Amber Wigmore Alvarez and Boris Nowalski, both at IE Business School, describe current changes to the way companies and business schools manage talent.
Corporate Human Resources Officers (CHROs) should think differently about how they attract and develop talent. As we meet with CHROs worldwide, in almost every industry and sector, it is intriguing to see how they have the same issues on their agendas, be it in Mexico City, Lagos or Moscow. They want to:
- align their position and skills, and subsequently those of their teams, with the overall goals of their companies
- connect with talent wherever it is located, a concept driven by globalisation, technology, mobility and education. If individuals are continuously being educated, so is the company
- utilise analytics to better understand talent needs and trends
- sustain the talent experience in order to attract, maintain and cultivate top talent as work environments evolve
In today’s fiercely competitive global markets, companies strive to hire the best possible talent they can in order to run their businesses successfully. There is very strong competition for finding and sourcing these talent pools around the world.
Business schools have been considered for many years as the perfect partner for many companies when it comes to hiring the best, as they compete among themselves to attract only the strongest candidates in the market. Using rigorous admissions criteria, including standardised tests, academic records and personal interviews, business schools select the best students to pursue their programmes. This process allows companies to have an automatic first filter ready made for them.
Many schools have developed strong career centres that act as a liaison between corporations, students and alumni. With diversity being one of the hallmarks at our own school, IE in Madrid, Spain, where more than 90 nationalities are represented on-campus, we are witnessing how our community of 50,000 alumni are forming a global talent market across a growing number of fields and disciplines.
This phenomenon poses a major challenge for our team in Career Services from the student/alumni perspective. However, for our recruiters, the result is innovation in which we are seeing new ways of acquiring, developing and managing talent and work. In many cases this involves us working side by side with them to assist in creating customised internships, business case competitions and management development programmes.
With more than 20% of our students across all programmes securing employment outside of their countries of origin, we are witnessing the end result that occurs when there is an open exchange of ideas, technologies, practices and human capital.
In the IE Career Management Center (CMC), we are no longer looking solely at historical data to devise our strategy but rather we are using data analytics to identify our students’ preferences and draft a roadmap for our approach to employers. Employers are similarly using analytics to mine large pools of employee and business data. At IE we understand that applying these analytics in a meaningful way provides both our institution and corporate partners with a competitive advantage and thus we have implemented … please click to read more.
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