LinkedIn, more than 90% of employees would stay at their company longer if they perceived a greater investment in their training and development.
- Evaluation: Finally, it is critical to consistently measure and adjust the talent management process. To do this, performance assessment tools can be used to identify areas of strength and weakness, as well as growth opportunities for your teams.
Common challenges in talent management (and how to overcome them)
Talent supply chain management is not without its challenges: in fact, proactively identifying and addressing these obstacles is essential to ensure a continuous flow of skills in the company. Let’s take a closer look at some of the most common challenges, and the strategies you can implement to overcome them:
Challenge 1: Integrating new talents
Efficiently onboarding new talent is crucial to your long-term success and retention rate. How can you address this challenge?
- Effective onboarding programs: Use technological solutions to simplify and improve the onboarding process, allowing new employees to rapidly integrate into your company’s culture and work environment.
- Mentoring and support: Assign mentors to guide new employees and help them quickly adapt to their new surroundings.
Challenge 2: Skills gaps
Rapid shifts in the labor market often create skills gaps and undermine proper talent management. How can you address this challenge?
- Skills mapping: Conduct a detailed analysis of the current and future skills required by your organization.
- Upskilling and reskilling programs: Implement specific programs to close any existing gaps, encouraging employees to acquire new skills and adapt to changing market demands.
Challenge 3: Key talent retention
The loss of key employees can be hugely detrimental to business flow. How can you address this persistent challenge?
- Career Development: Create clear and attractive career development plans to foster long-term loyalty and commitment.
- Recognition and rewards: Implement recognition systems that value and reward employee effort and impact. An effective example of how to do this is through gamification strategies.
How can isEazy help you optimize your talent supply chain?
A well-managed talent supply chain is essential for business agility and resilience. By building and maintaining an up-to-date talent inventory, companies can ensure a constant flow of skills and quickly adapt to shifting market dynamics. In order to forge a strong chain, it’s crucial to take advantage of advanced technological tools and solutions, which simplify the process and bring about more efficient and strategic talent management.
One such tool is IsEazy, which could be the key to helping you optimize your own company’s talent supply chain. With our diverse range of e-learning solutions, you can enhance each individual phase of the talent management process, and align your human capital with company-wide strategic objectives. Try isEazy for free today, and reforge your talent supply chain to guarantee future success!