The global talent management trends point to only one thing — top talent pools are “steadily” shifting to technology roles faster than ever before. In 2023, a majority of the global workforce would seek training opportunities within and outside their current organization to upskill and acquire a more financially-stronger role. C-suite leaders, HR managers and independent analysts in the HR Technology world have strongly voiced their opinion on what they think are the biggest talent management trends you should watch out for in 2023. In this article, we have compiled a list of trends and analysis pointing to future of talent management and highlight the key CHRO activities to stay on top.
SIMPLIFIED Online Job Application Process
Job search is a complicated process; likewise, hiring is a time-consuming activity— both are susceptible to failures. Poorly-written job descriptions, wrong job titles, illogical hiring workflow and application delays– all these are biggest nightmares for a hiring team.
Why?
These inflate the hiring costs and delay the employee onboarding process. Worse, in pursuit of a great candidate, HR managers could be losing touch with above-average candidates who fall wayward as the hiring process progresses forward. Hiring, when simplified and automated, solves this problem.
HR Technology News: Talent Shortage to Handle your Virtual Events could Hurt Your Brand
Complex online job application process could extend the job search and onboarding to up to 5 months. Even for the best candidates, it could take more than 90 days to receive an interview invitation. Modern hiring managers use the m
PERSONALIZED Talent Acquisition
The concepts of talent acquisition and personalization can be combined together to build a strong organizational culture. Personalization of the candidate experience during hiring processes is a big challenge, and an equally irresistible opportunity for most HR managers. Recent developments in the HR recruitment and selection technology space have empowered CHROs to gain better authority of their hiring processes. Candidates, who are selected for hiring rounds through advanced candidate experience technology platforms, find a better connection with hiring managers.
According to a pre-COVID era survey by Glassdoor, candidates chose company culture over salaries offered during the initial screening rounds. Thoughtful branding campaigns related to “Great Workplace” and “Personalized Workplace Culture” have a significant impact on the hiring pipelines, enabling HR managers to showcase their corporate image through different messaging channels, including LinkedIn and Twitter.
How to personalize your talent acquisition?
In the post-COVID era, video interviews are just as important as face-to-face interactions. Setting up personalized interviews in 2023 would continue to be the biggest reason CHROs would invest in talent management software. 26% of candidates say in-person interviews are their number one choice of interaction with a new employer.
Partnership Model to Gain Competitive Advantage
Workplace partnership is the essence of developing culture-centric collaborative relationships. Today, we no longer hear about trade unions. However, powerful people listening tools and people analytics solutions have emerged as the smarter, and more humane versions of trade unions, that represent employee voice in the modern organizations.
Future of workplace engagements and employee relationships in 2023 shall be built on the “partnership model.” According to Mercer, employees want to be seen as a “partner”, and not as workers. Networked and connected workplace relationships help to infuse DEI in every talent model that CHROs could be leading to build a workplace of the future in their respective organizations. To retain top talent, employers should empower their CHROs with decision-making authority on partnership models.
ML-based Background Checks and Verification
Background checks can cost an organization anywhere between $5 and $500 USD per employee.
This case related to BIPA compliance has highlighted the massive gaps in the current employee data collection. The employer were fined $228 million for overlooking compliance, though they had hired a third-party vendor to do it for them. But, are employers risking too much by falling into a bigger threat when it comes to employee data collection?
Surprisingly, background check for employment could be a big deal-breaker for HR teams. It is important to streamline the background verification processes with AI and automated form-filling features.
Criminal cases popping out during a background check impact 70 million US-based employees in a lifetime. Hiring managers rely on internal teams and third-party agencies to verify employability of a selected candidate. Pre-employment checks majorly include verification of employment history, education background, criminal felony, driving records check, professional licensing and certification check, and substance abuse reports. Criminal records, particularly in cases related to felonies, espionage, thefts, and substance abuse, could cost employers billions of dollars. It is impossible to review all background records manually. That’s why we are witnessing a rapid rise of AI-based employee background checking tools to reduce corporate risks and threats.
Conclusion
AI-based talent management tools bring in many benefits to the HR managers in terms of transparency, speed and effectiveness. AI’s predictive intelligence, analytics, and automation enable HR teams to conduct the talent acquisition and selection processes in an unbiased, compassionate and compliant manner. With more emphasis placed on employee retention right from the first touch-point between recruiters and candidates, talent management using AI and automation improves the bottom line tremendously.
So, what are your thoughts on the future of talent management?
What kind of budget are you planning to explore to improve the effectiveness of your HR Technology stacks.
[To share your insights with us, please write to sghosh@martechseries.com]