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How To Digitally Transform Talent Management For The Better

How To Digitally Transform Talent Management For The Better

Bottom Line:  CHROs and the HR teams they lead need to commit to keep learning and adopting digital technologies that help improve how they hire, engage and retain talent if they’re going to stay competitive.

Driven by the urgency to keep connected with employees, customers and suppliers, McKinsey’s recent Covid-19 survey finds global organizations are now seven years ahead of schedule on digital transformation initiatives. HR’s role is proving indispensable in enabling the fast pace of digital adoption today. By providing Business Continuity Planning (BCP), HR’s contributions to digital transformation separate the organizations that thrive despite crises versus those left behind, according to McLean & Company’s 2021 HR Trends Report. The graphic below from the report shows how effective HR has been in supporting the rapid changes needed to keep employees communicating and engaged.

The McLean and Company Trends Report also shows that talent management’s major gaps need attention now before they grow wider. These areas include analyzing the employee skills gap (24%), developing employees on new competencies (24%), and training new employees in specific new skills (21%). Improving talent acquisition, retention, diversity and inclusion, and employee experiences by digitally transforming them with greater personalization at scale and visibility is key.  CHROs and the HR teams they lead need to close these gaps now.

How To Digitally Transform Talent Management For The Better

 

How To Get Started Digitally Transforming Talent Management

Start with the gaps in talent management you see in your organization. The largest gaps are often in the following four areas: recruiting and talent acquisition; retention of top talent and diverse talent; lack of visibility into employee capabilities; and workforce strategies not aligned to business strategies. Key challenges that need to drive digital transformation in these four areas include the following:

  • Legacy recruiting and Applicant Tracking Systems prioritize HR’s needs to capture thousands of resumes instead of delivering an excellent candidate experience. Attracting and recruiting the most qualified candidates in a virtual-first world is a daunting task. Organizations who are leaders in digital transformation quickly realized this and relied on automating the applicant experience so much it began to resemble the Amazon 1-Click Ordering experience. McKinsey’s recent Covid survey found that 75% of organizations digitally transforming their operations, including HR, were able to fill tech talent gaps during the crisis:
How To Digitally Transform Talent Management For The Better

Source: McKinsey & Company, 2020, How Covid-19 has pushed companies over the technology tipping point—and transformed business forever

 

  • Top talent retention is more of a problem than many organizations realize, with top performers receiving between five and ten recruiter calls a month or more. The average tenure of employees at companies has been decreasing for nearly two decades. And a primary driver is not for lack of opportunity, but because employees can’t find a career path internally as easily as they can find a growth opportunity at another company. It’s possible to retain the top talent by guiding employees to what’s next in their careers. Of the many approaches to providing employees a self-service option for personalized coaching guidance at scale, Eightfold’s Talent Intelligence Platform is delivering results at such notable companies as Air Asia, Micron, NetApp, and others. Eightfold found that 47% of top talent leave within two years, but most would happily stay if given the right opportunity. The following video explains how Eightfold helps its customers retain talent:

 

 

  • Employees often lack visibility into new internal opportunities, and both HR and business leaders lack visibility into employees’ unique capabilities. There’s often a 360-degree lack of visibility into new internal career positions from the employee’s side and a lack of awareness on the employer’s side of their employee’s innate capabilities. The lack of visibility from the employer side limits their ability to benchmark talent, create programmatic, scalable, and flexible career development opportunities and ultimately redeploy talent in an agile way that serves business strategies that are evolving rapidly in response to the impacts of the global pandemic.
  • Workforce strategies that don’t align and support business strategies waste opportunities to improve morale, productivity, and employees’ professional growth. While organizations have invested heavily in valuable infrastructure, including Learning Management Systems (LMS) and other employee experience and development tools, they often lack a unified platform to help deliver the right growth opportunities to the right person at the right time.

