How AI & Machine Learning Are Redefining The War For Talent
- By 2020, more than 20 million job seekers will look for automated advice on how to improve their ranking in job-matching algorithms according to Gartner.
- More than 50% of large enterprises based in North America and Western Europe will include diversity and inclusion enablement criteria in their HCM technology selection processes by 2020.
- By 2022, nearly 80% of organizational skills will have to be reprioritized or revisited due to digital business transformation.
These and many other fascinating insights are from Gartner’s recent research note, Cool Vendors in Human Capital Management for Talent Acquisition (PDF, 13 pp., client access reqd.) that illustrates how AI and machine learning are fundamentally redefining the war for talent. Gartner selected five companies that are setting a rapid pace of innovation in talent management, taking on Human Capital Management’s (HCM) most complex challenges. The five vendors Gartner mentions in the research note are AllyO, Eightfold, jobpal, Knack, and Vettd. Each has concentrated on creating and launching differentiated applications that address urgent needs enterprises have across the talent acquisition landscape. Gartner’s interpretation of the expanding Talent Acquisition Landscape is shown below (please click on the graphic to expand):
Company Growth Plans Are Accelerating The War For Talent
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 leading these companies. Fast-growing enterprise cloud computing companies and many other businesses like them need specific capabilities, skill sets, and associates who know how to unlearn old concepts and learn new ones. Today across tech and many other industries, every company’s growth strategy is predicated on how well they attract, engage, screen, interview, select and manage talent over associates’ lifecycles.
Of the five companies Gartner names as Cool Vendors in the field of Human Capital Management for Talent Acquisition, Eightfold is the only one achieving personalization at scale today. Attaining personalization at scale is essential if any growing business is going to succeed in attracting, acquiring and growing talent that can support their growth goals and strategies. Eightfold’s approach 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.
Gartner finds Eightfold noteworthy for its AI-based Talent Intelligence Platform that combines analysis of publicly available data, internal data repositories, HCM 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. Gartner also finds that Eightfold.ai is one of the first examples of a self-updating corporate candidate database. Profiles in the system are now continually updated using external data gathering, without applicants reapplying or submitting updated profiles. The Eightfold.ai Talent Intelligence Platform is shown below:
Taking A Data-Driven Approach to Improve Diversity
AI and machine learning have the potential to remove conscious and unconscious biases from hiring decisions, leading to hiring decisions based on capabilities and innate skills. Many CEOs and senior management teams are enthusiastically endorsing diversity programs yet struggling to make progress. AI and machine learning-based approaches like Eightfold’s can help to accelerate them to their diversity goals and attain a more egalitarian workplace. Data is the great equalizer, with a proven ability to eradicate conscious and unconscious biases from hiring decisions and enable true diversity by equally evaluating candidates based on their experience, growth potential and strengths.
At the center of every growing business’ growth plans is the need to attract, engage, recruit, and retain the highest quality employees possible. As future research in the field of HCM will show, the field is in crisis because it’s relying more on biases than solid data. Breaking through the barrier of conscious and unconscious biases will provide contextual intelligence of an applicant’s unique skills, capabilities and growth trajectories that are far beyond the scope of any resume or what an ATS can provide. The war for talent is being won today with data and insights that strip away biases to provide prospects who are ready for the challenges of helping their hiring companies grow.