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

OAKLAND, Calif., Sept. 22, 2022 /PRNewswire/ -- 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.

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 reshae 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.

• 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.

"But with a smart talent intelligence team, organizations can make deliberate decisions to adapt."

Josh Bersin Company has distilled these latest findings and insights into a detailed member-exclusive white paper—Understanding Talent Intelligence: A Primer. This goes deeper into the fundamentals of talent intelligence, how it is advancing, and why it is so important today.

Where most other HR research draws on limited payroll, job postings and/or small survey samples, the Global Workforce Intelligence (GWI) Project uses eightfold.ai's extensive talent intelligence database combined with The Josh Bersin Company's comprehensive global HR leadership insights to understand jobs, job roles, skills, and career pathways, as well as organizational data. Combined, the data reflects the real workforce and HR practices actively in use today, across tens of thousands of companies around the world.

The Josh Bersin Company provides a wide range of research and advisory services, including a corporate membership program, to help HR leaders and professionals tackle the ever-evolving challenges and needs of today's workforce. The firm's research team covers all topics in HR, talent, and L&D, including diversity, equity, and inclusion; employee experience; remote and hybrid work; wellbeing; HR strategy and capabilities; learning and career mobility; HR technology; organization design and development; and talent acquisition and mobility. With the Global Workforce Intelligence (GWI) Project, The Josh Bersin Company also serves to expand its support of market-leading businesses by helping them navigate the challenges of industry convergence while remaining future-focused.

Under the company's umbrella is the Josh Bersin Academy, the world's first global development academy for HR and talent professionals and a transformation agent for HR organizations. The Academy, which has seen more than 50,000 program enrollments since its 2019 launch, offers content-rich online courses, a carefully curated library of tools and resources, and a global community that helps HR and talent professionals stay current on the trends and practices needed to drive organizational success in the modern world of work. Visit www.joshbersin.com or email [email protected].

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SOURCE The Josh Bersin Company

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