Via HR Technologist : Meeting the Challenges of Global Talent Management Going into 2020
Talent is the fuel that powers the knowledge economy. Amber Grewal, VP of Global Talent Acquisition at IBM, outlines key factors that will shape the future of global talent management.
What are the three biggest challenges with talent acquisition going into 2020?
We are in an era of machine learning; an era of understanding vast amounts of formerly invisible data to make better business decisions. This is what preparing for 2020 is all about: getting better data to make better decisions and see better outcomes. The three biggest challenges talent acquisition professionals face heading into 2020 include the following:
First, legacy technologies need to be upgraded. Companies have a plethora of legacy technologies that need to be modernized to allow integration and enablement of disruptive technologies like Artificial Intelligence. This will allow senior leaders to understand new data and make better decisions. The first thing TA teams must look at is how to build an AI-enabled, digital footprint with their technology systems. This can only be accomplished by upgrading legacy technologies.
Second, 100% of talent acquisition (TA) roles are changing, so there’s a critical need to upskill the TA function . With AI, what was formerly invisible data is becoming available to TA professionals. This means they will be expected to do their work faster and have the necessary skills to leverage the insights of AI-enabled technology. Cognitive systems will be able to participate in, and even lead the effort in common TA functions like sourcing, recruiting, and interviewing.
Companies are beginning to see the art of talent and science coming into play – with new roles like data poets and talent scientists – in which TA professionals integrate sourcing, IO psychology, and technology to review data, find top talent, and predict success, in a way that appeals to candidates. Companies will need to figure out how to upskill their talent teams with new roles like these.
Third, the upcoming high-tech skills gap will be something companies need to keep an eye on as 2020 approaches. We are in a very competitive environment. By 2020, in the U.S. alone, we will have one million more software technology jobs. With every company becoming a technology company in some way, there is not enough talent to fill those needs. Companies need to ensure they offer first-rate, personalized experiences for candidates, as well as enhance the way they build relationships with top talent, who will have many choices for their next employer .
In addition, companies need to figure out ways to develop new talent. IBM is doing this is through an initiative we call New Collar Jobs. These are roles in technology’s fastest growing fields that do not always require a traditional Bachelor’s degree. They focus on the right mix of in-demand skill sets, which can be learned through public education programs, coding camps, professional certification programs and more. New Collar jobs are just one example. Companies need to rethink how they develop talent for the roles that are in demand today and 2020.
‘Employee experience’ is set to be the new competitive advantage. How will HR leaders bring it to life, and how will technology enable that?
“Companies can make ‘employee experience’ a competitive advantage if they have an integrated, seamless, end-to-end experience throughout their entire talent lifecycle – from attraction and engagement to development and retainment of talent – and even through the end of employment with that company. Companies need to make the experience stand out as the best one the employee ever had. In HR, many times these functions are siloed; recruiting has its own set of processes and strategies, learning and development has separate ways of accomplishing their goals, and so on. To have a true, end-to-end HR experience, these groups need to be integrated.”
One way companies can do help with this is through the use of AI-enabled technology. Now, and moving toward 2020, it’s all about creating an AI-enabled HR function to help employees have a more personalized experience . It’s about having proactive retention insights, cognitive talent alerts that keep track of the time an employee is ready to be considered for a promotion, and having readily available sentiment analysis to ensure employees are getting offered personalized learning and development opportunities. HR needs to become all about the individual employee, because today, employees are a company’s biggest customer.
How can enterprises balance the need for global perspectives and experience with the need for local knowledge and insight at leadership positions when entering new geographies?
From a global perspective, at an enterprise level, companies need to ask themselves one key question: what is our company’s DNA that we want people to know us by? Companies need to ensure they are thinking about diversity and inclusion from a global perspective, providing the best experience to candidates, and leveraging their global brand.
