In a recent speech to his employees (here), LinkedIn CEO Jeff Weiner speaks to how “5 million jobs will be displaced by emerging technologies by 2020.” He says, quoting the 2016 World Economic Forum report (here), that “Innovation is moving too fast and outstripping the ability to train people for the jobs that will be here in the future.” The typical Generation Y-er and Z-er will have around 5 different careers in their lifetime. They’ll study differently. They’ll work differently. They’ll do jobs that don’t even exist yet.
I’m inclined to agree. So what does this mean for businesses, when it comes to future planning for HR? How will they attract, develop and retain these serial careerists? Companies need to transition from selecting employees for their current skill to identifying talents with the potential to adapt and develop new skills. And then to help them do so. The current scarcity around Digital talent gives us a peak into the challenges companies will be facing if they are unable to support their own employees to evolve and develop the new skills companies require. This looks set to become a business challenge of giant proportions.
The good news is, there are now technologies that can help them to do so. It’s the data age—we have swathes of structured data, unstructured data, data from multiple sources, all at our fingertips. And while data and analytics are already transforming customer experiences, improving processes and uncovering never-dreamed-of-before efficiencies, it can do more. In fact an IBM and MIT survey found that firms using big data for Talent Analytics experienced, on average, 24% higher net operating income growth and 58% higher sales per employee. That’s pretty compelling.
Cognitive technology, which can read and understand text, allows businesses to go further with their data—and HR is where it can make a significant impact. The HR discipline, which relies on multitudes of unstructured data documents (e.g. resumes, job description, performance reviews, etc), has long been considered a soft skill. But cognitive technologies allow to take a new, data-driven approach to a lot of manual processes. Resumés, performance assessments, compensation details and training (to name just a few) can be contextualized alongside other types of data to perform more sophisticated HR functions.
So at Capgemini we asked, how do we bridge the gap between what’s possible with those new technologies and what’s happening now in HR? The answer was to build People Analytics, a platform leveraging cognitive technology Watson Explorer which can support enhanced management of HR operations and more strategic HR decision making across HR disciplines and enables agile operations across candidate matching, social media search, skills assessment and predictive talent management, whereby early detection of high potentials paves the way for comprehensive talent planning.
With inputs from our initial clients on the most pressing issues, we enabled automation of three key functionalities could change the game for HR functions:
· Building a data-driven and dynamic competency map: Using employee resumés, internal job descriptions and dictionaries, our solution reads and analyzes source data to establish relationships between skills and build the enterprise competency map, which serves as a foundation for other functionalities.
· Matching resumés and job descriptions: Using contextualized data from resumés, job descriptions and potentially external data, our People Analytics solution provides accurate match scores for candidates for a given position—and conversely, can recommend positions for a particular candidate or employee. Not only does this bring the HR function significant time savings, doing away with an onerous manual review-and-match process, but it allows the matching process to be undertaken at scale, without compromising accuracy. This is an especially exciting proposition for large enterprises looking to enhance internal mobility, or looking to identify scarce talents among thousands of applicants.
· Providing the right training and opportunities, at the right time: People Analytics systematically helps the HR function to evolve talent through the competency map by providing individualized recommendations on training and development. Not only does the business continually increase the quality of its existing workforce this way, but it is better able to retain talent, and to attract top talent from elsewhere.
Of course these are only scratching the surface of the potential that the technology can offer, and our solution is evolving at fast pace to develop other functionalities…
If you would like to know more about our solution or talk to our experts, click here.