20 years ago the idea that an organisation could mitigate talent risk didn’t exist. An entire — and highly profitable — recruitment industry was built on solving problems at the point of need.

When the concept of proactive talent engagement was introduced, it brought hope that talent risk could be managed with foresight.

20 years on, the concept of talent risk is now well known, but trying to implement this mindset on a consistent and global basis remains a challenge.

Let me explain why…

#1 The reality of prioritisation

Prioritisation is a judgement call. It’s a subjective decision-making process based on the importance, urgency and impact of individual tasks.

As talent risk is defined as a “potential threat” that can affect an organisation’s ability to attract, retain and develop talent, this “what if” scenario is justifiably at the bottom of your priorities.

Communicating the value of proactive engagement is not a challenge. Identifying talent risk is not a challenge. The challenge is finding a solution that absorbs this risk with minimal impact on day-to-day working life.

#2 Bridging the gap between talent management and talent acquisition

Talent acquisition and talent management are two critical HR functions that play an essential role in the success of an organisation.

While they serve different purposes, talent risk is important on both sides of the fence. So communication and alignment across both functions are crucial.

Can your organisation compare its internal talent landscape with the external market on a consistent and free-flowing basis?

#3 The talent market is static

The talent market is static and transactional. Current providers often focus on immediate, urgent and unplanned needs. Pair this with rigid systems and applications that struggle to customise and communicate real-time data.

The industry is stuck in the mud.

Over the last decade, proactive talent providers have moved the conversation forward, but investment is substantial and initiatives are targeted.

“Address problem X in market Y.” There is a beginning, middle and end to this type of partnership.

But…what if there was a solution that actually listens to the market?

Luminate was founded with this in mind. Promoting the value of risk mitigation is not the challenge. The challenge stems from creating an accessible service (both commercially and practically) that seamlessly integrates into the everyday routine of a talent/HR professional.