A simple way to think about this is like ice-cream: one product, many flavors! Globalization is happening and nothing will slow it down, as companies’ work transcends physical borders. As such, the strategy towards talent acquisition should have key principles attached to it at a corporate level, but at the same time be adaptable enough to allow customization within any given geography.
For many years, a company’s approach to international expansion has been driven by seeking out the next low-cost location. However, as we have seen in many countries, this notion leads to hyper salary inflation, low brand loyalty, and higher attrition. The talent play must sit alongside the financial one.
Companies need to understand the local aspect of an environment and determine the key factors that are most critical to people in that locale. Taking into consideration the competitive nature of a specific geography, companies should ask questions like: is learning or career development more important in the locale, or are there other factors candidates in the locale value more?
My advice to you? Think global, act local.
Via Chief Learning Officer : Top-Down and Bottom-Up Talent Management
Conditions are good to broaden inputs into how the talent process unfolds across levels of any organization.
Periodic talent reviews are a core component of leadership succession planning in most mature organizations today and a critical role for any human resources function. While rigorous talent assessment tools are available, they can be time consuming to deploy. As such, only a small percentage of available talent in an organization, as little as the top 1 percent or less, typically is considered.
Once the talent review process is complete, attention allocated to high-potential development planning is similarly resource-constrained. Therefore, both the assessment and development phases can be difficult to scale. These simple facts require any talent management function to be extremely judicious in how they allocate their time, even when cultivating their very top talent.
While traditional, top-down talent management processes will always have a place, something of a democratization of talent development resources is emerging. First, there are many free or low-cost content providers, such as Khan Academy and Coursera. Second, there are new learning platforms, such as Degreed and Pathgather, which create a social learning environment that takes at least some of the heavy lifting out of HR’s hands. Together these resources provide an opportunity for more of a bottom-up approach to talent development, which can reach a much broader cross-section of employees at scale.
We challenge the traditional notion that there is only one succession pool and propose that companies would be wise to consider how to foster multiple succession pools driven from both the top and the bottom of the organization. While some pools may remain actively managed, others may be activated by more passive support of the talent and learning functions.
In addition, it is important to evaluate the typical inputs or qualifications for inclusion in a talent pool and whether they, too, should be broadened as learning and development moves from a digital to an intelligent age.
Today: A Top-Down, Center-Driven Approach
To begin, it is helpful to take a look at how many organizations currently deploy talent reviews in a traditional, top-down manner. According to “The Pearls and Perils of Identifying Potential” by Rob Silzer and Allan H. Church, robust models of talent and potential emphasize a broad array of factors, including cognitive complexity, personality, motivation, leadership, technical skills and, of course, performance.
Performance is often given priority. In most nine-box grids, current performance retains its own dimension separate from the more forward-looking potential. An initial risk here is overemphasizing current performance while unintentionally de-emphasizing the complexity of factors that contribute to long-term potential.
Another risk of a “closed-door” approach to talent reviews is they become a more subjective debate of candidates. As such, any number of biases may creep into the conversation. In many cases, without direct contact to individuals under review, one person’s point of view may dominate the conversation. Executives may come to rely on one individual’s read of a reputation, which, in turn, is socialized across the top of the organization. In short, absent more objective and sufficient data about performance and potential, top-down performance reviews can easily become politicized.
Another point to consider is that talent assessment tends to be one-sided toward an organization’s assessment of potential. A great deal of time and effort go into assessing and then calibrating senior management’s point of view regarding their top talent without much or any input from the employees being reviewed. Overlooking an employee’s input earlier in the process can lead to misreading their interest and personal readiness to move into a new level or role in the organization.
After completing the arduous annual talent review process at one of our companies, we were surprised to find, during development coaching sessions, that many of the hand-picked successors for executive roles were not actually interested in being succession candidates. While for some the timing was not right, others were quite happy in their current roles and did not aspire to the next level and additional commitments required.
