18 Feb 2013

In Accounting, audit is commonly performed to ascertain the validity and reliability of certain financial information.  What about in People Management? Is there a similar concept like audit that can be used to ascertain the validity and reliability of current skill-mix of employees? W Consulting Company Limited has got the answer for you!

In recent years, "Talent Audit" is becoming more popular. With the aid of professionally-developed psychometric assessments, organisations are now able to understand their current talent capability and "validate" their talent pool - ensuring that they have the right people with right qualities in the right position.  Most important of all, ensuring this organisation has the right team for the business they have targeted in the near future. 

What does Talent Audit do?

• Define the critical competencies required at different roles
• Assess talent against these competencies using qualified psychometric assessments
     o 4 key areas of measurement: Performance; Behaviours; Potential; Aspiration
• Develop a company talent board which reflects the current collective capability of the company
     o Scrutinise the current collective strengths - at a team or organisational level – to help the company make use of the available competencies and achieve ultimate business success
     o Identify the missing competencies that require further development to help the company close performance gap and  address future business needs
     o Uncover the under-utilised strengths and capabilities within the company
• Foresee the potential risk if a particular individual leaves the company
• Estimate the potential benefits of remedying any missing competencies in future hiring and selection
• Explore talent mobility opportunities across job functions or service units to match people to roles accurately

Benefits of Talent Audit

• Ensure that the current team composition is “fit for purpose” - with the right people possessing the right qualities in the right roles, and also perform at the right level with the right potential to cope with challenges
• Identify collective strength and create high-performance work culture
• Enhance individual and team readiness to cope with business or organisational strategies
• Identify and minimise the risks of unforeseeable turnover
• Enable the company to put the right focus and reallocate resources to achieve HR or other strategic objectives

Talent Audit can be used for:
     o Performance management
     o Talent development
     o Succession planning
     o Hiring and selection
     o People-role matching
     o Identification of Training needs