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Talent Forecasting: How to take control of human risks

Blog
05 June 2019, by Lesley Vanleke
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  • #human risk
  • #motivation
  • #potential
  • #Talent forecasting
  • #technology

The financial sector is in full digital transformation. There is not only the question of how to attract digital natives and keeping them motivated but also the reskilling of the existing population becomes an ever returning concern. Who can keep up and who is at risk? Employees need to do their part and take responsibility of their own careers. Lesley Vanleke, Partner at CareerCoach®, shares her insights on these developments in a series of five blogs.

In this fifth blog, I want to focus on how algorithms and technology are of use in Talent Forecasting. Our own research at CareerCoach® allows us to make talent forecasts and suggest high impact actions for the deployment of talent.

Imagine a financial department that would only stick to reviewing past performance and not be able to indicate financial risks, make sales projections, present a budget for future expenses, or predict for necessary future investments. Why should we not expect the same from those who take care of the human capital in organizations?

Risks: the integration of risks in HR is a rather new approach, but the VUCA world of today makes such an approach necessary and is an addition to current HR practices. Opportunities lie not only in the prevention of risks, but also in optimizing them. In other words, looking at the opportunities for development and adaptability (Cascio w. & Boudreau J. 2012). Analytics make it possible to get a grip on a number of risks with regards to mental and physical health, undesirable behavior, turnover, recruitment and talent.

Potential: The idea that science can quantify future performance is unpopular because it smells of determinism and questions our conviction that we are free to decide about our destiny (Chamorro-Premuzic, 2017). However, people are different and they are consistent. Therefore, we can predict human behavior. Potential can be measured and it has many faces. At CareerCoach® we differentiate between 1) operational potential: with a focus on consciousness and planning & organizing 2) leadership potential: with a focus on vision, learning agility, and situational flexibility, 3) creative potential: with a focus on entrepreneurship and challenge.

Motivation: in the previous blogs, we have stressed the importance of taking into account the individual perspective in the career. Analytics have to be able to answer questions about career values, subjective career success, aspirations, and person-environment fit.

Actions: how can you make the insights about employees actionable? A thorough diagnosis does not cut it. That’s why, at CareerCoach®, we make sure that based on the three previous indicators suitable actions for every talent are proposed.

Risks: the integration of risks in HR is a rather new approach, but the VUCA world of today makes such an approach necessary and is an addition to current HR practices. Opportunities lie not only in the prevention of risks, but also in optimizing them. In other words, looking at the opportunities for development and adaptability (Cascio w. & Boudreau J. 2012). Analytics make it possible to get a grip on a number of risks with regards to mental and physical health, undesirable behavior, turnover, recruitment and talent.

THE AUTHOR

About the author

Lesley Vanleke
Co-Founder

Lesley Vanleke holds over 20 years of experience in HR. In 2014 she co-founded of TalentLogiQS, where she searches to understand all different aspects of customers’ challenges and needs. She strives to be a sounding board and bring about connections that deliver added value for all parties concerned.