Via Enterprise Irregular : Predicting How AI Will Improve Talent Management In 2020
- 73% of U.S. CEOs and CHROs plan to use more AI in the next three years to improve talent management.
- U.S.-based enterprises’’ adoption of AI for recruitment soared in the last year, jumping from 22% in 2018 to 47% this year.
- U.S.-based enterprises lead in the use of AI to automate repetitive tasks (44%) and employee retention (42%).
These and many other fascinating insights are from a recent study completed by Harris Interactive in collaboration with Eightfold titled Talent Intelligence And Management Report 2019-2020, which provides insights into how CHROs are adopting AI today and in the future. A total of 1,350 CEOs and CHROs from the U.S., France, Germany, and the U.K. responded to the survey. One of the most noteworthy findings is how U.S-based CEOs and CHROs lead the world in prioritizing and taking action on improving their teams and their own AI skills. The more expertise they and their teams have with AI, the more effective they will be achieving operational improvements while taming the bias beast. The following graphic provides insights into how the four nations surveyed vary by their CEOs’ and CHROs’ perception of new technologies having had positive impacts, their plans for using AI in three years, and employee’s concerns about AI:
Predicting The Future Of AI In Talent Management
Four leading experts who are actively advising clients, implementing, and using AI to solve talent management challenges shared their predictions of how AI will improve talent management in 2020. The panel includes Kelly O. Kay, Partner, Heidrick & Struggles, Jared Lucas, Chief People Officer at MobileIron, Mandy Sebel, Senior Vice President, People at UiPath and David Windley CEO, IQTalent Partners. Mr. Kay leads the Software Practice for Heidrick & Struggles, a leading executive search and consulting firm commented: “As we all know, the talent crisis of 2019 is real and Eightfold’s application of AI on today is the most impactful approach I’ve seen and the outcomes they deliver eliminate unconscious bias, increases transparency and improves matching supply and demand of talent.” The following are their predictions of how AI will improve the following areas of talent management in 2020:
- “Pertaining to talent attraction & acquisition-as adoption of intelligent automation and AI tools increases hiring managers and recruiters more easily uncover and surface overlooked talent pools,” said Mandy Sebel, Senior Vice President, People at UiPath.
- “I predict that AI will become a requirement for companies in the screening of candidates due to the pervasive need to find higher-quality candidates at a faster pace,” said Jared Lucas, Chief People Officer at MobileIron.
- “I believe the use of AI in the talent acquisition space will begin to hit critical mass in 2020. We are still in the early adopter phase, but the use of AI to match potential candidates to job profiles is catching on. Especially the use of AI for rediscovering candidates in ATS systems of larger corporations. Companies like Eightfold, Hiretual, and Atipica are leading the way,” said David Windley CEO, IQTalent Partners.
- “Fear of job replacement will also subside, and more focus on job/role evolution as teams are experiencing firsthand how respective task elimination allows them to do more meaningful work,” commented Mandy Sebel, Senior Vice President, People at UiPath.
- AI will provide the insights needed for CHROs to retain and grow their best talent, according to Jared Lucas, Chief People Officer at MobileIron. “I predict that AI will drive better internal mobility and internal candidate identification as companies are better able to mine their internal talent to fill critical roles,” he said.
- Having gained credibility for executive and senior management recruiting, AI platforms’ use will continue to proliferate in 2020. “Private Equity is beginning to commercialize how AI can help select executives for roles based on competencies and experiences, which is exciting!” said Kelly O. Kay, Partner, Heidrick & Struggles.
Via Training Journal : Talent mobility and training in the new year: a look ahead
People management experts agree that talent mobility is a key success factor for companies seeking a competitive edge in today’s global economy.
Amid political, cultural and economic headwinds, global mobility is reshaping the way companies attract, train and deploy their workforces.
As competition for top talent increases, HR and talent professionals need to ask themselves: how should training strategies evolve to address emerging demands?
As 2019 winds down, HR professionals are looking ahead to trends that will drive strategy in 2020.
2020 trends to watch
1. Sticker shock
The economy in the US remains relatively strong, though the manufacturing sector is lagging, and warning signs are blinking in other areas.
For this reason, it’s likely that cost-consciousness will be heightened in the next year, and that could have wide-ranging effects on the competition for talent.
During times of slow down, talent leaders may look to mobility solutions to source current talent rather than finding new local talent.
If costs become a concern, HR and talent professionals will be required to take a strong stance when advocating for the value of everything from training and development budgets to relocation packages.
2. Adapting to change and redefining mobility
Talent management strategies will continue to adapt to changing times in the new year. Organisations should be ready to roll up their sleeves and get more creative about optimising their workforce.
