As people are the most important asset for any organization, hence talent management is a crucial part for a successful organization. It is critical for an organization to control its people by talent acquisition, employee engagement, performance management and leadership and development for better performance.
The 5 Step paths to People Analytics:
v Identify the Stakeholders – Whichever be the area that might have been chosen, it is essential to identify everyone involved in that function.
v Establish Goals and Objectives – Quantifiable targets should be determined so that it can be assessed whether the target is achieved or not or for tracking the progress.
v Do a “reality check” – A realistic goal for improvement is to be determined.
v Bridge the gap – This step makes sure that everything that is needed for the process is present like people, processes and technology.
v Prove success with Data – Analytics in this step highlights the successes or the areas of improvement in the function.
Read more at: https://icrunchdatanews.com/5-step-path-people-analytics/

 A key role for HR administrators is talent management. When counselors have the HR support, it enables them to work effectively with clients and find the support they need themselves. Often challenges like staffing, talent management and employee relation are encountered by organizations. HR decision relates to employee welfare and engagement. Now-a-days, organizations include payroll costs, benefits administration, HR administration, talent management and time and preference. Although at midsize companies, many HR leaders cannot identify these areas and when midsize companies start to identify them, it will enable their workforce to achieve broader company goals.  Read more at:                                                 http://blog.adp.com/2015/05/07/the-real-human-impact-of-human-capital-management/

Human capital is one of the most important assets for success. And to survive in this dynamic world, companies need to rethink their human capital strategies. Companies need to focus on identifying leadership, learning and development, culture and engagement, reinventing HR and performance management. It is time for the HRM department to redefine its role and focus on finding, nurturing, retaining the talent into their organizations. According to the annual Global Human Capital Trends survey 2015 India report, performance management and talent acquisition are considered important challenges in the short run and learning and development along with HR and people analytics are considered as long term challenges. Read more at: http://www.financialexpress.com/article/industry/jobs/leading-in-the-new-world-of-work/81532/

According to Gene Pease, CEO of Vestrics, "The power of predictive analytics is you can understand where your investments are working". In the last few years, the idea of hiring, retaining and training employees has been a foreign concept for many companies due to the downsizing. Thus, predictive analysis in collaboration with HR is proving to be one of the ways managers are modernizing with their hiring and engagement practices. Organizations can thus create the profile of workers that should fill a particular position. According to writer Anne Loehr, "The biggest benefit is that predictive analytics can help remove human bias". Thus customized on-boarding and leadership development programs may evolve out of predictive analytics in the near future.  Read more about this article at:  http://fieldservice.com/2015/05/26/predictive-analytics-a-magic-bullet-for-field-service-hiring-managers/

Investing in talent management software can assist HR professionals in gathering and analyzing the data of employees. Applying big data analytics to measure employee performance can help organization to find strength and weakness of their employees e.g. many companies use wearable tech to improve communication within its stores, to track employees when they're at work. Employee satisfaction surveys, team assessments, social media, exit and stay interviews etc. can help HR to predict employee's attrition. Conducting performance appraisals and 360-degree performance reviews can help HR in better understanding the effectiveness of their professional development efforts. Big data analytics can be an advantage while hiring employees. Read more at: http://www.entrepreneur.com/article/244247

The latest development in the use of data and analytics is: Advanced HR Analytics. It is the application of new techniques and new thinking to talent management. It involves human resources and has a huge impact on an organization. Various organizations are already using it for following purposes:

·         Increasing the engagement and productivity of their employees

·         Reducing compensation expenditures

·         Reducing retention bonuses by $20 million

·         Reducing employee attrition by half

·         Detecting previously unobserved behavioral patterns

The insights that these companies have gained from data analytics are highly useful. Risk is always involved where there is a human element. But, developing data analytics to drive better people decisions can help companies compete in a better way.

To know more, read the following article in March 2015 edition of McKinsey Quarterly by Bruce Fecheyr-Lippens, Bill Schaninger, and Karen Tanner:

http://www.mckinsey.com/insights/organization/power_to_the_new_people_analytics

Most of the business leaders today accept that they are not dedicating quality time to enhance their workforce management strategy to improve the performance levels of their employees.  As a result, organizations' bottom line usually suffers. To overcome this difficulty, organizations need a solid talent management strategy which is a key to ensure a high-quality workforce. Most employees today seek more than just a performance reward. They want to feel valued as contributors to the organization and get opportunities to improve their skills to enhance their careers. For that organization needs a right workforce management strategy, which will help them to retain performing workers, reduce operating costs and improve the overall value of the organization.

To read more, visit the following link: http://themalaysianreserve.com/main/sectorial/talent-a-human-capital/5721-a-committed-talent-management-strategy-is-key-to-ensuring-a-high-quality-workforce-

In an article written by Stephen L. Cohen, a private practitioner, strategic and business planning, said how one can identify the talent management growth strategies. In talent management industry, there are only a few ways to differentiate the business: content, delivery, or expertise. This article also describes the above business aspects in details.

To read more, visit the following link: http://www.astd.org/Publications/Blogs/Human-Capital-Blog/2014/04/Talent-Management-Growth-Strategies