5 Key Trends That Influence Talent Management In 2019
Every new year offers business leaders and HR professionals an opportunity to rethink how they manage and retain talent together with introducing fresh or changing prevailing talent management systems.
The rapid change in technology is bringing radical transformation in the workplace and HR managers need to constantly get flexible to adapt to new changes and keep up with the emerging trends that influence talent management. An HR manager must always be finding ways to redefine the role of HR of the organization in a way that adds value.
That said in this article, we present the five key trends that influence talent management in 2019 and beyond.
But first, let’s understand some terms used in the recruitment and hiring process.
What is Talent Management?
Talent management is the methodical process of finding the vacant position, hiring the right candidate, nurturing the hired candidate in terms of skills and expertise so as to suit the vacant position and keeping him for the purpose of achieving lasting business goals.
What is Talent Acquisition?
According to Assignment Masters, an assignment help writing service provider, talent acquisition is the exercise of attracting, identifying, and hiring skilled personnel as per organizational needs and to meet certain labor requirements. In the recruiting and HR profession, talent acquisition is the unit or team within the HR department. This is the team that is tasked with attracting, identifying, assessing, and hiring candidates to fill a position to meet company goals and project requirements.
How AI is Transforming Talent Acquisition
Most organizations and companies value the human resource department since it is seen as the most important sector that contributes to the success of the organization. That’s because it’s the department tasked with recruiting new hires. A poor hiring decision can stall a department; it can be frustrating and can result in productivity loss.
Although the usual talent acquisition process is still done traditionally, the process is evolving and AI is beginning to be employed when it comes to recruiting and onboarding employees.
Popular companies using AI to interview & hire you
These days, Artificial Intelligence is affecting many sectors, the recruitment industry being one of them.
Technology has simplified the talent acquisition process in that recruiters do not need to read tons of resumes as screening of applicants can be done through ATS or an HR chatbot.
AI and Machine learning have simplified the process of identifying applicants.
Here are a few ways Artificial Intelligence is transforming talent acquisition these days.
— Candidate Sourcing
One of the major talent acquisition challenges that have been there for many years is candidate sourcing. 46 percent of talent acquisition leaders encounter challenges in attracting the right candidates. AI uses the data available from the internet pertaining to the candidates to find qualified candidates for the job.
In fact, 52 percent of recruiters find it difficult to identify the right candidate from the tons of applications they receive. AI uses powerful algorithms to find qualified candidates using multiple data fetched from all over the web (resumes, professional portfolios, or social media profiles).
This results in a streamlined recruitment process since there is no need to manually for the right candidate.
— Candidate Screening
Out of all the resumes received, 75-88% of them are unqualified. This makes the resume screening the hardest and time-consuming part of the acquisition process. AI uses post-hire data to make hiring recommendations for new candidates.
Understanding the hiring “funnel” can help you gauge your chances
It uses the information obtained from the existing staff’s experience, capabilities, and other qualifications for automatic screening of new hires.
— Candidate Matching
Candidate matching is perhaps the most challenging task of all the recruitment process. 52 percent of talent acquisition leaders argue that identifying the right hire from the big number of applicants is the most difficult thing to do.
AI automates the process by use of an algorithm that finds the best candidates that meet the requirements. The algorithm uses various sources of data like the applicant’s skills and salary expectations to evaluate the candidate against the job requirements.
— Doing Away With Bias and Promoting Diversity
It is still not clear whether AI can remove bias and promote diversity during recruitment but just recently Amazon scraped a secret AI recruiting tool that showed bias against women.
Biasness is something that is still exhibited by most companies when they are recruiting people. Some study shows that AI has helped to get rid of bias to promote diversity, although it all depends on how the algorithm is trained.
Lindsay, an HR professional at Paper Writing Pro argues that to overcome bias, recruiters should check beyond skills and knowledge and to consider talents based on innovation, adaptability, and communication. Besides, AI enables faster decision making.
That said here the 5 key trends that influence talent management in 2019
1. The Need for Real-Time and Continuous Feedback
Organizations are seeing the need to make the culture for ongoing feedback a priority which is being spurred by the expectations for frequent, continuous feedback by millennials and the progressively fast-paced business environment.
To strengthen management among the growing millennial personnel and boost the productivity rates, organizations are finding it more important to adopt tools and techniques that enable its employees to obtain frequent feedback from multiple sources including their peers, clients or different managers. This way organization can nurture a strong workforce which contributes significantly to the overall objectives of the company.
To facilitate feedback acquisition by managers, HR technologies are revolutionizing traditional performance management techniques. This helps to make managers record and provide continuous feedback to their staff in real-time.
The growth of Performance Management Tools that made a debut in 2016 are aiding to make frequent feedback a dignified process that can be captured and delivered from any smart device. As more and more organizations are looking for ways to reinvent traditional annual performance review with continuous feedback each new day, this technology is expected to continue.
2. Digitalizing HR
Digitalization of the workplace continues to become a thing of the day. In fact, Forbes suggests that instead of companies thinking about introducing new technologies and tools, company leaders should consider fully digitalization of the workplace.
By having everything under one place, for instance, having a system where leave claims, medical claims, internal job postings, learning tools and opportunities, the HR manager can be able to integrate the workers into the workplace and hence save valuable time that can be dedicated to other things that require to be attended by the HR.
