By Chris |14 October 2021

What is a Talent Audit and How do I Conduct One?

Economic shock. Technology disruption. A global pandemic. There are not many of us alive today who have witnessed such an alarming combination of circumstances.

Still, we are here in 2021, doing our best to safely navigate through this uncertain time.

Many of us are also guiding businesses through the ripple effects of a changing job market, and a sharp increase in demand for tech talent.

In doing so, some of the biggest decisions of our professional lives have to be made through increasing uncertainty. To do so, we depend on credible information, unbiased analysis and sound judgement. This is where audits make their impact. Audits enable leaders to make knowledgeable decisions about their business. Audits remove any ambiguity and strengthen us to build a better future.

Taking control of your business’s future

Taking control of this challenging time and conducting a talent audit is a pivotal step to drive your business into growth and innovation. When running a business, two of the factors that will always be relevant are unpredictability and change. Today, change and unpredictability have become the name of the game. The COVID-19 pandemic has forced businesses in all industries to undergo some form of transformation, and we all have to adjust to a new standard.

Even if your business was not hit as hard as others during the COVID-19 pandemic, and you’re still operating, the major shifts that have taken place mean your global strategy may still need to be adjusted. How do the shifts in culture and practices impact your talent function? When making changes to your market and plans, you will need to introduce new roles within the business or alter existing roles.

New skill shortages may not be recognized, which means the level of talent for continuous success has likely shifted. Looking ahead, it is crucial to hire the right team of people for growth and innovation. Your business needs to make the right choices for your new and unique needs, and you can start by observing the current: conducting a systems-based talent audit.

What is a talent audit?

The purpose of a talent audit is to determine the strengths and weaknesses that exist within your business so you can rectify and leverage them in a sustainable plan of action. Every company needs auditing because it puts you in a better position to improve your team, your brand, and your future recruitment process.

A talent audit is a thorough assessment of your business’s talent function. The key to your business’s long-term success will depend on high-performing talent. When you know where you currently stand in this current landscape, you will have the starting point you need to create a roadmap that leads to growth.

A talent audit helps understand workplace culture, motivation of key players, and competency levels. A talent audit may introduce significant development changes or programs.

Addressing the tech skills gap

The COVID-19 pandemic completely shook up the landscapes of the way businesses operate. Many businesses had to completely reinvent their workplace foundation. Many businesses had to downsize, struggle to deal with the rising demand, find new people to add to the team, or adjust their operations to new market strategies.

The results of these changes are talent shortages and misaligned teams, especially when it comes to tech. The UK’s tech sector has been hit particularly hard by the imbalance between available talent and the need for skilled workers. Tech vacancies account for 13 per cent of all advertised jobs in the UK, up from 12.3 per cent in 2020.

The jobs are available, but work has to be done to make sure people who want to start careers in tech are supported with the skills they need to fill those vacancies. Approximately 17.1 million UK adults (nearly 52% of the workforce) do not have the key tech skills needed for work. Those who are hired for a tech position are more likely to receive a high salary. The average tech salary is 50 per cent higher than the average for all vacancies in the UK, and the salaries continue to rise.

The essential tech skills gap has been widely viewed as a social issue. However, this issue can also be viewed from a pivotal business angle, and addressing this tech skills gap is crucial to business recovery, productivity and growth. Many businesses do not have the right talent to succeed long-term because they have been impacted by the tech skills shortage.

Why do you need a talent audit?

Scaling after COVID-19 will require a major change in your business landscape, and talent auditing becomes even more pivotal. When talent auditing is not done correctly, a fast-growing business can negatively impact the workplace culture. Your business needs to establish itself as a business that always attracts the top to top talent. Your business needs an engaged, aligned, well-managed team.

Talent audit can be used before your business makes major changes or implements development programs. Talent audits can be used for the following areas of use:

Preparing for workplace changes and finding new talents
Evaluating the frame of mind of key players after changes have taken place
Evaluating the abilities of critical positions and creating initial succession plans

How Move takes on talent auditing

At Move, we understand the importance of attracting high-performing talent and adding them to your team. We perform assessments of talent function, skill gaps, and growth potential. Our assessments are aimed at helping businesses develop sustainable plans of action. We want to equip businesses with the tools they need to not only attract top talent but hire and retain them. Our assessment will analyse various areas of your business, including the following:

Your business’s current pool of attracted candidates
The quality of your candidate’s
Employer brand perception
Talent strategy and experience
Existing tools and data

After the analysis of your business, our next step includes tallying these results against the existing and future needs of your business.

Starting the talent audit process can seem intimidating, but the process will require you to take that initial step. A talent audit is needed in today’s current landscape if your business wants to experience continued success.

Whether you are ready to transform your team so you can adjust to the new changes, develop all-inclusive channels, or create a team for a one-time project, Move provides the right talent and the right strategies.

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