Digital wish list of leaders in talent
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Talent leaders want to have access to simplified data from social media in the form of meaningful profiles
HR is known as a function that has traditionally drawn intuitive people as opposed to analytical people, but this is fast changing. With the focus on talent management shifting from qualitative to quantitative inputs, the field is attracting talent from non-traditional backgrounds including software and engineering. While this change is likely to spur innovation in the products and solutions space, more companies will also explore new tools for talent management solutions. As per the People Matters Technology Study 2015, as many as 6 out of 10 respondents shared that their budget in HR technology is going to increase. In the next year alone, Indian companies will be channeling their investments in HR towards mobility (50%), digitizing information (48%), employee collaboration (43%) and recruitment processes (41%). In this context, what are some technology ideas that talent leaders looking for? What is the potential for their transforming the HR community? And what are the challenges or roadblocks in the process?
Here are three items in their Digital Wish list:
- Next Gen Analytics: Data extraction and related technologies, predictive modeling and workforce strategy are still in a nascent stage. Even as the use of predictive technologies is only going to rise in the future, talent leaders are looking for tools that make data meaningful.
The recruitment function will benefit from tools that aggregate and make sense of data from social media. In the current landscape, technology based tools are capable of providing a single dashboard to manage social media related activities. In the future, talent leaders want to have access to simplified data from social media in the form of meaningful profiles.
In case of communication related technologies, talent leaders are looking for tools that foster and enable culture across different levels and locations. From an employee engagement perspective, they are looking for analytics backed technologies that are capable of ensuring constant employee feedback. By measuring this feedback and learning patterns, companies will be able to better strategize employee related interventions.
- Online marketplace: The concept of an online market place is still in its infancy in HR. In the consumer industry, the role of matching sellers and buyer’s requirements has advanced to an extent that a seller in China can find a buyer in Brazil online in little or no time. Such platforms allow access to multiple verified sellers, transparent processes and enable bulk orders via the internet. E-commerce giants such as Amazon, Alibaba, Flipkart and Snapdeal are a few examples of companies transforming the consumer industry. According to a PwC report, in India alone, the ecommerce segment is estimated to be $22 billion in 2015.
While there is scope for a service provider marketplace in HR, there remain challenges that need to be addressed. An evolved E-marketplace geared towards the HR community needs to go beyond a transactional relationship. It should focus on nurturing relationships that best address the needs of the organization. The design of the marketplace should also allow service providers to communicate a wealth of information, which is currently done through their own corporate website. Since the community has specialized needs and requirements across different verticals like L&D, Recruitment, Consulting and Outsourcing, it would be more worthwhile to have multiple marketplaces.
- Humanizing technology: In the age of Big Data and exploitation of data, the individual should not be a mute spectator. According to an IT major, every day we generate 2.5 quintillion bytes of data. Even as digital footprints and wearable device trackers become crucial to decision makers, concerns over individual freedom and data privacy will continue to drive the conversation for workplace technologies.
How data is managed? Who controls it? And who is responsible for its safety and use? These are some key questions that will be under the purview of people management. While the wider debate and dissemination of knowledge is important, businesses will need to bring together Human Resources teams, IT teams and Legal departments who will play an instrumental role in understanding how data is used and managed. Talent leaders want an increased focus on humanizing technology with the goal of self actualization.
Among the many technologies available to HR professionals, change will be driven by a combination of both, incremental and breakthrough innovation. According to a the People Matters HR Industry Study, companies rated the lack of ROI metrics (84%) as the biggest challenge, this was followed by the cost of products (76%) and inability to match buyers’ expectation (55%). An increased focus on the above metrics will not only enable companies to innovate better, it will also enable talent leader’s ability to drive the business case in HR.
This article is a part of the People Matters- Oracle Let's Talk Talent series. Click here to visit the Let's talk talent page to read more such articles.