Image credits: Robert Hundley
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News Article

Companies May Benefit from Creating a Talent Inventory

By Anamary Olivas | Mon, 06/20/2022 - 11:48

The success of companies depends greatly on their workforce and its level of performance. This may be overlooked by enterprises who, according to experts, should tend an updated talent inventory. A talent inventory includes all the skills, experiences and certifications of the staff. It should be regularly updated in line with employees’ personal and professional development. To make the talent inventory relevant, the inventory’s keepers should dive deep into the nature of the company’s business and industry and define what skills are the most desirable for key positions.

 

When having visualized a clear skills pool, including capabilities that are being acquired or those already mastered by staff, leaders can make easier decisions on how to create work groups for a project, on assigning specific tasks and on which type of new hires they should be attracting to their companies. The talent inventory is not only a fundamental management tool, but also a powerful recruitment strategy, since Human Resources (HR) departments will know exactly which gaps they need to fill. It also helps to identify areas where skills need to be upgraded through training and skill reinforcement.

 

Another factor that makes a talent inventory a great asset is succession planning. At times, employees can seem irreplaceable. However, with a clear map of the skills and strengths they bring to the company, their departure may not have the same impact for the company. Having future prospects plotted in the talent inventory allows companies to match them with new positions that require a certain skill set. It may also help to relocate employees to an area of the company where they can contribute better.

Talent inventories should include a combination of technical and soft skills. Though the latter are much more abstract, they are just as important as the former. Making the time and space to get to know each employee in depth allows for the proper identification of these traits, making it easier for leaders to adopt a stakeholder approach where the development, training, and acknowledgment of each becomes vital for the overall success of the company. This contributes to a culture of consistent improvement within companies and can support them to reach its short- and long-term goals.

Photo by:   Robert Hundley
Anamary Olivas Anamary Olivas Journalist & Industry Analyst