2019 Trends: WHY Smart Businesses are using Talent as a Competitive Advantage

Posted by Ravi in Feb, 2019

WHY Talent Experience Platforms?

In the last couple of years, businesses like yours have been experiencing steep challenges with Talent Hiring & Retention.

Earlier, for some months, Gallup polls have been consistently reporting on “U.S. Small-Business Owners’ Optimism Reaches New Heights” and its latest report confirms “Americans Becoming More Pessimistic About the Economy ”.

However one thing remains constant, Hiring is still the second most important challenge for small businesses (18%). This challenge has to be seen in the light of the record low unemployment numbers (3.9 percent in December 2018). It is important to understand how the Talent shortage and businesses’ inaction regarding a Talent Experience Strategy and Platform is crippling their growth.

Businesses are currently experiencing significant headwinds

The top 3 challenges that small businesses are experiencing are: (source: Gallup Report and other research)

  • Government Policies (24%): Volatility in the marketplace due to Trade war, China Economy, Fed Rate Hikes and more
  • Economy & Disruption in Industries (15%): as the Digital Transformation plays out in Manufacturing & Retail, Finance, Health and other industries
  • Talent Shortage (18%): record low Unemployment, Gig Economy, Ghosting, Inability to attract and retain talent, and workplace flexibility

All of these factors are hurting businesses, but have you noticed the common thread? Yes, People Talent!

  • Talented people not only make the Government, they help make important policies and decisions
  • Industries don’t transform by themselves – it is talented people that transform businesses that eventually transform Industries
  • And yes – Talent is predominantly about a business’ key asset – its People

Not only are businesses missing out on key Talent that provide them the differentiating edge over Process and Technology; they are acutely missing competitive advantageous capabilities of Talent Experience Platform. As, smart businesses are realizing this and are now quickly deploying modern Talent Experience Platforms.

WHY smart businesses are deploying modern Talent Experience Platform

While the shortage of Talent and the associated struggle of recruiters to find the right candidates is leading to:

  • increased Time-To-Hire
  • increased Cost-To-Hire
  • increased Time-To-Market and resultant loss of revenue opportunities

Even more costly and frustrating are the challenges of:

  • lack of smooth flow of information
  • lack of agile collaboration between the main actors: Hiring Manager, Recruiter, Interviewing team and the Candidate resulting in poor Employer Brand rating, Ghosting and lengthened onboarding time
  • loss of talent candidates to competitors

Thus, these Talent related challenges are directly impacting the business – especially the open / unfilled Talent positions that result in lost revenue opportunities from:

  • delayed product innovation
  • impersonal customer experiences and
  • sub-optimal operational efficiencies

This is why smart businesses are now rapidly adopting Talent Experience Platforms as these platforms provide the businesses with important Employee Engagement and Employee Empowerment capabilities to work around the above challenges – and creating a competitive edge.

The Benefits of Talent Experience Platforms

The Talent Experience Platforms are allowing the smart businesses to:

  • Create Superior Employer Brand & Candidate Experiences by connecting their recruiters to the right candidate pools through LinkedIn and ATS integrations, dynamic job postings and branded career portal
  • Agile Configurable Collaboration Experiences by creating role specific highly configurable hiring processes (instead of the traditional one complicated process fits all), collaboratively integrate the Candidates, Recruiter, Interview Team and Hiring Manager that reduce Time-To-Hire and Cost-To-Hire
  • Dynamic Assessments and Insights through engaging candidate interactions that allow creation of long term strategies, candidate pipelines and reduces the chances of ghosting

Now Imagine ..

.. a Next-Gen Talent Experience Platform for your business

A New Talent Experience Platform for your business that :

  • helps you to attract the best Talent
  • accelerates Talent onboarding and their growth
  • enables your Talent assets to collaborate to help achieve your business goals

.. so you can stay focused on what you do the best – to succeed and grow your business!

3 Actionable Steps for you to assess the State-Of-Talent Experience at your business

Ask yourself these 3 questions:

  1. Candidate Experience: Are you providing an engaging Talent experience to the candidates that accelerates the process, reduces ghosting and reduces costs?
  2. Recruiter & Hiring Manager Experience: Are you providing Agile Configurable Collaboration experiences between the Candidates, Recruiters, Interviewers and Hiring Manager to create a frictionless Talent experience for all?
  3. Talent Strategy & Culture: Are your business leaders looking for a Talent Experience platform that helps develop a Talent Experience strategy and an aligned organizational culture?

If you answered NO to any of the above questions, there is a good chance your business would benefit from a modern Talent Experience Platform! This is why smart business are quickly retooling themselves to gain competitive advantage in the marketplace. Now the key question is – will you ?

If you need more help; please feel free to contact me: ravi@tranzforms.com. I will be happy to understand your specific business needs and share my experiences to help you succeed.