Talent problems have persisted for years.
These problems include relying too much on resumes and job descriptions. This has caused mismatches among people and jobs. Employees get frustrated over the lack of internal mobility. There is tremendous unnecessary turnover, and the cost to replace talent is significant.
It’s not because we lack data. The volume of talent data continues to increase exponentially. But organizations’ ability to use this information has not scaled at the same pace. Meanwhile, how we conduct business is changing faster than ever. Skill requirements change frequently, with the half-life of a skill now being just four years. Workers demand greater flexibility in their work arrangements, including shifting in and out of the full-time workforce, remote work, and contingent or contract work. Organizations hire for current skills matched to current needs, but these skills become obsolete quickly.
Using artificial intelligence, or AI, to improve the way we manage talent is the answer.
Virtually every business will be using AI for people soon. The recent Eightfold Talent Intelligence and Management Report, which you can find on the eightfold.ai website, found that 73 percent of CHROs said they plan to use more AI for talent functions within the next three years.
Now is the time to start using AI for talent. Advances in computing power, data availability, and computing techniques make deep learning AI possible.
It is Talent Intelligence Platforms that enable AI to come alive for talent. Talent Intelligence Platforms are AI driven and help companies through the whole employee lifecycle of sourcing, screening, retention, internal mobility, and succession planning. In fact, AI-driven platforms aren’t just helpful. They are necessary to understand the skills, capabilities, and potential of each person. They can be used by companies to transform their talent acquisition, employee retention, and candidate experience to focus on the potential of each individual.
These Talent Intelligence Platforms, designed to hire and manage a workforce driven by AI, can help a company see past the traditional resume, and understand what someone is capable of doing next.
Without AI, companies will struggle to compete when it comes to recruiting and retaining talent, but those who adopt AI today will have a significant competitive advantage.