Leveraging talent intelligence to impact business
Speed and relevance have never been more critical to the business than they are now. The pace of change is accelerating. Competition for the right talent is fierce. The question that is engrossing talent leaders is: How do you prepare the collective workforce of the future?
Irfan Abdulla, Business Leader and Director, India & South Asia at LinkedIn, says that Talent Intelligence is the next big thing in recruitment and how it will reinvent and improve every step of the Talent Acquisition and Management process.
Here are the key highlights from the session at Talent Analytics Conference 2018, held at Bangalore:
Trends shaping the global workforce:
The three key trends that are shaping the workforce of the future are:
AI and Automation:
According to a McKinsey Global Institute research, India’s half of the economic activities can be performed by automation. The World Bank predicts that 69 percent of jobs in India are threatened by automation. And this impact is likely to cut across industries such as IT, healthcare, logistics, education and other. However, industry leaders have expressed hope that AI and automation will also create new jobs.
A report by World Economic Forum says that “35% of the core skills required today will be irrelevant for performing the job in 2020.” Irfan says, “At LinkedIn, we believe that there isn't just one skills gap. Rather, there are multiple skills gaps that exist across cities, in specific roles, at specific points in time.”
The rise of Independent Workers:
The other big trend that'll shape the workforce is the rise of the independent worker, defined as freelancers, short-term contractors and gig economy workers. Services such as Uber, Ola and Flipkart require tons of independent workers. Other factors like the emergence of millennials and cost efficiencies are some of the other factors of the rise of independent workers.
Companies have to be prepared to utilize the talents of an independent workforce, whose working styles and expectations are different.
It’s important to have insights at your fingertips into who has already thought about working for your company in a positive manner, who’s passionate about your industry, who might work well with your teams and who is open to relocating.
The era of Talent Intelligence:
"Imagine where you can identify the desired skills, where demand is accelerating fastest, where there are potential skills gaps and the ability to develop the right recruiting, learning and development strategies to close those gaps?” asks Irfan.
Data is definitely the answer! However, how do we make sense of this data?
There is a lot of noise about leveraging data to get suitable candidates onboard. However, Irfan stressed that today, data is not enough. The organization needs real-time, actionable and on-demand insights which are what Talent Intelligence is all about.
The conventional information such as a person’s profile and the location is no longer enough. It’s important to have insights at your fingertips into who has already thought about working for your company in a positive manner, who’s passionate about your industry, who might work well with your teams and who is open to relocating.
Talent intelligence is the use of data and insights to help businesses' make people their competitive advantage.