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The rise of Artificial Intelligence (AI) has changed the way we interact with computers. It has revolutionized how businesses make decisions. Business Intelligence augments and enhances planning processes across many business operations, including in Human Resources (HR). Talent Intelligence (TI) in the realm of Human Resources simplifies data-driven decision making in one fell swoop—from recruitment through retention.
In our latest eBook, we break down the six pillars companies need to master to stay competitive in the age of automation and AI. And workforce planning? That’s a really important one to get on top of.
Workforce Intelligence promises to be one of the most significant driving factors of workforce planning in the coming years. As current roles rapidly evolve or decline and new roles come into creation, the reactionary workforce planning strategies of the past are not going to work.
And as talent with new skills becomes increasingly hard to hire, companies need to invest in their existing employee base, lest the resulting churn and lack of skills send their efficiency plummeting.
According to Mercer’s Global Talent Trends 2019 report, 88% of companies worldwide are already using AI for HR functions, and with much success. Half of Chinese employers are currently using AI to help with their workforce planning, a practice still in its nascent phase in the US. As the global workforce and work expectations continue to evolve rapidly, companies must start investing in their workforce planning strategies. HR professionals are aware of how crucial it is to anticipate and plan for the evolution of their workforce, but all of that is easier said than done. This is where AI-based Workforce Intelligence tools come in handy, providing instant insight into candidates, candidate pools, and entire workforces.
The World Economic Forum has already identified a list of the job skills going extinct in the coming years and those in greater demand. Now the key is to find candidates who can bring those skills to the table.
One of the most surefire ways to get these skills into your workforce is through internal mobility, which boosts engagement, retention, and performance. Tools such as Internal Mobility Matching identify which skills your workers currently possess and the best fit for upskilling or reskilling opportunities.
Another important concept for companies to master is skills-based hiring. As job titles become more complex and creative, the needed skills may not exist in particular roles. AI-based technologies quickly assimilate candidate information to reveal the skills a candidate has, which not only creates a better job fit but dramatically reduces unconscious bias and unlocks diversity.
Investing in Talent Intelligence tools is more than just a way to optimize and improve hiring processes. It can help you future-proof your company.
As you work to future-proof your company, consider investing in AI tools to improve the efficiency and efficacy of your workforce planning strategy to maintain a competitive advantage in the ever-evolving landscape of talent. Censia’s ideal candidate modeling, complete talent landscape, and internal mobility matching are here to get you started.