Talent within an organization is its greatest asset. The vision may be clear, and there might be adequate resources and a well-thought-out plan, but you need the right people to bring it all together. That’s where talent intelligence comes into play.

However, finding the ‘right people’ these days is easier said than done. More than ever, there is fierce competition for a limited talent pool. The millennials now dominating the workforce are transient, so there is a high employee turnover rate. Plus, a lot of companies aren’t even sure about what employees want. This is why talent intelligence is an important part of any talent management strategy.

So, what is talent intelligence?

It is a tool that can help you manage the entire talent lifecycle—from acquisition to offboarding and outreach.

This article will cover what you need to know about talent intelligence and how it can prevent hiring bias.

Talent intelligence is the process of gathering and analyzing data related to internal and external talent. It involves evaluating job market trends and the organization’s immediate and future skill needs to gain a competitive edge and improve hiring success.

The primary goal of talent intelligence is to help companies make data-driven decisions on talent acquisition and management.

In the following section, we’ll explore the benefits offered by talent intelligence before diving into how it can prevent hiring bias.

Benefits of Talent Intelligence

Getting your talent strategies right is critical to your company’s short and long-term future. Attracting top talent enables you to achieve your business goals faster, and retaining them ensures your organization can continue to remain successful.

We’ve outlined some of the benefits of using talent intelligence below.

BETTER UNDERSTAND LABOR MARKET TRENDS

Several events over the past couple of years have changed the labor market as we know it. The pandemic led to more professionals preferring to work remotely. This was followed by the “Great Resignation”, and then a recession that has seen many companies lay off employees.

Add these to the apparent skill gaps, and you will realize that the job market has become unpredictable. To ensure your company attracts the right candidates, you need a deep understanding of the market.

Talent intelligence helps you understand the job market well. So, it shows you a clear picture of your current workers and the employees you will need in the future. It also looks at job trends, salary information, and needed skills to help you make smart choices about hiring. Talent intelligence also helps you understand why employees leave or pick one company over another.

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