The May 2015 issue of TD at Work, “Measuring and Addressing Talent Gaps Globally,” explains why it is critical in the current business environment to consider your organization’s talent gaps in a global context, and to use objective means to measure those gaps.

Specifically, the issue addresses these key factors:

World Economics

Having a global mindset is important when thinking about addressing corporate talent gaps, in part because salary and wage rates vary globally. Economic growth is dramatically different around the world—as are the laws, regulations, and local infrastructure governing that growth. Consequently, an organization will want to consider salary and wage rates when planning when and where to build, and what source of talent to use.  

Talent Gaps: Negative, Positive, Present, and Future

Gaps may also exist over time. Gaps may be present or future. A present gap exists now. A future gap is expected to exist at some future time. A present negative gap is a weakness; a present positive gap is a strength. A future expected negative gap is a possible threat; a future expected positive gap is an opportunity.

Assessing Talent Gaps Objectively

While a subjective analysis is the most common way that talent gaps are assessed, it is not the best. Especially when considering global talent gaps, assessment must be as objective as possible. We often don’t like what we don’t understand. Instead of using subjective measures, it is important for managers to use objective tools to determine real gaps and guard against cultural bias ruling the day.

Closing and Leveraging Talent Gaps

Talent gaps can be closed using formal, informal, and social learning. It’s important to create a talent development plan that incorporates aspects of all these learning methods in order to close talent gaps. 

Remember that not all talent gaps are bad. Learning methods can be used to leverage positive gaps and opportunities as well. This is especially true of social learning. Using social learning to form communities of practices around organizational initiatives is key to creating innovative working solutions.

Want more? Have a look inside the issue, and use it to take a more strategic approach to your business.