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Why You Need A Talent Audit To Start Growing (again)

Kathleen Beddoes

Tue, 6 Apr, 2021

  • Reading Time:
    ~ 3 minutes

Taking charge of this challenging situation and conducting a talent audit is a crucial step to propel your company into innovation and growth.

Change has always been a constant factor to consider when running a business. But right now, it’s become the name of the game. The pandemic has forced transformations in most industries the world over— we need to adjust to a new paradigm.

Even if your business didn’t take the brunt of the impact and you’re still operating, shifts in culture and practices mean your global strategy needs (at least) some tweaking.

How does this impact your talent function? Different markets and plans involve new or altered roles within the business. New skill gaps may go unnoticed, which means the level of talent for sustainable success has likely shifted.

Moving forward, it’s imperative to hire the right people for growth. To make the right choices for your company’s new needs, start by observing the terrain: auditing current talent.

What is a talent audit?

A basic definition: evaluating current skills, abilities, shortcomings, and risks. Then, tallying those results against both the present and future needs of your business.

A talent audit aims to identify weaknesses and strengths so you can remedy and leverage them in a sustainable strategy. Your business needs auditing— it enables you to refine your team, your employer brand, and your approach to upcoming recruitment.

An audit is an in-depth assessment of your company’s talent function. Engaged and high-performing talent is key to the organization’s long-term profitability. Knowing where you stand is the starting point to achieve that growth.

Why you should do a talent audit right now.

The Covid-19 pandemic brought on changes that rocked the foundations of the way we work. For many businesses, this has meant reinventing their entire activity. Either they had to downsize, letting go of human capital, saw their demand soar and had to take on new people, or diversified to new market strategies.

The consequences: skill gaps and misaligned teams are prevalent across industries. Any company in these scenarios might not have the right talent to succeed long-term. The employer brand is likely also affected— both layoffs and unforeseen growth are a problem for the culture and the employee experience.

Going forward, it’s essential to face upcoming changes with the talent function in mind. Skill gaps, employer brand perception, and culture should be a priority— and a talent audit is the right place to start,

When you’re planning to scale after Covid, auditing becomes even more crucial. If done wrong, fast growth can spell doom for company culture. Since this is a time when your company needs to position itself as an employer attractive to top performers, a happy team that is aligned and well-managed is a must.

To build a successful, expansive future for your organisation, you need to be aware of any shortcomings. Auditing human capital is the place to start now.

How Fulcrum does their talent audit.

Thanks to our experience working with digital and tech companies great and small, we’ve developed a unique approach to auditing talent. Our model tallies the reality of your organisation against functional standards. This involves:

  • Attracted candidate pool.
  • Candidate quality.
  • Employer brand.
  • Tools and data.
  • Talent strategy and experience.

We work to assess the totality of your talent function, determining growth potential, skill gaps, and maturity stage. Our expert talent team will help you develop a sustainable action plan. This gives you the tools to retain, engage, and hire top talent.

What happens after a talent audit?

Getting the process started can seem daunting but you need to keep the bigger picture in mind, and it all starts with that all-important first step. A Talent Audit is imperative to the continued success of any business.

After carrying out an audit of your talent function throughout the business, we focus on building an embedded team tailored to your company’s strategic needs.

This is possible thanks to our innovative subscription model: instead of charging a commission per role, we support you in the long haul, scaling and transforming your team for lasting benefits.

Whether you need to diversify your team for a new market, develop more inclusive pipelines, or assemble a line-up for a special project, we provide the right strategies and talent.

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See how we can improve your recruitment process and retain better talent.

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