With this in mind, if we were to call out another dimension to emphasize in discussion during talent reviews, why not an employee’s motivation or aspiration? Aspiration is included in the Corporate Executive Board’s HiPo model along with engagement and ability. The term “motivation” is used to describe a similar concept by Silzer and Church; they include characteristics such as drive, energy and career ambition. Another popular model, detailed in “Employability and Career Success: Bridging the Gap Between Theory and Reality,” is RAW, which states that high-potential talent are more rewarding to work with, more able and more willing to work hard. The latter accounts for ambition and achievement motivation.
Sourcing Talent from Employees, Too
We recommend not only seeking input from top management but also from target employees. Unlike many of the other dimensions of talent, one’s motivation can be difficult to judge from the outside. It also seems rather limited not to include more actively the targets of the talent assessment in the assessment itself.
We also suggest that the assessment of aspiration be more nuanced than a binary all-in or out. While some employees may be ready to prioritize work over other aspects of their lives, others may be committed to realizing their potential but over a longer timeframe.
There are multiple potential benefits resulting from accommodating phases in professional and personal lives. A more flexible consideration of employee aspiration could enhance the diversity of talent pools, which might otherwise exclude segments of a workforce that are not willing to solely prioritize work above all else. For example, a parent of young children may have all the potential in the world but not be prepared to move across the globe for the next stretch assignment. However, that might change once their children reach a certain age.
Instead of a binary all-in/out mentality to aspiration, envision a more continuous scale. Some may find themselves in the fast lane, committed to moving quickly and doing whatever it takes. Others may be positioned to move more slowly or even exit for a period of time.
In addition to development speed, consider different types of development experiences. For example, does an employee need more global experience to prepare for a broader role in the future? What does that look like for someone moving slow versus fast? Perhaps for a slower-moving employee, it means staying in their current geography but participating in a global project. Perhaps for an employee on a faster track, it means relocating to a new region immediately. In both cases, meaningful development is taking place.
Finally, if reports of decreasing engagement are on point, perhaps involving top talent in the succession and assessment process at earlier stages could lead to greater engagement and commitment to the organizations that are looking to them as future leaders.
To complement the traditional top-down method to talent management, there may be an opportunity emerging for a bottom-up approach. This would be a more self-determined and personalized development path. For example, an employee could self-nominate or select a succession path without any particular organizational resistance or hurdles. Of course, there would be no guarantees for a new role or promotion, but why not equip and empower employees to shape their own development?
The good news is that with learning technology platforms, like Degreed and other content libraries, there could be an option for anyone to put themselves on an accelerated development path with less organizational involvement than is required in top-down talent management. Not only could individual employees self-select a level of aspiration, but they could begin pursuing it right away without requiring approval from management.
Additionally, if organizations identified experience profiles for various positions, employees would have a list of knowledge, skills and experiences that could be tied to their development as successors for those roles. These profiles could apply to a current functional path or apply across related functions where common skills and experiences may open additional paths to promotion within an organization. Unlike the top-down approach, this could also be scalable.
Conditions Are Ideal for Complementary Approaches
The skeptics among us may be asking how this could possibly work when most everyone may view themselves as the next best thing and self-nominate. Here, the emerging trends in social learning could be put to practical application.
For example, instead of looking only at senior management to define the talent pool, a more progressive organization could look at peer and direct report ratings against organization values and leadership behaviors to tier resources available to top talent. This would broaden the sources of input used to determine talent pool membership and help to prioritize how resources are allocated across the organization. In addition, successful completion of various online training resources could be another qualifier to earn preferred development resources.
In summary, we are not proposing that the traditional top-down talent management process goes away. While it may not be perfect, it has an important role to play to ensure that any organization is considering future leadership for critical roles. However, we believe the conditions are good to broaden the inputs into how the talent process unfolds across levels of any organization.
Empowered by the abundance of online content and the sophisticated learning platforms on which they sit, there is potential for a simultaneous bottom-up approach to talent management whereby the employees with the aspiration required to succeed at any level can carve out their own development paths. While the top-down approach will always apply to a select few, the bottom-up model can be scaled to meet the demands of digital natives rising through the ranks.
Via Human Resources : The importance of talent management and why companies should invest in it
Talent management is not just a simple human resource key term one will come across. It is also committed to hire, manage, develop, and retain the most talented and excellent employees in the industry. In fact, talent management plays an important role in the business strategy since it manages one of the important assets of the company—its people.
That is why companies should make the effort to effectively manage the employees to help them develop their skills and capabilities in order to retain them. Here are some reasons why companies should invest in talent management.
Attract top talent Having a strategic talent management gives organizations the opportunity to attract the most talented and skilled employees available. It creates an employer brand that could attract potential talents, and in turn, contributes to the improvement of the organizations’ business performance and results.
Employee motivation. Having a strategic talent management helps organizations keep their employees motivated which creates more reasons for them to stay in the company and do their tasks. In fact, 91 percent of employees shared that they wanted more than just money to feel engaged and motivated, as revealed by Chandler and Macleod’s survey.
Continuous coverage of critical roles. Talent management equips companies with the tasks that require critical skills to plan and address the important and highly specialized roles in the workforce to its employees. This means that the company will have a continuous flow of employees to fill critical roles to help companies run their operations smoothly and avoid extra workload for others, which could lead to exhaustion.
Increase employee performance. The use of talent management will make it easier for the companies to identify which employees will be best suited for the job that can lead to less performance management issues and grievances. It will also guarantee that the top talent within the company stays longer.
Engaged employees Talent management allows companies to make systematic and consistent decisions about the development of staff, which guarantees the employees’ skills and development. Furthermore, employees will feel more engaged when there is a fair procedure for the development, which helps in increasing the retention rates that helps companies in meeting their operational requirements.
Retain top talent. Well-structured on-boarding practices create higher levels of retention which saves the company on its recruitment and performance management cost in the long run.
Improve business performance. Talent management helps employees feel engaged, skilled, and motivated, allowing them to work in the direction of the company’s business goals, which in turn, increases client satisfaction and business performance.
Higher client satisfaction. A systematic approach to talent management means that there is an organizational integration and a consistent approach to management. When systems are more integrated, client satisfaction rates are usually higher, since they are dealing with fewer people and their needs are met more rapidly.
Investing in talent management surely is a great help for the company, now the question is, how will companies implement it? Genie Technologies Inc., (GenieTech) will be glad to help companies with their needs regarding talent management and other HCM features.
GenieTech’s Ramco is a comprehensive hire to retire HCM software designed to facilitate a changing work environment. It simplifies HR strategy for innovation-centric companies to automate traditional HR transactions and drive business benefits across functions. With Ramco, companies can focus on their people and not spend time navigating around systems or worrying about future changes.
Via Forbes : How To Close The Talent Gap With Machine Learning
- 80% of the positions open in the U.S. alone were due to attrition. On an average, it costs $5,000 to fill an open position and takes on average of 2 months to find a new employee. Reducing attrition removes a major impediment to any company’s productivity.
- The average employee’s tenure at a cloud-based enterprise software company is 19 months; in the Silicon Valley this trends to 14 months due to intense competition for talent according to C-level executives.
- Eightfold.ai can quantify hiring bias and has found it occurs 35% of the time within in-person interviews and 10% during online or virtual interview sessions.
- Adroll Group launched nurture campaigns leveraging the insights gained using Eightfold.ai for a data scientist open position and attained a 48% open rate, nearly double what they observed from other channels.
- A leading cloud services provider has seen response rates to recruiting campaigns soar from 20% to 50% using AI-based candidate targeting in the company’s community.
The essence of every company’s revenue growth plan is based on how well they attract, nurture, hire, grow and challenge the best employees they can find. Often relying on manual techniques and systems decades old, companies are struggling to find the right employees to help them grow. Anyone who has hired and managed people can appreciate the upside potential of talent management today.