On the global workforce front, we’ll see a continued broadening of the definition of mobility. It is no longer a strategy limited to a singular team, but a mentality that can be implemented across the entire organisation.
Mobility enables and amplifies the ability for companies to grow; it’s time to make it a part of the larger HR conversation.
3. Integration across HR
That conversation also needs to be about taking an integrated approach to meeting workforce needs as companies compete for the best and brightest employees, and contend with economic, geopolitical and compliance pressures.
To succeed in this environment, everyone involved in talent management will have to think of themselves as part of a team and work together to put resources in place.
What this means in real-world terms is that all talent management professionals – talent acquisition, training and development, total rewards, procurement, mobility professionals, compensation experts, HR generalists, etc – will have to organise around an overarching workforce strategy and work together to identify and fulfil needs.
The pace of business is accelerating, so the underlying support structure has to be agile too.
4. Experiences for the next generation
Millennials are now the dominant workforce demographic, so talent management professionals will continue to focus on creating a positive experience to attract sought-after talent.
This demographic seeks fulfilment beyond a paycheque, including new experiences, such as the opportunity to work abroad and grow professionally.
Mobility and training programmes can also meet that need and should be positioned as a perk for new talent.
Tips for thriving in 2020 and beyond
1. Welcome collaboration
In the coming year, collaboration will be more important than ever as organisations seek out the talent they need. Moving talent smoothly across roles, projects and borders will require teamwork.
Training professionals should reach out to colleagues in other roles, such as business leaders and HR partners, in order to build bridges and offer services.
By creating partnerships, talent managers can support their organisation’s shifting needs.
2. Embrace transparency
Greater transparency will be imperative in building a more responsive talent management. When training and development professionals are included in the process of identifying workforce needs, assessing current resources and workforce planning, they can add significant value to the process.
Each player should sing the praises of their strategies and make them more accessible for others to leverage.
3. Harness data
Leveraging data is another key to thriving in a rapidly evolving environment. At many companies, talent management data is siloed across different departments and initiatives.
Just as product development, marketing, sales, operations and other business units are consolidating data to drive innovation and improve efficiency, talent data from across departments can yield valuable insights.
It’s difficult to predict what 2020 will bring, but one thing is certain: new challenges will emerge, and old assumptions will be overturned.
A multifaceted talent management strategy that brings together professionals from training and development, mobility, compensation, employee relations and so on will be better prepared to meet those challenges.
Via People Matters : Reviewing talent management and skilling in 2019
Relooking at 2019 to decipher the biggest trends in talent management and skilling.
Today, HR is facing consistent challenges, not just in terms of keeping pace with new digital innovations, but also in terms of managing the aspirations of a newer and younger additions to the workforce. The importance of a positive work culture, adoption of best practices in HR, developing a strategic approach to address current and emerging challenges, amongst others, have never been more critical for HR managers. The year 2019 is coming to a close, and this year has seen some exciting trends in the field of HR. Let’s take a look at these trends and try to comprehend what the future holds.
Cost-effective talent management
To begin with, we’ve witnessed the emergence of a trend wherein organizations attributed a specific median or range of compensation for every role and evaluate an employee’s productivity and merit on this basis. If an employee progresses over the years and their compensation crosses the median or range, the organization then considers role enhancement and role enlargement, which means increasing the employee’s portfolio, or helping them develop new skill-sets by assigning new roles to them. This helps maintain a cost-efficient talent base and even promotes an employee to consistently grow.
Reskilling over recruiting
Reskilling has been another industry-trend this year. It has been observed that many companies chose to reskill their existing employees instead of recruiting resources from the industry. Mid-level vacancies were offered to existing employees, fostering a culture of leadership development and positive employer branding.
Further, to align with the advent and popularity of machine learning, big data, analytics, etc., companies have started to create a new division that caters specifically to these needs. Alongside this, endeavors were also made to train one member in every department in these skill sets. This is primarily being done to encourage analytics-based decision-making and reduce future redundancy in the role. Training employees in these critical skills will help in making them more productive and ensuring their continued contribution to the organization.
Rising use of chatbots
Another fast-developing trend this year has been the use of chatbots. Companies are incorporating employee chatbots to address specific queries related to operational aspects, such as payroll, attendance, ID cards, etc. Chatbots have been in use earlier for customer servicing, IT support, and profile assessment as well; however, using them to aid employees with the onboarding process is a welcome move. This is particularly useful for new employees, as it is an effective & convenient way of enabling them to understand the organization’s ecosystem. This approach would also be relevant for queries from existing employees.
With these trends and emerging practices, it is evident that HR plays a vital role in making the future of the existing resource ready. The HR function is no longer limited to merely ensuring performance efficiency and helping inculcate skills like problem-solving and decision making. Today’s dynamic landscape demands HR managers to prioritize job analysis and design, apart from bringing in a proficient code of ethics and ensuring employee performance & productivity.
