Modern leaders understand that strategic talent management is vital to managing risk, driving successful business outcomes, and future-proofing against potential talent shortage. The pandemic has shaken the business systems globally and taught the importance of effective talent management.
Companies with streamlined operations and managed talent were far more effective in handling the crisis than firms that did not consider talent management as significant as other processes.
Therefore, leaders of today need to consider talent management as a core business practice that is fully integrated and aligned with other business strategies and processes.
Talent management considers recruitment, training, and retaining of employees. These three pillars together form the talent scenario of an organization. Technology and data-driven processes continue to transform every aspect of today’s HR operations. Artificial Intelligence is the leading technology being used in talent management today. It is heavily relied upon to reinvent traditional processes into AI-backed methods that could transform talent management.
AI in talent management is helping enterprises:
- Craft unique candidate experiences
- Incorporate diversity and inclusion
- Manage retention rates
- Reskill and upskill existing employees
- Source quality talent and manage candidate engagement
- Effectively plan the workforce to suit organizational needs and more.
These use cases are just the tip of the iceberg; AI has a much deeper presence in talent management.
One of the most intriguing uses of AI in talent management is in 360-degree talent analysis. 360-degree talent analysis, in a nutshell, is finding, researching, hiring, and retaining talent by understanding the global talent pool through a data-backed approach.
Real-time Global Talent Insights
With AI in talent management, organizations get unparalleled access to global talent data and insights based on chosen locations and skillsets. Organizations can now discover global talent hotspots, learn skills architecture and empower their hiring managers to make data-driven decisions.
By understanding the global talent scenario, organizations are more equipped to crafting the best future-focused workforce plans and evolve faster than the emerging trends.
Organizations are utilizing this data to predict the upcoming market trends. One of the best examples of this could be how most organizations use talent intelligence to identify emerging talent hotspots from where they can hire quality talent that is diverse and suits their business needs.
Cost Insights on Roles and Locations
Understanding compensation and staying on top of the chain is crucial to attracting the best talent. AI is helping organizations understand salary estimates and perform peer group comparisons. It is also helping to arrive at a decent compensation by comparing a variety of roles and locations to discover what works best. By effectively managing costs, organizations can avoid losses resulting from rising attrition rates and can be motivated to work on improving retention rates.
Staying ahead of the competition is every business’s need, but understanding the competition and learning from them is another thing altogether. AI lets an organization understand their competitor’s talent strategies based on their global footprint, tech ecosystem, contingent labor force, and much more. Using this information, they can transform their talent pool and construct a workforce ready for the market.
Deep-dive into Candidate Persona
Since AI is data-backed, it enables organizations to access a vast talent pool from global talent hotspots down to individual profiles. AI lets organizations have a 360-degree view of a candidate’s profile and analyze them to make the right hiring decisions.
This data can include employment history, skills, salary, education, work performance/ performance reviews, benefits data, conversation history, social media history, and more. Talent intelligence platforms like Draup analyze candidate persona across 40+ parameters integrated with AI-powered talent insights to help make data-backed decisions.
Creating a Diverse and Inclusive workforce
Diversity and Inclusion (D&I) are not buzzwords anymore. They are now finding a place in board room discussions and have become an essential part of talent management. Organizations are using AI to track talent from diverse categories, including gender, color, sexual orientation, ethnic and racial minorities, to develop a more qualified and diverse talent pool by utilizing global talent. D&I has seen struggles over the years, but with the arrival of talent intelligence, D&I is finally being recognized as a crucial factor of talent success at organizations.
Draup is a talent intelligence platform built upon over 4500 job roles across 30,000 skills in 33 industries. Draup‘s extensive database consists of comprehensive data on over 100,000+ courses and career paths specifically designed using AI and ML models to suit every employee and redefine talent management from the core.