How AI and Machine Learning Are Revolutionizing Talent Management
Strip away the hype swirling around AI in talent management and what’s left is the urgent, unmet needs companies have for greater contextual intelligence and knowledge about every phase of talent management. Many CEOs are also making greater diversity and inclusion their highest priority. Using advanced AI and machine learning techniques, a company founded by former Google and Facebook AI Scientists is showing potential in meeting these challenges. Founders Ashutosh Garg and Varun Kacholia have over 6000+ research citations and 80+ search and personalization patents. Together they founded Eightfold.ai as Varun says “to help companies find and match the right person to the right role at the right time and, for the first time, personalize the recommendations at scale.” Varun added that “historically, companies have not been able to recognize people’s core capabilities and have unnecessarily exacerbated the talent crisis,” said Varun Kacholia, CTO, and Co-Founder of Eightfold.ai.
What makes Eightfold.ai noteworthy is that it’s the first AI-based Talent Intelligence Platform that combines analysis of publicly available data, internal data repositories, Human Capital Resource Management (HRM) systems, ATS tools and spreadsheets then creates ontologies based on organization-specific success criteria. Each ontology, or area of talent management interest, is customizable for further queries using the app’s easily understood and navigated user interface.
Based on conversations with customers, its clear integration is one of the company’s core strengths. Eightfold.ai relies on an API-based integration strategy to connect with legacy back-end systems. The company averages between 2 to 3 system integrations per customer and supports 20 unique system integrations today with more planned. The following diagram explains how the Eightfold Talent Intelligence Platform is constructed and how it works.
For all the sophisticated analysis, algorithms, system integration connections, and mathematics powering the Eightfold.ai platform, the company’s founders have done an amazing job creating a simple, easily understood user interface. The elegant simplicity of the Eightfold.ai interface reflects the same precision of the AI and machine learning code powering this platform.
I had a chance to speak with Adroll Group and DigitalOcean regarding their experiences using Eightfold.ai. Both said being able to connect the dots between their candidate communities, diversity and inclusion goals, and end-to-end talent management objectives were important goals that the streamlined user experience was helping enable. The following is a drill-down of a candidate profile, showing the depth of external and internal data integration that provides contextual intelligence throughout the Eightfold.ai platform.
Talent Management’s Inflection Point Has Arrived
Every interaction with a candidate, current associate, and high-potential employee is a learning event for the system.
AI and machine learning make it possible to shift focus away from being transactional and more on building relationships. AdRoll Group and DigitalOcean both mentioned how Eightfold.ai’s advanced analytics and machine learning helps them create and fine-tune nurturing campaigns to keep candidates in high-demand fields aware of opportunities in their companies. AdRoll Group used this technique of concentrating on insights to build relationships with potential Data Scientists and ultimately made a hire assisted by the Eightold.ai platform. DigitalOcean is also active using nurturing campaigns to recruit for their most in-demand positions. “As DigitalOcean continues to experience rapid growth, it’s critical we move fast to secure top talent, while taking time to nurture the phenomenal candidates already in our community,” said Olivia Melman, Manager, Recruiting Operations at DigitalOcean. “Eightfold.ai’s platform helps us improve operational efficiencies so we can quickly engage with high quality candidates and match past applicants to new openings.”
In companies of all sizes, talent management reaches its full potential when accountability and collaboration are aligned to a common set of goals. Business strategies and new business models are created and the specific amount of hires by month and quarter are set. Accountability for results is shared between business and talent management organizations, as is the case at AdRoll Group and DigitalOcean, both of which are making solid contributions to the growth of their businesses. When accountability and collaboration are not aligned, there are unpredictable, less than optimal results.
AI makes it possible to scale personalized responses to specific candidates in a company’s candidate community while defining the ideal candidate for each open position. The company’s founders call this aspect of their platform personalization at scale. “Our platform takes a holistic approach to talent management by meaningfully connecting the dots between the individual and the business. At Eightfold.ai, we are going far beyond keyword and Boolean searches to help companies and employees alike make more fulfilling decisions about ‘what’s next, “ commented Ashutosh Garg, CEO, and Co-Founder of Eightfold.ai.
