The CDO’s guide to AI in HR

The CDO’s guide to AI in HR

The right talent and technology are what you need to ensure your department has the right analytical skills for getting started with talent intelligence.
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The CDO’s guide to AI in HR

Overview
Summary

Nearly half of CIOs and CTOs are prioritizing data platforms as key initiatives to transform the business, and AI is the tool they’re looking to use to accomplish that work.

Getting started can seem overwhelming when you look at it from the data point of view. But with a few guiding principles and a bit of education, it’s easy to start off on the right foot.

In this guide, you’ll learn:

  • Finding the right skilled data analytic talent.
  • Increasing retention while reducing costs.
  • Gaining a competitive advantage.

Every department needs data-driven insights, but the data scientist shortage and ongoing retention challenges have made the chief data officer’s job more difficult than ever.

As a chief data officer, how do you ensure your department has the analytical skill sets it needs while powering the rest of the organization with data insights — especially as AI disruption continues to change the way data is managed and used?

It starts with having the right talent and technology.

Enter talent intelligence

Talent intelligence platforms like Eightfold use deep-learning AI to distill insights and patterns from billions of global data points to help your data team, hiring managers, and HR team answer critical business questions with data.

Talent intelligence can help your organization:

  • Identify, hire, and build talent with critical skills to drive innovation and capture market share in the age of AI.
  • Make informed hiring decisions based on skills and potential while improving the candidate experience.
  • Create personalized learning pathways for employees that are complementary to the organization’s strategic goals, including improving data literacy.
  • Inform data-driven succession planning based on merit, skills, and potential.Talent intelligence platforms give the organization insights across workforce planning, recruiting, and employee management and development. This lightens the analytics requests from the HR team, and helps your data team find and acquire top data talent in a fraction of the time.Still not convinced you should take the jump and implement AI-powered talent intelligence? Here are three reasons you should prioritize investing in talent intelligence in 2024.

The top 3 CDO needs talent intelligence can address

  1. Finding skilled data analytics talent

Work is changing fast, and the CDOs who aren’t prepared will lose any competitive advantage in their industries. Talent intelligence platforms can help you create a future-ready team by instantly revealing which skills your employees have, which skills are rising or falling in the industry, and which skills your team still needs.

Digital skills have a shorter half-life than ever before — some technical skills are down to 2.5 years. The World Economic Forum’s 2023 Future of Jobs Report predicts that 23% of jobs will change within the next five years, with 44% of workers’ core skills being disrupted.

Armed with those insights, your team can partner with HR to build, buy, or borrow talent — that is upskill, hire, or contract out work with the data science and analytics skills that will drive success. Not only is this transformative for the data team, but it also helps hiring managers and recruiters across the organization.
   2. Increasing retention and reducing costs

As your data analytics team tries to do more with less, losses in productivity from voluntary turnover and the added strain on remaining employees — only compound existing budget and personnel problems. Turnover doesn’t come cheap either, as the cost of replacing an employee can range from one-half to two times the employee’s annual salary.

Our 2022 Talent Survey found that employees are hungry for opportunities, including promotions and visibility into current and future skills, which could lead to other opportunities inside your organization. At a time when talent is more valuable than ever, talent intelligence platforms can help you improve the employee experience through:

  • Career planning: Talent intelligence platforms can connect employees with relevant opportunities — projects, courses, mentors, or jobs — to help them create customized career plans and discover new opportunities within your organization.
  • Internal mobility: Using skills adjacencies and learnability, talent intelligence platforms can surface relevant internal opportunities to employees and help recruiters quickly discover internal candidates for open roles.
  • Succession planning: With deep-learning AI, organizations can see everyone’s role readiness based on their skills — not their connections — giving managers deeper insights into qualified successors.Give your skilled talent every reason to stay through an engaging employee experience, all while equipping them with vital skills they’ll need to power success in the age of AI.

3. Competitive advantage

Organizations can be somewhat sluggish in adopting new technology. But waiting until others in your industry have proven the effectiveness of certain technologies carries a hefty price tag.

According to McKinsey, organizations that have strong innovation cultures extract more value from their tech investments. They’re more likely to move ahead with strategic technology investments to help them secure future growth.

The world has its eyes on AI, but the truth is that AI has been around for decades. Organizations that lead the way in adopting AI will outperform competitors for years to come. This goes for both using AI to support the HR team and using AI within the data analytics team.

 

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