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Workforce Planning

Strategic Workforce Planning: The secret behind high-performing businesses

Decades ago, workforce planning was not even considered a critical part of business success. Fast forward to today, organizations admit that employees are the main drivers of success. Despite being lauded as the most crucial cog in a company, talent management teams fail to plan, measure, or optimize the strategy as per current needs and trends.

Enter path-breaking technologies like artificial intelligence and automation. 63% of CEOs expect AI to positively impact job opening as the internet did when it first became public. The strong presence of these technologies is a boon as workforce planning continues to remain a hurdle across enterprises and industries.

Strategic workforce planning is evolving but at a dizzying pace. The advancements in technology are guaranteed to impact the way businesses worldwide manage their workforce.

Future-proofing Strategic Workforce Planning

With workforce planning playing a significant role in ensuring that the organization is armed with all the skills to achieve business goals, talent management teams can maximize their potential by leveraging modern technologies. Following are a few strategies (or secrets) big players are using for better workforce management.

Candidate screening the right way

52% of talent acquisition leaders say the most strenuous part about recruitment is screening candidates from a broader talent pool.

The cumbersome process of meticulously scanning through innumerable candidates is a thing of the past. Organizations are now using technology to identify prospective candidates to match them with roles best suited for them.

In addition to pinpointing the most suitable talent available, both AI and ML also help churn out information from industries for streamlining employee contract negotiations. With accurate, real-time data from employers worldwide, the negotiation process becomes quick and impartial for employers and potential candidates.

Chatbots: alleviating workload crisis with instant responses

Interaction with employees amidst the crisis is not all plain sailing. By utilizing the abilities of natural language processing (NLP), chatbot comes to the rescue. It examines a range of data sources, including FAQs and HR policies, without recourse to the HR department.

Some of the prominent players in today’s tech-driven space have deployed AI-backed bots to address the long-running issue HR departments face. The Global Conversational AI market is growing astronomically. Reports predict a rise in valuation of up to USD 13.9 Bn by 2025 from USD 4.8 Bn in 2020.

Conversational AI-backed chatbots are making interaction simpler by automating HR tasks and workflows, eliminating human dependency, and cutting costs. Since there is zero involvement of humans, assistance is available 24/7.

Besides lending out support to employees, organizations are deploying AI-powered chatbots to improve sales and support services. This leads to an increase in revenue while also taking the load off from the already exhausted management.

Chatbots alone cannot be responsible for the smooth functioning of a workforce or be viewed as human alternatives. They must absorb relevant data for more meaningful output and enable human interaction.

Retaining top talents

According to Forbes, 66% of employees feeling neglected or unappreciated are more likely to leave. Artificial intelligence is imperative in such scenarios where businesses look to retain their high performers. AI models are trained to identify behaviors to suggest if/when that particular candidate decides to leave the job.

HR departments receive alerts using AI-powered talent intelligence platforms when talent is on the lookout for other jobs. These platforms help high performers discover new roles within the company and let prospective contacts brief them about the department and role.

AI, ML, and other forms of technologies are useful and promise a lucrative shift for today’s companies. Their handiness in learning unique, decision-influencing factors is already reaping the rewards. Implementation of these technologies and upskilling the management team to use these takes time. But to maintain a long-term competitive edge, companies must tap into these resources to enable a productive workforce.

Talent intelligence platform like Draup eliminates workforce challenges to help talent management teams build a strategic plan to meet future business goals. This analytics-driven workforce tool identifies and closes workforce gaps and assists in making more intelligent business decisions, so business goals are accomplished.