Unified HCM and Talent Technology
Deloitte Insights video
According to a new study from Deloitte and Oracle, talent management initiatives are both a priority and a pain point. Siloed departments and broken technology prevent the flow of information that is required for management to make talent deployment and development decisions.
Tune into the latest episode of Deloitte Insights to learn more about the study and how an integrated approach to enabling HCM and Talent technologies can help align human resources and business strategies.
Tracy Martin, Senior Director of Human Capital Management Strategy, Oracle
Laura Garbacz, Principal, Deloitte Consulting LLP
Sean O’Grady: Hello and welcome to Insights. There is a new study out from Oracle and Deloitte that shows how global organizations are adopting their talent and technology strategy in line with marketplace trends and tying it altogether with human capital management and the larger enterprise resource planning echo system. Here to breakdown the results of this study are two guests. From Oracle, we have Tracy Martin, the Senior Director of Human Capital Management Strategy, and from Deloitte we have Laura Garbacz, a Principal in Deloitte Consulting and the leader of the Human Capital Oracle practice. So, Laura I have to just say what inspired this study.
Laura Garbacz (Laura): In 2010, Deloitte launched a study called Talent Edge 2020. Now, that study focused on the talent trends and challenges organizations were having. This study was focusing on whether or not the organization’s business strategy and HR strategies are in alignment and whether or not they were using enabling technology to support those strategies.
Sean O’Grady: Ok, so expanding on something that had already existed and I have to ask you Tracy why Oracle and Deloitte, why this combo?
Tracy Martin (Tracy): Well Deloitte has been a leader in supporting organizations to really look at their human capital management and talent management practices. Oracle has been the leader in human capital management technology. So together, we formed a collaborative partnership so that we could go out, research, and analyze the trends and the forces that are really affecting talent management in the organizations today.
Sean O’Grady: Now, one of the biggest findings that I located in your study was that talent retention is a challenge that most organizations don’t have a strategy around and I am wondering how could that be?
Laura: So, one of the things that our study found was that in fact the HR strategy and the overall business strategies were not in alignment. So, while the business issues and the business concern is, 53% of our client executives said, that retention was a key issue. There was no talent strategy to support that retention key business issue. So, therefore, there are no actions being taken to support those business strategies.
Sean O’Grady: What do you think about that Tracy?
Tracy: Well also part of it is you know the changes in technology. Now what we are seeing is that organizations are rolling out technology that will better inform managers and employees about what their talent profiles are, as well as where an individual may be mobile to support corporate goals and strategies. So the challenge has always been making sure that that information is available and comes available to the right resources.
Sean O’Grady: Now I am going to stick with you Tracy, and there is another key finding and that was that talent management initiatives are both a priority but a pain point and I am wondering how they can exist that way.
Tracy: Well, a lot of it again came down to technology and the reason why it happened that way is first of all in departments a lot of the business practices were siloed. So, may be recruiting didn’t talk to compensation, didn’t talk to management about who is in line for succession. With that then came broken technology to support data that would go between those departments. So, most organizations went and deployed niche solutions of vendors that provided talent management applications to support their business. However, what happens is that this doesn’t create a single data model. There is not a flow of information that is required to make decisions, managers and/or management to make decisions about their talent and where to best deploy them, where the best growth or skills and more.
Sean O’Grady: What about you Laura, what is your view on this finding?
Laura: I would concur with what Tracy is saying. What our clients are finding and what our study has told us is that the underlying technologies are not supporting the strategies and initiatives as the clients expected that they would. The disparate systems and the technologies are making it very difficult to support the business initiatives.
Sean O’Grady: Well thank you for that Laura. What I would like to know for our final question is there is a lot of information in this study. We have talked about a few points, but what is the value for organizations, what do they need to draw of it and how should they prioritize this information?
Laura: The survey found that those companies that are leveraging technology will be able to take advantage of the talent out there in the marketplace and capture on the top talent that is out there. The biggest thing in this survey is making sure that you as an HR organization are aligned with your organization’s business strategy and you leverage those enabling technologies and specifically those integrated enabling technologies that will make it realistic for you to implement and support those solutions.
Sean O’Grady: And how about you Tracy, what do you think is the biggest takeaway for organizations that see this study.
Tracy: I think the biggest thing is that technology provides the organization information. Leveraging that information will help them retain the talent that they have. The idea though is now they can be proactive. They don’t have to wait until talent walks out the door by having information, systems, and practices altogether, together that will make the organization really map to their goals and strategies. Because they know exactly where their talent is, how to grow them, how to leverage them, make them more mobile, and then execute successfully on those goals.
Sean O’Grady: So make use of the good tools that you have.
Sean: All right ladies, well thank you very much for joining us. All right, we have been talking about the results of a joint HCM Talent Technology Survey with Tracy Martin of Oracle and Laura Garbacz of Deloitte Consulting. If you would like to learn more about Tracy, Laura, or any of the topics we discussed on this program, you could find that information and more by visiting our website it is www.deloitte.com/insights/us. For all the good folks here at Insights, I am Sean O’Grady, we will see you next time.
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