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AI in talent management

Why AI is vital in winning the talent war

The ever-increasing talent gap combined with the lack of talent acquisition strategies and employee engagement is hurting an organization’s talent management and has turned into a modern-day talent war. Organizations today are fighting two types of battles. The first relates to attracting and recruiting people, while the other is retaining and engaging existing employees. In such a time, AI is vital to winning the talent war.

It is true that COVID-19 has disrupted talent management and has severely damaged many organizational systems that were previously used in talent management. However, with the arrival of AI into talent management, enterprises are now more equipped to manage talent during a crisis like this.

Technology and data-driven processes continue to transform every aspect of today’s HR operations. Whether it’s automating laborious tasks or analyzing a mass of HR analytics, talent management with AI has emerged as the most-suited tool for modern HRs.

Let’s have a look at how AI can be vital in winning the talent war.

AI as an effective recruiter

With the pandemic pushing the boundaries of remote work & recruiting going the online route, talent management teams are witnessing a rise in AI use cases in recruitment. Effective recruitment is an integral part of the ongoing talent war and has to be taken care of.

In the next few years, finding top talent will depend on a recruiter’s ability to intelligently automate their workflow and unearth insights into their talent pool. AI is allowing recruiters to utilize their time better, hire more efficiently, shortlist more accurately, and screen resumes with more fairness.

AI in recruitment is helping enterprises:

  • Engage candidates by incorporating modern technologies with AI-backed insights.
  • Conduct effective onboarding as an experience to remember.
  • Eliminate recruitment bias and hire with fairness.
  • Become diverse and inclusive by accessing a wider talent pool and hiring from diverse areas.
  • Craft personalized employee experiences that engage them.
  • Match candidate intentions with business intentions and understand the compatibility of the two.

In the coming years, AI will change the recruiter role, which will allow recruiters to become more proactive in their hiring, help determine a candidate’s culture fit, and improve their relationships with hiring managers by using data to measure KPIs such as quality of hire.

AI as a workforce planner

In today’s fast-moving economies, the workforce itself is arguably the most important tangible asset for most organizations. Yet, despite its importance, it is often not carefully planned, measured, or optimized. This means that most organizations are not sufficiently informed of the current or future workforce gaps that will limit the execution of business strategy.

The global talent landscape is shifting faster than ever. Digital transformation, the pandemic, cultural developments, and the need for D&I have strongly contributed to this shift.

HR leaders of 2021 are stuck in a situation where having an unplanned workforce can push their organizations back by years, and they do not have enough data to do it on their own. However, AI in workforce planning is revolutionizing talent management and is enabling enterprises to take a leap further in this talent war.

Workforce planning powered by AI is helping enterprises:

  • Leverage a 360-degree view of the talent ecosystem
  • Forecast and analyze talent trends
  • Track their competition and their talent strategies
  • Access global talent insights and understand the talent scenario of the market.
  • Incorporate D&I into the workforce
  • Estimate costs and track workforce plans
  • Identify any skill gaps and prepare to bridge them

With the help of AI-backed talent management tools, modern HR leaders have started to utilize global talent data, organizational workforce metrics, and predicted trends that facilitate workforce planning the right way.  Strategic workforce planning is crucial to strategically align people, processes, and technology with objectives and adapt to change.

AI as a reskilling partner

Reskilling is the practice of self-learning or teaching staff to acquire new skills that will allow them to do different work.

COVID-19 has thrown a daunting challenge to companies – an accelerated digital transformation timeline for all. At such a time, reskilling employees has turned a priority if organizations intend to survive in the current volatile and uncertain business environment. One of the most crucial aspects of talent war is the talent shortage, and reskilling is the way forward in a situation like this.

It maximizes production by increased accuracy, quality, and productivity. This aids a company’s most significant potential by enhancing technical skills and increasing organizational resilience.

AI helps organizations understand their reskilling needs and develop their plans accordingly. Especially at a time of crisis like this, organizations need to take reskilling as an organization-wide initiative.

By leveraging data from over 8000 data sources, Draup has extracted and analyzed data of over 4500+ job roles, 2500+ locations, and 100,000+ courses spread over 33 industries. It has also analyzed over 4Mn+ career paths and 30,000 skills and has it all in its extensive database. Talent Intelligence platforms  such as Draup enables talent management teams to utilize and work around all the pillars we discussed above.