Via Entrepreneur : Talent Management is Crucial for Start-ups, say Investors
It is important that founders lay down their vision for the company early on and hire people who reflect these values.
Hiring the right talent for your company is just as crucial as having a great product. A team of talented and hardworking people not only aid the founders in taking their mission of building a successful company forward, but also helps build the right culture for a company, pointed Priya Rajan, managing director, Silicon Valley Bank at the recently held TiE Global Summit 2019.
But, finding and retaining good talent is one of the major challenges that organizations face globally. This is especially true in the early stages of building a company. “It is tough to convince good talent that this small idea will be a multi-billion company tomorrow and get them on board,” pointed Akhil Gupta, founder, NoBroker, while speaking at the Summit.
Hiring and Retaining Good Talent Should be Priority
For a start-up, getting the right people on board early on helps build a strong organization in the long run. But, founders de-prioritize this crucial factor while caught up in the day-to-day execution. “It is important that founders lay down their vision for the company early on and hire people who reflect these values,” said Rohit Sood, principal, Bertelsmann India Investments, during the Summit.
Karan Mohla, ED and research head of consumer media and tech, Chiratae Ventures India, speaking from his investor’s experience pointed out that even if founders realize the importance of talent while starting out, they lose focus going forward. “As the company scales, founders de-prioritize building a good team. Not because they don’t think it’s important, but because they have 50 other things to do,” he said.
Define Roles and Hire Candidates for those Positions
Experts say that founders should turn over the reins of some tasks and responsibilities to other employees. “The best founders figure out their strong points and play on those strengths whereas they overcome their weaknesses by hiring the right people,” Mohla said.
Most importantly, define roles and hire candidates specifically for those roles—an advisory board who can help founders with management and retention of talent, and a CEO who can think about organization building and planning.
“It is important to have people for different roles because a founder cannot pull off all the roles no matter how talented he is,” Mohla added.
Companies Getting Role of HR Wrong
Anirudh Damani, managing partner, Artha Venture Fund, said during the Summit that most companies go wrong with the role of a human resources (HR) executive. “Most companies hire an HR and expect them to be everyone’s aunt. That’s a wrong role for the HR because in this case, the manager or a leader of a team passes over his role of connecting with his team to the HR,” he said. To tackle this, companies should have leadership development programmes, Damani suggested.
“The actual function of the HR is to handle administration tasks,” he added.
Saurav Banerjee, partner, Kalaari Capital added that HR directly reporting to finance is another common mistake that most Indian companies commit. “Either HR department should be kept separate or maybe report to the CEO of the company, even if in a small capacity, but making it a part of finance is not a good idea,” he said.
Sood concurred and added that HR invariably remains an underinvestment in Indian start-ups.
Investors Coaching Start-ups on Hiring
Investors can help start-ups by chipping in with tips on governance and talent acquisition.
Damani gets involved with his portfolio companies to guide them on talent hiring and management. “I feel the right way to hire people is for their attitude and not for CV. Founders try to hire more on the basis of CV and end up getting the wrong hire,” said Damani.
Sood chips in by keeping a tab on latest trends and developments around talent management across the globe and guide companies to adopt those trends.
For instance, Esop is increasingly becoming a lucrative way for start-ups to attract and retain employees globally. Sood has coached his portfolio companies to offer Esop plans to their employees.
“Perception around Esops has changed massively in India in the last 24 months due to several big exits. Now, boards and entrepreneurs are creating Esop trusts and providing liquidity even in series B, C and D rounds just to send a message to present and incoming talent that it is a very liquid currency,” said Sood.
Mohla said the Flipkart episode was one of the catalysts for changing perception about Esops. “It is great how senior and mid-level management at companies are finally asking questions around exercise price and terms of Esops,” Mohla said.
Via HR Technologist : Why You Need a Talent Management System
Whether it’s a startup or an enterprise-level business, hiring and managing talents is the most essential thing that an entrepreneur can do to ensure long-term growth and stability. Since there’re many human resource software options on the market today, we’ve developed a guideline for business owners to help them choose the right talent management system, writes Alex Sokolov, senior software engineer, iTechArt Group.
Employees are the backbone and lifeblood of your business. They are also what determines your overall success or failure as a company. Hiring the right people and keeping them is the most important thing you can do to ensure long-term growth and stability. But it can be extremely hard and time-consuming to keep track of all things related to human resources – from recruiting and hiring to employee development, career planning, mentoring and more.
Whether you have a large or small HR team or run a startup or enterprise-level business, you need a talent management system (TMS) to help automate some of the day-to-day tasks and free your staff to focus on growing the business.
