What separates the companies everyone wants to work for from those that everyone avoids?
Why does one startup flourish while its competitors struggle?
Contrary to what HR recruiters and hiring managers think, it has little to do with benefits, signing bonuses, or salaries.
The most valuable candidates today want to work where their capabilities and skills have a chance to grow. Even more importantly, when your company becomes that type of employer, the best applicants hear about it and want to join.
That’s the company that every Chief Human Resource Officer (CHRO) and hiring manager should want to build.
ATS and HRIS Systems Perpetuate the Past
It’s bad enough that some ATS and HRIS systems fail to account for what motivates top applicants. These systems also create siloed thinking that protects the past and perpetuates bias. None of them can rank applicants on their capabilities and potential for a given role. Even worse, they routinely fail to improve diversity and inclusion (D&I) by failing to remove data that trigger bias.
You can’t win the war for talent with these outdated systems. Key findings from theTalent Intelligence and Management Report 2018(Harris Interactive/Eightfold) prove it:
- 83% of employees want a new job, yet only 53% want to change companies
- 78% of CEOs and Chief Human Resource Officers say talent programs are important, but 56% say their current programs are ineffective
- 57% of employees say diversity and inclusion initiatives aren’t working, and 40% say their companies lack qualified diverse talent
- 55% of employees get unsolicited messages from recruiters weekly — and 78% say they welcome this contact
Complacency, Not Competitors, Steal Your Best Candidates and Employees
When ATS and HRIS systems aren’t integrated and fail to focus on skills, the most mediocre aspects of traditional talent management practices take over. Managers hire for past results, not future potential. Businesses know there’s a problem but don’t know what to do about it. Again, from the Harris Interactive/Eightfold report:
- 87% of CEOs and CHROs say their companies face at least one serious talent-related challenge today that directly impacts growth
- 47% of top talent quit within two years for another opportunity
- 28% of open roles remain unfilled, stalling growth and hurting competitive position
The longer HR stays complacent, the harder it becomes to find superior employees. When 73% of companies have difficulty finding talent, and 66% struggle to keep that talent, it’s a sure sign that HR systems don’t deliver.
Talent Management Needs an AI Platform to Succeed
It’s time for HR to embrace the future of talent management. AI-based solutions, including the Talent Intelligence Platform from Eightfold, are how to make it happen.
An AI-based Talent Intelligence Platform unifies siloed ATS and HR systems. This seamless, data-based system identifies the skills each candidate and employee have that can benefit the company. The AI applies supervised and unsupervised machine learning to match individual profiles to the needs of open positions — quickly and exceptionally accurately.
Both new and legacy data resources become a real-time tool for HR and hiring managers seeking to find top talent, retain valued employees, and enhance diversity. These rapid connections between applicants and jobs also dramatically improve the candidate experience, helping make your company a desired destination.
Today’s urgent need for superior talent is a formidable challenge for any organization. By taking an AI-based, data-driven approach to this crisis, recruiters and hiring managers identify top talent faster, improve diversity, and retain valued employees. They also save thousands of hours a year by not having to manually review the massive number of resumes ATS and HRIS systems collect or rely on inaccurate keyword searches. Machine learning and AI algorithms within a Talent Intelligence Platform remove this drudgery. HR, hiring managers, and senior management can focus on what they do best — apply their experience and insight to build better teams and create organizations that compete more efficiently and effectively.