Foundational, Administrative, Sophisticated, and Transformative — understanding your talent landscape can go a long way in overcoming talent challenges faced. Here's what you need to know.
This article is brought to you by Cornerstone.
The world of work is experiencing an unprecedented transformation, from technological advances to a globally dispersed workforce, changing talent management dynamics dramatically. Amid these shifts, Cornerstone's Talent Health Index has emerged as an innovative tool to navigate the changing landscape globally, and locally for Singapore and Hong Kong.
It offers insights into the current state of talent development and can help organisations build a roadmap for a future-proof talent strategy.
Introduction to the Talent Health Index
The Talent Health Index is a multifaceted tool measuring the maturity of an organisation's talent development strategies. It assigns organisations to one of four levels of maturity — Foundational, Administrative, Sophisticated, and Transformative — based on seven dimensions of talent health, which offer a comprehensive understanding of an organisation's talent landscape and can assist in identifying strategies to overcome talent challenges.
This is the initial stage of talent maturity, where organisations focus on building the fundamental blocks of their talent programmes. The processes are typically manual and compliance-driven, with the human resources department primarily handling recruitment and compliance.
Organisations have established a foundation for their talent programmes and are exploring more strategic initiatives. The processes are gradually becoming automated, but skills have not yet become a common language across the organisation.
Organisations at this level have made significant strides in building strategic talent programmes with established processes and tools for optimisation. Skills are part of the culture across the business, but there is still a lack of skills data to make strategic workforce decisions.
At the pinnacle of talent maturity, organisations have built talent programmes that foster a self-driven learning culture and have adopted skills as a common language across the business. Skills data is leveraged to support workforce planning and strategic business decisions.
Assessing Singapore and Hong Kong's position in the Global Talent Health Index
Globally, the average country scored 88.1 out of 112 on the Talent Health Index, placing them at the Administrative level. The average score for Singapore and Hong Kong businesses was slightly lower at 85.4, revealing several opportunities to develop their talent programmes.
Understanding the seven dimensions of talent wellness
To understand the maturity of a talent programme, organisations should analyse the components that make up a healthy talent infrastructure. The seven dimensions of talent wellness are below, highlighting Singapore and Hong Kong's scores against global averages.
Culture & technology
Mature organisations have implemented cutting-edge HR and talent technologies, propelling the business forward. The learning and knowledge-sharing processes are considered strategic differentiators for the core business. In Singapore and Hong Kong, 38% of organisations report leveraging learner-centric tools and technologies to streamline talent processes, which is ahead of the global average of 37%.
Mature organisations can identify workforce skills and proactively tackle skills gaps by transforming the business into a skills marketplace for workforce planning. In Hong Kong and Singapore, there is a distinct gap between the confidence levels of employers and employees regarding skill development. While almost all employers (93%) think they can deliver skill improvement, the confidence is not mirrored by their employees, with only 61% of employees having the same level of trust in their employer's capability to cultivate skills. That compares to 88% of employers vs. 59% of employees globally.
Learning & development
At the mature stage, organisations have a proactive skills marketplace that empowers employees to build essential skills. However, 41% of Singapore and Hong Kong employees do not believe they have what they need to develop their skills.
Mature organisations' learning content is regularly curated and directly tied to business challenges. However, only 38 per cent of companies, both globally and in Singapore and Hong Kong, are currently using AI to its fullest potential to curate content. Surprisingly, those companies with over 10,000 employees use it the least.
In mature organisations, performance management is a strategic process driven by leaders to achieve business outcomes. Just 40% of high-performing organisations (versus the 38% average) embed performance management technology into their workflow and offer continuous support to employees. That said, 40% of organisations in Singapore and Hong Kong view performance management as a two-way collaborative process.
In high-performing organisations, succession planning is driven by management and deliberate action. Globally, 79% of organisations provide employees with a guided personal career trajectory versus 76% in Singapore and Hong Kong.
Talent reporting, data, & analytics
Mature organisations utilise centralised reports and visual dashboards and employ a dedicated HR analytics team. They use data to inform people and business strategy and predict future business needs. However, less than 40%of organisations globally are leveraging AI and Machine Learning for these tasks
Future-proofing your talent strategy
With the insights provided by the Talent Health Index, Singaporean and Hong Kong organisations can identify areas of opportunity in their talent programmes, create a roadmap, and take action to improve their talent health and aspire to a Sophisticated or Transformative level of maturity. The Talent Health Index can help organisations create a mature, high-performing talent development programme, equipping them with the tools to navigate the shifting landscape of talent management and build a future-proof strategy.