Achieving Greater Automation, Visibility And Personalization At Scale

Talent management is core to any digital business and the competitive outcomes each can produce today and in the future. To make greater contributions, Talent Management needs to deliver the following by relying on a unified platform:

  • Talent Management platforms need to combine ongoing business insights based on operations data, technology management data, and business transformation apps and tools to create new digitally-driven employee experiences quickly.
  • A key design goal of any Talent Management platform has to be delivering personalized candidate or prospect experiences at scale through every communications channel an organization relies on, both digital and human.
  • The best Talent Management platforms provide the apps, data, and contextual intelligence to drive task and mission ownership deep into an organization and reinforce accountability. What’s noteworthy about Eightfold’s Talent Intelligence Platform is that it has designed-in empathy and the ability to deliver quick, effective decisions that further reinforce team inclusion. Eightfold’s many customer wins in Talent Management illustrate how combining empathy, inclusion, and accountability in a platform’s design pays off.

As McLean & Company’s 2021 HR Trends Report shows, taking a band-aid approach to solving Talent Management’s many challenges is effective in the short-term. Turning Talent Management into a solid contributor to business strategies for the long-term needs to start at the platform level, however. Eightfold’s approach to combining their Talent Management, Talent Insights and Talent Acquisition modules, all supported by their Talent Intelligence Platform, enables their customers to define their digital transformation goals and strategies and get results.

Source: McKinsey & Company, 2020, How Covid-19 has pushed companies over the technology tipping point—and transformed business forever

Conclusion

The Talent Management goal many organizations aspire to today is to digitally transform candidate or prospect experiences so well that people have an immediate affinity for the company they apply to, and the self-service options are so intuitive they rival Amazon’s 1-Click Ordering Experience. Across any industry, digital transformation succeeds when customers’ expectations are exceeded so far that a new category gets created. Uber’s contextual intelligence, rating system, and ability to optimize ride requests is an example. UberEats provides the same real-time visibility into every step of each order, creating greater trust. Domino’s Pizza Tracker app keeps customers informed of every phase of their orders. What’s common across all these examples is personalization at scale, real-time automation across service providers, and real-time visibility. Those same core values need to be at the center of any Talent Management digital transformation effort today.

How An AI Platform Is Matching Employees And Opportunities

How An AI Platform Is Matching Employees And Opportunities

Instead of relying on data-driven signals of past accomplishments, Eightfold.ai is using AI to discover the innate capabilities of people and matching them to new opportunities in their own companies.

Bottom Line: Eightfold.ai’s innovative approach of combining their own AI and virtual hackathons to create and launch new additions to their Project Marketplace rapidly is a model enterprises need to consider emulating.

Eightfold.ai was founded with the mission that there is a right career for everyone in the world. Since its founding in 2016, Eightfold.ai’s Talent Intelligence Platform continues to see rapid global growth, attracting customers across four continents and 25 countries, supporting 15 languages with users in 110 countries. Their Talent Intelligence Platform is built to assist enterprises with Talent Acquisition and Management holistically.

What’s noteworthy about Eightfold.ai’s approach is how they have successfully created a platform that aggregates all available data on people across an enterprise – from applicants to alumni – to create a comprehensive Talent Network. Instead of relying on data-driven signals of past accomplishments, Eightfold.ai is using AI to discover the innate capabilities of people and matching them to new opportunities in their own companies. Eightfold’s AI and machine learning algorithms are continuously learning from enterprise and individual performance to better predict role, performance and career options for employees based on capabilities.

How Eightfold Sets A Quick Pace Innovating Their Marketplace

Recently Eightfold.ai announced Project Marketplace, an AI-based solution for enterprises that align employees seeking new opportunities and companies’ need to reskill and upskill their employees with capabilities that line up well with new business imperatives. Eightfold wanted to provide employees with opportunities to gain new skills through experiential learning, network with their colleagues, join project teams and also attain the satisfaction of helping flatten the unemployment curve outside. Project Marketplace helps employers find hidden talent, improve retention strategies and gain new knowledge of who has specific capabilities and skills. The following is a screen from the Marketplace that provides employees the flexibility of browsing all projects their unique capabilities qualify them for:

How An AI Platform Is Matching Employees And Opportunities

Employees select a project of interest and are immediately shown how strong of a match they are with the open position. Eightfold provides insights into relevant skills that an employee already has, why they are a strong match and the rest of the project team members – often a carrot in itself. Keeping focused on expanding employee’s capabilities, Eightfold also provides guidance of which skills an employee will learn. The following is an example of what an open project positions looks like:

How An AI Platform Is Matching Employees And Opportunities

How An AI Platform Is Matching Employees And Opportunities

Employee applicants can also view all the projects they currently have open from the My Projects view shown below:

How An AI Platform Is Matching Employees And Opportunities

Project Marketplace is the win/win every employee has yearned for as they start to feel less challenged in their current position and start looking for a new one, often outside their companies. I recently spoke with Ashutosh Garg, CEO and Co-Founder and Kamal Ahluwalia, Eightfold’s President, to see how they successfully ran a virtual hackathon across three continents to keep the Marketplace platform fresh with new features and responsive to the market.

How to Run A Virtual Hackathon

Starting with the hackathon, Eightfold relied on its own Talent Intelligence Platform to define the teams across all three continents, based on their employees’ combined mix of capabilities. Ashutosh, Kamal and the senior management team defined three goals of the hackathon:

  1. Solve problems customers are asking about with solutions that are not on the roadmap yet.
  2. Accelerate time to value for customers with new approaches no one has thought of before.
  3. Find new features and unique strengths that further strengthen the company’s mission of finding the right career for everyone in the world.

It’s fascinating to see how AI, cybersecurity and revenue management software companies continue to innovate at a fast pace delivering complex apps with everyone being remote. I asked Ashutosh how he and his management team approached the challenge of having a hackathon spanning three continents deliver results. Here’s what I learned from our discussion and these lessons are directly applicable to any virtual hackathon today:

  1. Define the hackathon’s purpose clearly and link it to the company mission, explaining what’s at stake for customers, employees and the millions of people looking for work today – all served by the Talent Intelligence Platform broadening its base of features.
  2. Realize that what you are building during the hackathon will help set some employees free from stagnating skills allowing them to be more employable with their new capabilities.
  3. The hackathon is a chance to master new skills through experiential learning, further strengthening their capabilities as well. And often learning from some of the experts in the company by joining their teams.
  4. Reward risk-taking and new innovative ideas that initially appear to be edge cases, but can potentially be game changers for customers.

I’ve been interviewing CEOs from startups to established enterprise software companies about how they kept innovation alive during the lockdown. CEOs have mentioned agile development, extensive use of Slack channels and daily virtual stand-ups. Ashutosh Garg is the only one to mention how putting intrinsic motivation into practice, along with these core techniques, binds hackathon teams together fast. Dan Pink’s classic TED Talk, The Puzzle of Motivation, explains intrinsic motivators briefly and it’s clear they have implications on a hackathon succeeding or not.

Measuring Results Of the Hackathon

Within a weekend, Project Marketplace revealed several new rock stars amongst the Eightfold hackathon teams. Instead of doing side projects for people who had time on their hands, this Hackathon was about making Eightfold’s everyday projects better and faster. Their best Engineers and Services team members took a step back, re-looked at the current approaches and competed with each other to find better and innovative ways. And they all voted for the most popular projects and solutions – ultimate reward in gaining the respect of your peers. As well as the most “prolific coder” for those who couldn’t resist working on multiple teams.

Conclusion

Remote work is creating daunting challenges for individuals at home as well as for companies. Business models need to change and innovation cannot take a back seat while most companies have employees working from home for the foreseeable future. Running a hackathon during a global lockdown and making it deliver valuable new insights and features that benefit customers now is achievable as Eightfold’s track record shows. Project marketplace may prove to be a useful ally for employees and companies looking to stay true to their mission and help each other grow – even in a pandemic. This will create better job security, a culture of continuous learning, loyalty and more jobs. AI will change how we look at our work – and this is a great example of inspiring innovation.

 

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