Every hiring manager knows what excellence looks like in the positions they’re hiring for. Recruiters gather hundreds of resumes and use their best judgment to find close matches to hiring manager needs. Using AI and machine learning, talent management teams save hundreds of hours screening resumes manually and calibrate job requirements to the available candidates in a company’s candidate community. This graphic below shows how the Talent Intelligence Platform (TIP) helps companies calibrate job descriptions. During my test drive, I found that it’s as straightforward as pointing to the profile of ideal candidate and asking TIP to find similar candidates.
Achieving Greater Equality With A Data-Driven Approach To Diversity
Eightfold.ai can quantify hiring bias and has found it occurs 35% of the time within in-person interviews and 10% during online or virtual interview sessions. They’ve also analyzed hiring data and found that women are 11% less like to make it through application reviews, 19% less likely through recruiter screens, 12% through assessments and a shocking 30% from onsite interviews. Conscious and unconscious biases of recruiters and hiring managers often play a more dominant role than a woman’s qualifications in many hiring situations. For the organizations who are enthusiastically endorsing diversity programs yet struggling to make progress, AI and machine learning are helping to accelerate them to the goals they want to accomplish.
AI and machine learning can’t make an impact in this area quickly enough. Imagine the lost brainpower from not having a way to evaluate candidates based on their innate skills and potential to excel in the role and the need for far greater inclusion across the communities companies operate in. AdRoll Group’s CEO is addressing this directly and has made attaining greater diversity and inclusion a top company objective for the year. Daniel Doody, Global Head of Talent at AdRoll Group says “We’re very deliberate in our efforts to uncover and nurture more diverse talent while also identifying individuals who have engaged with our talent brand to include them” he said. Daniel Doody continued, “Eightfold.ai has helped us gain greater precision in our nurturing campaigns designed to bring more diverse talent to Adroll Group globally.”
Kelly O. Kay, Managing Partner, Global Managing Partner, Software & Internet Practice at Heidrick & Struggles agrees. “Eightfold.ai levels the playing field for diversity hiring by using pattern matching based on human behavior, which is fascinating,” Mr. Kay said. He added, “I’m 100% supportive of using AI and machine learning to provide everyone equal footing in pursuing and attaining their career goals.” He added that the Eightfold.ai’s greatest strength is how brilliantly it takes on the challenge of removing unconscious bias from hiring decisions, further ensuring greater diversity in hiring, retention and growth decisions.
Eightfold.ai has a unique approach to presenting potential candidates to recruiters and hiring managers. They can remove any gender-specific identification of a candidate and have them evaluated purely on expertise, experiences, merit, and skills. And the platform also can create gender-neutral job descriptions in seconds too. With these advances in AI and machine learning, long-held biases of tech companies who only want to hire from Cal-Berkeley, Stanford or MIT are being challenged when they see the quality of candidates from just as prestigious Indian, Asian, and European universities as well. Daniel Doody of Adroll Group says the insights gained from the Eightfold.ai platform “are helping to make managers and recruiters more aware of their own hiring biases while at the same time assisting in nurturing potential candidates via less obvious channels.”
How To Close The Talent Gap
Based on conversations with customers, it’s apparent that Eightfold.ai’s Talent Intelligence Platform (TIP) provides enterprises the ability to accelerate time to hire, reduce the cost to hire and increase the quality of hire. Eightfold.ai customers are also seeing how TIP enables their companies to reduce employee attrition, saving on hiring and training costs and minimizing the impact of lost productivity. Today more CEOs and CFOs than ever are making diversity and talent initiatives their highest priority. Based on conversations with Eightfold.ai customers it’s clear their TIP provides the needed insights for C-level executives to reach their goals.
