How AI & Machine Learning Are Redefining The War For Talent

According to Gartner,

  • “By 2020, more than 20 million job seekers will look for automated advice on how to improve their rankings in job-matching algorithms”.
  • “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.”[1]

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.). 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.

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.

Eightfold’s AI-based Talent Intelligence Platform 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. The Eightfold.ai Talent Intelligence Platform is shown below:

How AI & Machine Learning Are Redefining The War For Talent
Gartner names Eightfold a Cool Vendor in the field of Human Capital Management for Talent Acquisition

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.

Conclusion

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.

 

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[1] Research Location: https://www.gartner.com/document/3889269

[2] Materials including quote and Gartner references: see following pages

[3] Quote location: in research publication, under 2nd main heading, “Strategic Planning Assumption” in our oublication: At the beginning of the article