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

David Law

Sun, 6 Aug, 2023

  • 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 the underlying constant in the business environment. Currently, however, it’s not just change but rapid, unexpected shifts driven by economic challenges such as increased interest rates, rising inflation and layoffs that are shaping industries globally. This calls for more than mere adjustments; it necessitates a full-scale strategic revision.

While your business might have weathered the storm, the shifts in economic conditions and consumer behaviour require you to reassess your overall strategy. Changes in market dynamics often result in evolving roles and responsibilities within your organisation.

So, how does this affect your talent function? New market conditions can introduce skill gaps that might go unnoticed, meaning your talent needs for sustainable success are likely to change.

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, tally 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.

Today’s economic climate, marked by rising interest rates, inflation and increasing layoffs, demands a thorough reconsideration of your talent management strategy. Companies are facing a multitude of challenges, from downsizing to adapting to ever-shifting market dynamics.

The aftermath is clear: skill gaps and poorly aligned teams are becoming more prevalent across various sectors. Whether facing cutbacks or unexpected contractions, your company risks not having the right talent for long-term success. Additionally, such disruptions take a toll on your employer brand, affecting both your company culture and employee experience.

Given the current economic uncertainties, it’s crucial to approach future strategies with your talent management front and centre. Addressing skill gaps, employer brand perception and company culture should be prioritised—starting with a comprehensive talent audit.

When dealing with economic challenges, the importance of an effective talent audit becomes even more evident. Failing to adapt correctly could undermine your company culture and hinder your ability to attract top-tier talent.

To forge a robust and expansive future for your organisation in this unstable economic environment, identifying weaknesses through a talent audit is the most logical first step.

How Fulcrum does their talent audit.

Thanks to our experience working with some of Australia’s most ambitious 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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