Let’s help you understand and interpret insights from Calculus and supercharge your Hiring Strategy!
ROLE: "Brand Manager"
FUN FACT: Believe it or not, there is a high chance that you won't be able to access the talent that you need. And this is also what nearly 42% of employers across the globe fear.
In such a competitive situation, employers must utilise systems that can help them weather the storm and discover and retain the right kind of employees.
With Talent mapping, organisations can chart individual’s skills and abilities, assess
their performance and potential, and match them with workforce planning strategies
to balance their talents and needs.
It assists a company in determining future recruiting plans, such as internal promotions, likely short and long-term hiring needs, and developing existing talent to meet future staffing needs.
Let’s take a look at some of these benefits :
1. All-in Approach:
It is an ‘outside-in and ‘inside-out’ approach that allows businesses to assess their internal positions against the markets.
Talent Mapping assesses your present workforce's preparation and performance in light of impending changes.
2. Envisage Future Needs:
The potential of Talent Mapping is directly related to its ability to help you project future human resources needs.
An engineering firm, for example, may need to expand its capacity to deal with specific target technologies, or a software firm may need to acquire programmers who are proficient in specific languages.
Where is your company or industry headed in the next five, ten, or twenty years, and what skills will be required to succeed in that changing business climate?
3. Enable Better Hiring:
The quality of an organization is the quality of the workforce it possesses. Talent mapping aids in the placement of the right individual in the right role, resulting in increased employee productivity. It also helps bridge the gap between the hiring manager and the recruiter, reducing the time it takes to fill open positions.
When creating a new position, it is important for those in charge of Compensation benchmarking to perform these assessments and identify the market rate to ensure they are offering competitive salaries while ensuring the process is cost-efficient and accurate.
4. Highlight Gap Areas:
When it comes to remuneration, talent mapping can assist discover any disparities between what is paid for similar tasks in the industry and what is paid for similar roles in the internal talent pool.
Brings to light any skill gaps in the current workforce, thus making future development and and compensation decisions easier.
5. Retain Talent:
A clear compensation strategy based on market data can help establish career paths for your most valuable employees and ensure they are less tempted to seek a market correction from another employer.
6. Stay Competitive:
No company wants to lose its top executives to better-paying offers from competitors.
Salary benchmarking is vital to the success of an organization since compensation differences can mean the difference between keeping or losing highly valued individuals and keeping stakeholders happy.
7. Maintain Equity:
Equity or fairness has been identified as a critical component in the development of a successful organization. An efficient Compensation system is seen when an employee’s rewards and work conditions are seen as the basis of their responsibilities and are perceived as fair or equitable when compared to those of other employees in similar positions, thus maintaining equity. This also holds in the case of a new hire and existing employees.
8. Stick to the Budget:
A clear compensation strategy includes the organization’s approach to allocating the total amount into salary and benefits.
It not only helps avoid underpaying/overpaying which can disturb payroll budgeting but also helps in determining how much of the total budget will be spent on salary v/s on benefits and other incentives.
9. Promotions:
Compensation benchmarking helps to budget for annual salary increases and
employee promotions, letting Companies allocate proper funds in advance.
10. Plan Ahead:
It helps the company understand their future growth, where they will be opening their
new offices, what skills they will require, etc. It indicates the current
performance potential vs the future requirements and how to fill the necessary gap.