Another aspect of the TIP that customers are just beginning to explore is how to identify employees who are the most likely to leave, and take proactive steps to align their jobs with their aspirations, extending the most valuable employees’ tenure at their companies. At the same time, customers already see good results from using TIP to identify top talent that fits open positions who are likely to join them and put campaigns in place to recruit and hire them before they begin an active job search. Every Eightfold.ai customer spoken with attested to the platform’s ability to help them in their strategic imperatives around talent.
Via Real Business : Why should the CLO, CHRO, CFO and CIO care about talent management?
Leaders have a lot to gain from using a unified talent management system. Here’s why the CLO, CHRO, CFO and CIO should care.
The CEO has a strong preoccupation with talent and training, especially in the UK. When it comes to understanding the skillset within its workforce, PWC found that 83 per cent of UK bosses rate this a top priority (higher than the global average of 80 per cent).
Aside from the CEO, the various C-level roles have different priorities and the emphasis on talent management will vary.
Chief learning officer (CLO) – increase productivity and boost workforce skills
Building a culture of learning, collaboration and engagement is critical in an age where productivity levels in the UK continue to fall. It’s important that CLOs implement training initiatives and get new employees engaged as fast as possible. The first step to increasing productivity starts at the onboarding process – in the UK 31 per cent of employees admit to being disappointed with their role after less than six months.
So it’s important to hook them right from start with a comprehensive onboarding process ensuring they are set up for long-term success. CLOs should also encourage managers to set goals with their workers, which will help guide these strategic initiatives and boost output.
New hires also need to be compliant with industry regulations (and company rules), and hiring teams need to distribute role-specific training. Being able to deliver these from one central location greatly eases the burden on HR.
Chief human resources officer (CHRO) – align HR initiatives to company strategy
Bosses can no longer afford to hire just for the sake of it; they need to engage with applicants who have the potential to grow into future roles. Win the talent wars by leveraging your company culture and goals in the recruiting process to attract skilled, like-minded candidates. Once they’re onboard, use training software to address skill gaps and prepare them for succession.
Recruit through configurable career sites that show off your company culture and use pre-screening tools that weed out unqualified applicants. Prioritise top candidates through talent scoring and leverage reporting features that help you discover your best sources of talent. Drive engagement and output by strategically assigning learning modules to new hires.
Chief financial officer (CFO) – raise your workforce’s financial efficiency
Vacancies can cost the business up to £30,000 and that doesn’t factor in the loss of productivity. CFOs can help avoid the expensive cost of unfilled vacancies by rolling out systems that reduce time spent on talent management. For example, adding problem-solving questions in the recruitment process to gain insight into how a candidate operates.
A Cornerstone customer with 5,000 employees found that by increasing internal mobility in recruiting by 12per cent, they could save $1m a year. Another one in the UK saved millions moving classroom training to e-learning, thus avoiding travel and hotel costs.
Furthermore, CFOs can help design org charts that reflect yearly and five-year growth plans; envisioning how a team will evolve can help HR teams be more proactive in recruiting. Provide stakeholders with global, top-down views into applicants’ skills and competencies. Hiring teams will be able to provide input, rather than rely on messy email threads and CFOs will be in a better position to show how a candidate’s abilities can drive revenue.
Chief information officer (CIO) – leverage technology for smarter growth
CIOs use technology to advance business objectives and streamline company systems. They also ensure HR teams have workforce development tools that don’t create piles of spreadsheets. Moreover, ensuring that HR-related data is unified and stored in the same place with GDPR compliance will foster efficiency in analytics and make IT teams more efficient.
CIOs can facilitate more data-driven decisions and faster hiring by providing HR teams with deeper insights into a candidate’s behavioural DNA, along with analytics related to predicting tenure and performance. CIOs can help with talent management by pinpointing recruiting weaknesses and skill gaps and then identifying tools that can solve these problems.
Unified talent management tools drive operational efficiency across the C-suite. From improving learning and hiring initiatives to increasing business results, they can help companies make smarter decisions on how to build a successful workforce.