3. The Disappearing of the Old Notion of a 9-5, 5-Days a Week Employee.
Employers are now considering hiring on demand and filling of positions in the workforce with alertness and creativity.
In fact, Forbes suggests that talent sourcing methods to be introduced fast and agility so that work projects that need immediate attention can be identified and sourcing of candidates with matching skills as well as forming of the project team that can accomplish required tasks fast.
Introducing flexibility in work arrangements, for instance, permitting employees to work remotely, particularly the growing important number of working parents makes working smarter as a prospect for prospective employees and this opens a pool of available talent.
Experts say that the introduction of incorporated talent management technologies that make the management of work-from-home employees, and contractors could benefit organizations tremendously.
4. The Use of Augmented Reality and Virtual Reality Tools
According to a study by grade miners, there is a likelihood of both AR and VR tools taking part in talent acquisition, especially for recruiters who are well-versed with the technology.
That means candidates should expect to see interactive job postings, take a VR tour of their intended workstation in whether in another country or city while sitting at their couches, and getting VR assessment during their recruitment and screening process.
AR/VR is expected to be introduced to boost the employee experience by offering mockups of tasks and work challenges, thus making them understand what they can expect in the real-world work environment before they face the work.
5. Artificial Intelligence (AI)
AI or Artificial Intelligence is a technology that brings a lot of changes to many sectors not only the recruitment industry. However, according to a survey report by Deloitte, although, 75% of Australian firms realize the importance of robotics, AI, and automation, only 23 percent think that they can keep up the changes the technology brings.
Well, many employees and managers feel like Artificial Intelligence is a threatening development, but it’s crucial to understand how beneficial it is to workers and managers as it will enable them to work better, in spite of the fact that many think that it will render them jobless.
After all, if an AI chatbot can interact with candidates during the recruitment process isn’t that the best way to free recruiters more time and adding value to the sourcing and selection process. AI will help in conducting the interviews and considering only those candidates that meet the requirements of the job which reduces the pool of candidates.
Additional Trends that Influence Talent Management in 2019
🔝 Growing Mobile
The mobile technology came and it’s going nowhere. Nevertheless, many companies are yet to adjust their talent management approach to take advantage of mobile technology. Mobile technology helps to facilitate mobile-compatible job applications and distance learning and companies need to adjust their strategy to match. A study has shown that job adverts that are mobile-optimized can attract a huge number of applicants.
In fact, a report by Glassdoor shows that 53 percent of young adults aged 18 to 29 have used mobile devices to look for jobs on the internet. Other studies suggest that 27 percent of website traffic comes from mobile devices, although only 9 percent of applications are done using mobile phones.
Besides, mobile talent acquisition and management allows HR professionals to undertake their everyday task more efficiently. This is because HR professionals will not be focusing on managing employees but will work to increase profits to the organizations they work for.
The CIO report for 2016 shows that mobile apps have been accepted by 91 percent of business employees and this can help to streamline employee communication and management of personal and workplace information.
🔝 Health Considered the Significant Driver of Performance and Engagement
The introduction of new models of work, the shift to a fast-paced society, the need for ongoing feedback all inspiring our day to day undertakings, organizations are struggling to keep people focused and are noticing the significance of encouraging healthy and happy employees.
Wellness aimed at driving performance and boosting productivity is a trend that influences talent management these days.
Making wellness a formal thing to boost productivity outcomes is becoming a company responsibility which is spurred by the expectations of a rising millennial workforce, and their desire for flexibility.
Formalizing wellness means introducing real adaptable work arrangements like putting more emphasis on people to work when they are fit and even giving bonuses to people on leave to allow people to take frequent breaks.
Companies can also organize wellness workshops or set wellness KPIs and making them important as professional KPIs.
Employees want to see that the organization is putting their wellness into consideration for them to be productive.
🔝 Effective Onboarding with Talent Management Software
HR professionals need to find ways to hire and retain employees. For that reason, it’s crucial to engage them rightly. This helps to make employees feel that they are not in the wrong place and so they can’t have second thoughts.
It is, therefore, the duty of the recruiters to make their first day less overwhelming by streamlining the hiring process. One of the ways to streamline the onboarding process is to introduce policies that facilitate the process.
Companies with a streamlined onboarding process are likely to see a 50 percent increase in new hire retention. Talent management software simplifies the streamlining of the onboarding process so that new hires can fill the required forms easily and fast.
Some studies suggest that 69 percent of new hires are more likely to work with a company that has a streamlined onboarding process for a long period of time.
🔝 Faster Talent Management Processes
Undeniably, the traditional talent management process can be dragging.
For instance, the HR professional may request various senior managers to present the best talent in their units. Once the list is presented the adjustment sessions can take forever. In fact, they can be too political because senior managers will make threats that in case their talents are not supported, there will be consequences. The process apart from dragging can be full of bias and the end results are influenced by the managers involved.
With the advent of smart solutions that can help HR professionals identify talent, the problem of biases and politics during talent detection is solved. The HR manager enters the profile or the resume of the intended employee in the machine and the machine comes with recommendations of people that have traits matching those of the profile of resume that is entered in the machine. No bias and is fast thus saving time.
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CakeHR is an award-winning HR software company that provides attendance, performance and recruitment management for customers worldwide. More information at www.cake.hr