There are many human resource software options on the market today, but before you can choose the one that is right for you, you need to do a little research and a lot of planning.
In this article, we’ll discuss what a talent management system is, why you need one, and how to select the right one. Let’s get started.
What is talent management software anyway?
A talent management solution encompasses all of the activities involved in hiring and retaining the best employees and staying one step ahead of your competitors. It is designed to track an employee’s performance and engagement with your company from the day they start to the day they retire. This includes the following:
Recruiting – A recruiting module helps hiring managers become aware of the best candidates for each position and features easy solutions for job postings, submissions, skills testing, and the entire interview process.
Hiring – An automated TMS system can assist with offer letters, background checks, e-signing of hiring documents and contracts, signing bonuses, relocation expenses, and more.
Onboarding – The onboarding process can be automated to provide corporate training and presentations either electronically or in a physical office. This can be done through a series of videos, a corporate intranet with special tools and information for new hires, a FAQs database, mentoring scheduling, and anything else that can help a new employee hit the ground running.
Compensation and Performance Management – The TMS system can be utilized to set employees’ pay grades, hiring levels, annual review scheduling and tracking, career advancement, incentives, and provide management with a 360-degree view of an employee’s performance throughout their tenure with the company.
Continuing education and development – Through online or in-person classes, continuing education and corporate e-learning programs can make it easy for staff to enhance their skills and move up the corporate ladder. It can also be an important asset when it comes to meeting governmental and legal requirements for certifications in industries such as government, healthcare, education, and more.
Why should business owners consider talent management software?
One of the main purposes of an HR talent management software system is to automate and streamline the entire hiring and nurturing process. It also provides useful analytics and feedback to help management see which employees are excelling and which ones need more attention and development.
Talent management technology can capture, store and analyze important data throughout the entire lifecycle of an employee that can be utilized to improve business processes as well as the work lives of a company’s staff. This “big data” approach leads to better recruiting, more qualified candidates, a shorter and more efficient hiring process, and a decrease in employee turnover.
According to a recent report from Capterra, 73% of talent management software users stated that their system had a positive effect on the time they spend performing HR administrative tasks. They also reported a reduction in the amount of time spent recruiting, lower costs, and an increase in employee engagement and satisfaction.
How to choose talent management software
Shopping for a new talent management solution can be intimidating and confusing. There are so many options available and so much to think about when implementing new technology throughout your organization. People are reluctant to any type of change and having to learn a new system might not go over well with all of your staff.
Here are a few best practices that can help you choose the right TMS and get your entire organization on board.
1. Get input from your team and involve them in the final decision.
In order to ensure a solution is the right fit and feel for your organization, start with getting feedback from your entire team. Your HR team should have a lot of input, considering the fact that they will be the ones using it the most. But you should also discuss the decision with your entire management team, since everyone will be involved in utilizing the system for performance reviews, feedback, mentoring, and more.
2. Think about the level of integration and specialization you need.
Do you have specific or legacy programs that would need to be customized and integrated with a new system, or could you just simply make the switch over to an out-of-the-box solution? Are you in an industry that has to meet specific regulations that will require special programming or a certain type of software? Keep in mind that you might not be able to find everything you’re looking for in one solution. You may need to consider a customized software program built specifically for your organization and your requirements.
3. Decide if you need an on-premise, cloud-based, or hybrid solution.
If you have several locations, you’ll probably want to go with a cloud-based TMS option. However, if you work with highly classified or privileged information, a more secure on-premise application would be the best choice. Perhaps you need a hybrid combination of both. Knowing exactly what type works best for your organization before you start shopping for a solution will save you a lot of time.
4. Look for a solution with a detailed analytics module.
You want your TMS software to be able to gather valuable information, analyze that data, and provide you with actionable insights that can help improve every aspect of your business. A lot of solutions come with standard analytics as part of the package and some have an upgraded option. Spending a little extra on software that has a built-in big data solution will be well worth the additional costs.
5. Choose your vendor wisely.
You are making a large investment in your TMS solution, so you need to know that the vendor you choose will be there for you over the long haul. What type of support do they offer? Is it 24/7? Do you have a trial period where you can test the product before signing a long contract? What happens if your vendor gets bought out by a larger company? It’s always a good idea to check vendor references and read online reviews of other companies who have used or are currently using the product.
Talent management systems are not just for large enterprise businesses. Startups and small to medium size companies can also benefit from the automation, increased efficiencies, and analytical data provided by these types of software solutions.
Whatever you’re looking for, rest assured that there is a TMS solution for you. You may need a bit of customization or training, but the upfront costs and time spent learning a new system will be well worth the investment when you’re hiring and retaining the highest quality employees. It’s a win for everybody.