“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.” – Harold Geneen
Why Talent Intelligence?
Embracing Uncertainty and Permanent Changes
In the wake of overnight remote work becoming the norm, we find ourselves in an era defined by global market accessibility. This transformation has fundamentally altered our approach to work, recruitment, talent retention, and organizational structure in a way to redesign. Simultaneously, it has given birth to fresh expectations and demands from employers, employees, and candidates.
One major challenge has been the imperative for adaptability, the need to act swiftly. This challenge remains as pressing today as it was when remote work initially swept across the professional landscape.
Almost overnight, a slew of new companies emerged to facilitate this flexibility, including Deel, Remote, Workmotion, and others. These platforms have opened the door to hiring highly specialized and rare talent from anywhere, thereby supercharging company performance and profitability.
Conversely, this newfound opportunity has enriched the work environment by injecting diversity and ushering in fresh perspectives, elevating teamwork and engagement to unprecedented levels. While some companies still insist on in-office work, the allure of remote work persists, creating a dynamic choice for both employers and employees.
At the close of the previous year, we witnessed another seismic shift as AI took the helm, leading us into the era of the augmented workforce. Here, the collaborative synergy between humans and machines acts as a catalyst, propelling productivity and business outcomes to unprecedented heights.
AI won’t take jobs, but those who embrace AI will outperform those who don’t.
AI and automation are forging a fresh division of labor between humans and machines. According to the World Economic Forum (WEF), this transformation is poised to disrupt 85 million jobs globally from 2020 to 2025 while simultaneously creating 97 million new job roles.
However, this evolution is also intensifying the global skills gap. The WEF forecasts that by 2028, 44% of workers’ skills will undergo disruption, marking a significant nine-percentage-point increase from its previous five-year projection.
As the skills required by individuals keep evolving, organizations should prioritize constructing flexible structures that can readily adapt to these shifts.
We Need the Strategy, but Which One?
To start, we need a comprehensive and centralized view of our workforce’s capabilities and potential. This view will not only help us understand the skills our current employees possess but also identify the best areas for reskilling and upskilling. It will encompass their geographical distribution, the current labor market conditions in various regions, our internal and external hiring processes, the status of our competitive edge, and the strategies we employ to enhance employee retention and EVP (employee value propositions). This enhancement serves as a testament to our previous successful initiatives.
These strategies encompass our approach to solving the challenges of recruitment, retention, reskilling, and organizational redesign.
Talent Intelligence is the key to gaining the insight needed to identify the actions to take, how to execute them, and the anticipated outcomes.
‘’It is an augmentation of internal and external people data with the application of technology, science, insights, and intelligence rating to people, skills, jobs, functions, competitors, and geographies to drive business decisions, as defined by Toby Culshaw, Talent Intelligence Leader at Amazon.”
As an illustration of Talent Intelligence in action, consider the following example:
Finding the Right Career for Everyone
I recently had the opportunity to explore the domain of Eightfold AI’s Talent Intelligence (TI) Platform, and I’m eager to shed light on the incredible possibilities it brings to the table and how it can profoundly shape an employee’s journey.
Unified Hiring System: External and Internal Integration
What’s truly remarkable is that the TI platform empowers candidates to instantly discover roles that align perfectly with their skills and potential. It provides valuable insights into why each job is an excellent fit, shedding light on the backgrounds of previous hires, including the companies they’ve worked for, their educational backgrounds, and experience levels. This transparency not only fosters trust in the hiring process but also encourages women to apply by showcasing available matches for various roles—all of this transpires within seconds. Moreover, for enterprises burdened by outdated systems that require candidates to create accounts and essentially rewrite their CVs to complete application forms, the TI platform simplifies this process, ushering in a 21st-century application system. For recruiters and hiring managers, the benefits are equally compelling. They receive instantly ranked lists of candidates that align precisely with their specific requirements, all while having an overview of an internal candidate pool, complete with skills ranging. Interested employees are also instantly notified about new internal opportunities. This consolidation of external and internal hiring processes within a single system promotes transparency and accessibility for all involved stakeholders.
Predicting the next ideal career move
The Eightfold AI platform offers a remarkable capability—providing highly relevant career recommendations on a significant scale. It excels at predicting the next ideal career move for individuals. The platform’s models boast a comprehensive understanding of over one million distinct job roles and one million skills, encompassing a multitude of languages.
Ownership in the hands of employees
Employees, empowered by this technology, can embark on a journey to explore their future career paths. They gain a comprehensive understanding of the skills and experiences necessary for their next career step. Moreover, they have access to an array of resources, including projects, gigs, courses, mentors, and career opportunities, all designed to facilitate their personal and professional growth. By placing career ownership in the hands of employees and actively encouraging their self-development, this platform significantly boosts retention rates and employee engagement.
Who Are the Potential Successors?
Simultaneously, organizational leaders can leverage the platform to oversee and fine-tune their talent strategies. They can identify potential successors for critical roles, compare various scenarios, and craft plans for upskilling and reskilling to meet future organizational needs.
This example vividly demonstrates how Talent Intelligence has the potential to revolutionize the way we approach hiring, internal mobility, career development, and talent management.
It’s a transformative force that delivers the anticipated experience of today’s talent in their present positions, benefitting employees, candidates, hiring managers, and C-suite leaders.
Experience is essential
It’s the driving force behind attracting and retaining top talent, and it elevates the overall employee journey.
Prioritizing and maintaining the highest levels of desired experiences will prove invaluable as companies navigate the transformative changes brought about by the AI revolution and the augmented workforce.
Autor
Sandra Prvulovic
Reference https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf