SANTA CLARA, California, September 25, 2013 /PRNewswire/ --
Provides Roadmap to Deploy Right People with Right Skills at Right Time in the Right Locations
Talent Neuron, a Zinnov Company, today announced the launch of a unique Workforce Planning Toolkit, aimed at enabling organizations to forecast and address talent management requirements based on business goals. Launched at a time when talent is a critical differentiator for global organizations in the knowledge era, the Talent Neuron Workforce Planning Toolkit provides data-driven insights based on quantified cost-benefits and optimizes talent for specific business outcomes.
To assist the companies in evaluating the value of the Workforce planning initiatives, Talent Neuron is providing the 'Workforce Planning ROI Calculator' free to download on its website.
- 1 in 5 new employees leave within their first year
- 1 out of 4 workers today is working for a company s/he has been employed by for less than one year
- By 2020, there will be a shortage of 1.5 million college grads
- US will face a shortage of more than 200,000 workers by 2018
- In 10 years, India will have two college aspirants for every job opportunity
- If you took every single job in the U.S. today and shipped it to China, China would still have a labor surplus
Talent management has become the #1 issue for CXOs who want to create a high-performance culture. Today there are four key trends that are impacting workforce planning
- Talent is moving out of the Silicon Valley and taking on global roles, with many firms vying for talent with similar skills. In fact, Talent Neuron research indicates that demand for key skills is expected to increase by over 50 percent in 2013. Talent Neuron analysis also revealed that 120 people moved out of the region for every 100 moving into the valley.
- Regulatory policies around ending quantitative easing are causing shifts in the business environment in the US; new markets in emerging locations are showing promise.
- Cost arbitrage for talent in global locations is creating new opportunities and engagement models. At the same time, Tier-II cities in the US and other global locations are becoming very conducive for technology business operations. Talent Neuron analysis identified tier-II locations in the US as being 18-25 percent more affordable than tier-I cities.
- Newer markets around the world are also opening up, a case in point being US government investments in countries such as Ghana, Nigeria, Tanzania and Kenya, expected to increase 2X. At the same time, HR and business costs are under pressure even as the C-Suite is facing margin pressures. Talent Neuron has found that 18 percent of CFOs are dealing with over-capacity, while 26 percent are challenged by changing cost structures.
Talent Neuron Workforce Planning Toolkit is a strategic and integrated approach for defining and addressing the most critical talent implications of business strategies and plans (both at skill and staffing levels). It aims to create long-term talent-management strategies that address critical gaps/surpluses, considering the business resources, cultural and change management commitments. It further assists in using those strategies as a context within which effective short-term talent management decisions (such as hires, development, retention, etc.) are made, in effect ensuring that the right talent with the right skills at the right time and cost is available.
Features and benefits of the Workforce Planning Toolkit
Talent Neuron Workforce Planning Toolkit is based on and integrated with the organization's business strategy, with a future focus on emerging skills and job families. While providing a global view, the Workforce Planning Toolkit utilizes business forecasting processes and methodology, similar to those used in finance, marketing and sales.
The toolkit helps identify mission-critical roles and job families that are "make-or-break" for business performance through internal processes and external filters. It provides gap analysis between forecasted supply and predicted demand, with comprehensive visibility into headcount surplus or shortfalls. The interactive modeler has pre-built algorithms and industry data to assist HR leaders to model the scenarios best suited for their organization. Recommendations and insights are based on survey data and numbers that quantify the costs and benefits of HR initiatives, while organizations can also benefit from consulting support from Talent Neuron.
Commenting on the launch, Vijay Swami, CEO, Talent Neuron, said, "HR leaders today largely operate with workforce planning data that is qualitative in nature, showcasing intangible benefits and predicted costs at a time when business leaders are looking for quantitative data and real-life scenarios. Strategic workforce planning, in contrast, enables organizations to take control of their future through data-driven analytics, helping them anticipate talent needs, minimize labor costs and take advantage of arbitrage opportunities. We believe that the Talent Neuron Workforce Planning Toolkit is much-needed in the dynamic global people-management environment, even as organizations look to make factual and informed decisions around workforce planning."
Workforce planning helps organizations to save bottom-line dollars and as well as increase throughput dollars.
The ROI of workforce planning is usually not well understood by the funding powers in an organization. The cost of what it takes to run an effective workforce planning process is understated or misunderstood. Talent Neuron toolkit has frameworks, processes, data elements and other relevant components to calculate the ROI effectively. Also, Talent Neuron consultants will provide consolidated set of learning's that will influence the ROI of workforce planning.
Commenting on the ROI Modeler being distributed free, Vamsee Tirukkala, EVP of Talent Neuron, said, "Its important for HR leaders to articulate the benefits and ROI of workforce planning. We want to empower HR stakeholders with best in class tools and innovative models to strengthen the case for workforce planning. We believe using our ROI modeler will take enterprises one step closer to Deploy Right People with Right Skills at Right Time in the Right Locations."
Click here to download the Free ROI Modeler: http://talentneuron.com/wpt.html
About Talent Neuron
Talent Neuron is an innovative web based talent planning & talent management platform. Talent Neuron helps HR, engineering, strategy and other corporate leaders track and take data driven decisions on global talent, location, peer group footprint and cost related strategies.
Leveraging Big Data principles and Predictive Analytics methodologies, Talent Neuron enables companies to Plan, Build and Optimize their global talent. Talent Neuron also consolidates HR data across multiple systems, provides characteristics of their employees, assists in hypothesis validation and delivers real time benchmarking metrics. Data across Talent, Cost, Peer Group Footprint, Location Parameters and Current Trends are captured through 25 different primary and secondary sources. Over 12,000 unique parameters per city are consolidated using our proprietary statistical and data correlation engines to assist our clients in their Talent initiatives.
For more information visit http://www.talentneuron.com
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