Eightfold AI, a leader in intelligent talent, announced on May 24 the results of its "Future of Work: Intelligent by Design" study on talent recruitment in 2022. The report provides a detailed roadmap for implementing AI to adapt to the demands of today's talent space based on responses from more than 250 HR leaders and nearly 1,000 employees.
92% of HR managers plan to increase their use of AI in at least one area of HR. The report, The Future of Work: Intelligent by Design, published on the Eightfold AI website, reveals the new challenges and priorities facing HR leaders and employees. It also looks at how to tackle the current talent shortage and record turnover by creating intelligent by design solutions.
"As HR leaders realize the need for advanced technology to address urgent and growing priorities, it's critical to learn best practices as they develop their talent operations," said Ashutosh Garg, founder and CEO of Eightfold AI. "Talent intelligence has the power to change the way leaders tackle today's biggest challenges. By leveraging data and insights in decision making, they can take a holistic approach to managing all talent and creating a future-ready workforce."
By surveying employees, the report reveals how expectations and priorities have changed since the pandemic, with transparency, flexibility and, most importantly, growth opportunities valued. Key findings regarding talent management include:
Employees need better visibility into skill gaps. 76% of HR leaders believe that understanding the skills and abilities of their employees is critical to the long-term success of their organization. Employees agree, with 64% saying it's important to better understand their skill gaps or the company's future skill needs. To attract and retain top talent, more needs to be done to understand what employees are capable of today and the skills they need to succeed now and in the future.
Rethinking the approach to human resources
Employees demand transparency in the promotion process. 69% of employees believe a transparent promotion and career development process is important, but only 41% of employers offer transparent career development opportunities to all talent. HR leaders must rethink their approaches to align with employee preferences post-pandemic.
Organizations have an opportunity to democratize employee experience offerings. When asked about the extent to which they offer experiences, programs and opportunities to employees, less than 50% of HR leaders offer a single benefit to all. In fact, only 35% of employers offer all of the company's talent the opportunity to move into new positions within the company. Democratizing succession planning and internal mobility helps retain talent and reduce search time.
The report indicates that HR leaders must change their current approaches to attracting and acquiring new talent to meet current demands and optimize the search process. While employers report that finding talent in a shortage environment is the biggest challenge, there are opportunities to remove the barriers candidates face in the application process and expand the criteria to attract additional candidates. Key findings in the area of talent acquisition include:
Recruiters are exhausted. 95% of HR managers are having difficulty recruiting. Not surprisingly, one in five HR managers say their recruiters are overworked. Equipping recruiters with data and information about candidates' capabilities helps them connect with them.
Broadening selection criteria
Job seekers face barriers in the application process. 74% of employees surveyed said they had considered applying for a job in the past 12 to 18 months. However, the main reason they did not apply was a perceived mismatch between their previous experience and the job description. To improve the candidate experience and invite more qualified candidates to apply, companies must rethink the role of job descriptions.
Broadening the criteria for selecting candidates can expand the talent pool. 40% of HR managers want candidates to have prior industry experience. Rather than taking a "fill only" approach to recruiting, broadening the criteria to consider the skills and development potential of neighbors can expand the pool of available candidates. Reducing bias helps attract more diverse talent.
Massive use of AI in HR
Reducing bias helps attract more diverse talent. 95% of HR managers use artificial intelligence in their recruiting efforts. However, only 26% of respondents use AI to review hidden resumes. Removing names and demographic information is an effective way to remove conscious or unconscious bias and support marginalized communities.