Working in HR is more complex than in decades: the voluntary turnover rate is the highest in over 20 years, and the average time to fill a role has more than doubled during the pandemic.
To find and retain top talent, HR leaders need a new approach to talent that traditional HRIS and ATS systems can’t deliver alone. You need a new talent code.
Read this infobook to learn how to:
To successfully compete for and retain top talent, you must understand what people are capable of now and what skills they need to succeed today and tomorrow. As separate talent functions converge and technology advances, you must employ new solutions to gain that understanding.
As an HR leader, you urgently need a new talent code that:
Candidates face many challenges when applying for jobs. They often struggle to determine which jobs they’re qualified for, and their searches are limited by their knowledge of both themselves and the organization. Furthermore, the hiring process is often slow and clunky, and they are left with little to no contact or updates. In fact, professionals say they lose interest in a job if they don’t hear back from the recruiter soon after the interview.
AI recruiting technology can improve the candidate experience by presenting them with jobs they might not have otherwise found on their own. These opportunities are based on all their skills – including transferable skills – and potential, with a focus on work and outcomes. Additionally, the communication is personable and quick, with a transparent hiring process and smooth scheduling, feedback, and offers.
Since the pandemic, turnover has risen significantly in many industries. Most employees feel that their skills and potential are untapped, misunderstood, or underestimated. And because many employees are unaware of the opportunities available within the organization, it’s hard for them to envision their potential career path in-house. This has employees looking outside their organizations for opportunities to grow, train, and reskill.
With a talent intelligence suite, employees can easily update their profiles. Once up to date, their organization can make personalized recommendations for jobs, mentoring opportunities, employee upskilling opportunities, employee reskilling opportunities, and projects. Talent intelligence matches the proper career development content to the proper employees at the proper time — eliminating guesswork, increasing efficiency and efficacy, and improving overall experience.
The challenges facing today’s recruiters are many. Most organizations’ employee profiles are not up to date, which makes identifying and selecting internal candidates difficult. Because of this, hiring outside is often an easier route. Still, recruiters cannot easily rediscover and match previous candidates with new opportunities, and scheduling, CRM, and other tools must be bolted on to the ATS system. This makes for a clunky and slow experience for both recruiters and candidates.
With AI recruiting technology, recruiters can create instant qualified pipelines, easily identifying top talent — whether it be applicants, former applicants, alumni, employees, contingent workers, etc. This makes for a consistent and trackable hiring processes, delivering standardized metrics for every candidate and hiring manager. Again, eliminating guesswork and increasing efficiency and transparency. Upskilling employees and reskilling employees can be successfully taken on by talent teams, redeploying talent to reduce layoffs, and establishing succession plan for every role.
Diversity, equity, and inclusion (DE&I) programs aim to increase representation, retain diverse talent, improve company reputation, and maintain legal compliance. But many women and minority candidates won’t even apply if they don’t meet every qualification for a position. Furthermore, most applications contain personal information that compromises the objectivity of the hiring process, and organizations don’t have the proper data to gauge the success of diversity hiring initiatives.
DE&I becomes a reality with talent intelligence. It allows organizations to hire and promote people based on skills and potential — not connections, reduces the effects of unconscious bias with
anonymous screening, and provides analytics to gain insight into diversity challenges and fulfill mandatory reporting requirements.
Ai recruiting technology helps you understand people’s skills and potential
Resumes are often under-representative of a candidate’s capabilities, oftentimes because a candidate doesn’t know how to articulate and self-report their assets — and recruiters can only assess a candidate based on their resume. Existing employee profiles don’t always include previous employment experience and quickly become outdated because of how difficult they are to update, all of which can limit attention from hiring managers.
Data is clean, compliant, and synced with legacy systems in AI recruiting technology — which is self-updating and constantly learning. With this, talent teams can create a larger pool of candidates and rediscover qualified candidates by understanding adjacent skills and future capabilities through artificial intelligence.
ATS and HRIS are the foundation — but they aren’t enough on their own to meet the talent challenges most organizations face today. AI recruiting technology is your talent code for the future, and your key to success in finding top talent. Eightfold’s Talent Intelligence Platform learns from a global talent data set of more than one billion talent profiles, so your organization can see much further into the talent pool, and deep-learning AI derives valuable insights from both private and public data to deliver on talent strategies. Request a demo to discover the impact talent intelligence can have for your organization.