JOBS & UNEMPLOYMENT
Bridging the Talent Gap With Data-Driven Technology
OCT 20, 2022 1:53PM EDT
You Could Grow Your Money Without the Stress of Stocks
By Don Weinstein, Corporate Vice President of Global Product and Technology at ADP
With their priorities shifted by the pandemic, today’s workforce wants more from their employers, including greater flexibility, better work-life integration and a heightened focus on diversity, equity and inclusion – and they are willing to make a change to get what they want. We’ve seen more workers re-evaluating their place of employment, with seven in 10 workers saying they’ve considered a career move in the past year. Despite anecdotes to the contrary, we remain in a tight labor market, and the best way to get in front of the ongoing hiring challenge is to start by holding onto your experienced workers. By leveraging new data-driven technologies to create engaging work environments, today’s business leaders can confidently bridge the talent gap and create a more engaged workforce.
In this age of the employee, it is critical HR leaders continually assess their employment brand to find ways to improve the worker experience. Is your workplace environment truly inclusive? Are you giving employees challenging work that leverages their strengths? Are you taking care of their health and welfare needs? Leaders need to ask themselves these questions, while deploying data-driven HR technologies that can help identify the right solutions. For example, personalized worker surveys can help employers better understand their workplace culture and predict potential retention challenges. Another important tool is skills mapping, which breaks down jobs into a set of inter-related skills, enabling employers to mine internal applicants for potential fits as well as career development opportunities. The same technology can also assist your external recruiting function, by broadening potential talent pools to look at all relevant candidates, including those from non-traditional backgrounds.
The evolution of HR tech accelerated when our ways of working were upended a couple years ago. But these changes have kept the industry dynamic and ignited new innovations. As we look to the future, we see a lot of promise in these areas of HR tech:
AI and machine learning for sourcing talent in hard-to-fill jobs: Algorithms are being deployed to find novel talent pools to source candidates through skills matching and retargeting. These algorithms also play a bigger role in upskilling tomorrow’s workforce, providing insights on skills-based learning and career pathing that can help guide and advance employees’ careers.
Technology-driven advancements for building more diverse and inclusive workforces: Skills matching can help uncover capable candidates from non-traditional backgrounds. Sentiment analysis can be used to assess employee perceptions on the overall level of inclusiveness in the workplace. And machine learning can help identify and correct workplace equity gaps.
Of course, these approaches will be effective only if companies remain agile during times of change. Leaders need to ensure that the right systems are in place to optimize their teams’ ability to deliver good work and to adapt as the environment shifts. Essentially, businesses need technology designed for how work gets done, so they can more easily adjust at the pace of change.
You can hear more about these emerging HR technology trends, what’s to come and how to stay agile in my Nasdaq TradeTalks interview below: