The technological revolution continues to gather pace. Investment in AI is expected to grow by over 300% in 2017 compared to 2016, according to research consultancy Forrester in its report : Predictions 2017 : Artificial Intelligence Will Drive The Insights Revolution. Used effectively, automation and AI empower employers to create effective talent management strategies. Here are just four for 2017:
Tapping into the gig economy : Workforce models are evolving to encompass gig economy, contractors and part-time workers within traditional recruitment workforce planning systems. In the UK alone, one million people are now agency workers but there is a clear distinction between agency and the ‘open talent’ workers of the gig economy. Evaluate the source of your most successful employees with recruitment analytics and expand your talent pool to incorporate gig economy workers on vital roles. 70% of gig economy professionals have over 10 years of experience in their market and will prove to be a valuable resource as skills in sectors such as tech and engineering become more scarce.
Recognising the disconnect : The growing popularity of a freelance career is expected to lead to a fall in employee loyalty but it goes beyond contingent workers. Hays UK Salary and Recruiting Trends 2017 survey found that, while nearly a quarter of employees consider work/life balance important, only 13% of employees feel the same way. Recognising the disconnect that exists between HR and its employees is essential to improve engagement. The Institute of Leadership and Management refers to this disconnect as a ‘leadership lag’. Measuring employee retention levels through data analysis will provide insight into the success of your talent management strategy and enable HR to deliver change.
Engaging candidates : Chatbots are predicted to play an increasingly interactive role in hiring. Jobseeking company Fastjob trialled chatbot Mya earlier this year. Mya is designed to take over 75% of the recruitment process, utilising a combination of AI and natural language processing (NLP). Early trials indicate that candidates who engaged with Mya were over three times more likely to be contacted by a hiring manager. Chatbots are also considered more suited for mobile than apps. In a further development, the Financial Times also reported last month on robot hiring manager, Matlda. Still in the research stage, Matlda is designed to shortlist and interview job applicants. Successful hiring means engaging with technology. Companies choosing to stay with the familiarity of manual recruitment systems will fail to attract high achievers. HR technology is the first step ensure your company is poised to compete in a candidate driven market.
Monitoring wellbeing : A focus on workplace wellbeing will be central to successful talent management in 2017. For instance, the global workplace is facing a sleep deprivation crisis. In the UK alone, sleep deprivation costs an estimated £40 billion per year, or 200,000 working days, according to RAND Europe. The US loses 2.28% of its GDP – up to $411 billion and 1.5 million days – due to sleep deprived employees. As wearables begin to incorporate AI, HR can tap into technology to monitor sleep patterns and implement policies to improve employee wellbeing. 56% of people would be happy to allow employers to collect data from wearable technology provided there was a related benefit, although it should be noted that 41% don’t trust their employer not to use the data against them. Implementing a clear policy for ensuring the ethical and confidential use of the data gathered is essential.
Writing in Harvard Business Review Andrew Ng observes that ‘if a typical person can do a mental task with less than one second of thought, we can probably automate it using AI either now or in the near future.’ Engaging with automation and AI, empowers HR to rapidly respond to and engage with ongoing changes in the workforce and labour market. HR technology is your first step towards achieving that goal in 2017.
Advorto’s recruitment software provides workflow and structure across the entire hiring process, offering a dynamic database of candidates and analytics. Used by some of the world’s leading organisations, it provides a straightforward first step into HR analytics and big data.