Information is increasingly being recognised as a corporate asset. The value of data is prompting organisations to become more disciplined about “monetising, managing and measuring it as they do with other assets” according to Gartner.

This is certainly the case in HR where, thanks to better data and systems, evidence-based HR provides the perfect platform for conversations about people strategy.

However, what I find when I speak to clients is that they typically have a ‘gap’ in their data that prevents them from using it in a way that’s of value every day.

The data gap: external talent data

Client companies typically have two types of people data:

1. Internal talent data – from their own talent (and broader) processes for example recruitment, retention, attrition, progression, performance, productivity, customer satisfaction.

2. External market data – from management consultancies for example, major demographic trends, skills and hiring trends, pay and benefits reports.

What they’re lacking is the piece in the middle that connects the big picture with their own workforce requirements. External talent data connects the major market forces with organisational performance.

What is external talent data?

Using internal HR data for evidence-based decision making is becoming the norm. But, while some organisations talk about using external talent data, they often just mean having a look on Glassdoor! Or it’s most extensive, collating information from a range of social media channels – typically LinkedIn, Glass Door and Twitter.

When we talk about external talent data we mean:

• Accessing big data showing location of key skills
• The functionality to search for skills, culture and property data globally
• Curated, relevant curated HR news and thought leadership
• The opportunity to collaborate across teams and amongst peers to answer questions about the external talent market

Yes, collating and synthesising information from social channels is part of the picture, but in order to answer strategic people questions, the data needs to be a lot more robust.

The type of data Stratigens provides enables HR to answer questions such as ‘do we have the skills base to deliver our strategy?’ ‘If not, where will we find these skills?’ ‘Are we in the right locations to deliver our strategy?’

External talent data can be used to inform M&A activity, risk, build or buy, organisational design and transformation in order to mitigate people risk and maximise human capital, or to just keep your finger on the pulse.

Considerations for going evidence-based

“We are entering an era of evidence-based people management. The challenge for HR is that is must enter this era too” says KPMG in the consultancy’s Evidence Based HR report. Key considerations, according to KPMG, are:

• Information flows: who sees what, when and where?
• Visualisation:  how best to portray data, information and insights in an engaging way
• Decision making: where, how frequently, and under what governance are things decided collaboratively?
• Responsibilities and critical people management roles: what is the role HR?
• Capabilities: what skills are needed to enable and implement evidence-based decision-making?

Which is what we’ve built through Stratigens. The Stratigens platform makes human capital intelligence readily accessible to the CHRO and the Board so that companies can make better informed decisions. Stratigens brings together data on labour markets, locations, risk and cost to the table in a highly visual, easy to manipulate way.

Whatever the risks and opportunities, Stratigens can provide the people insight that enables strategy, planning and delivery from a talent point of view. We believe all businesses should be proactive in their preparation for the future. It’s about being ready to thrive in unexpected circumstances, with people front of mind.

To find out more about Stratigens, please get in touch to see a demo.