As the world today moves closer to complete digitization, re-engineering talent strategy has become a priority for organizations to streamline their functioning.Companies are looking to create adaptable talent processes that not only look at current requirements but also implement protocol for future demands. Understanding how to optimize talent strategies, hence, is the key to maximizing the potential change that digitization will bring to this space.
Talent strategies today can be understood as a combination of defined goals, processes and organizational policies as well as undefined, yet equally important, notions of organizational culture. These strategies are heavily influenced by the ecosystem within which an organization functions and it is this very ecosystem that has triggered accelerated digitization.
Attracting & hiring right talent in digital world
Attracting quality talent in today’s industry requires organizations to pay attention to their brand image in the ecosystem. The rise of social media and other digital platforms as potential talent pools has prompted companies to tailor their brand strategies to these platforms in a bid to both passively and actively attract talent. Evaluating prospective talent is another area which requires evolved strategies to take advantage of digitization. This will increasingly be done through the integration of AI into the candidate assessment process, thereby empowering bots to perform tasks such as the shortlisting of CVs that are best suited for a role and analysis of video interviews using facial recognition software. All these tools will allow companies to gain deeper insights into the talent ecosystem and ultimately improve their hiring processes.
Keeping talent engaged
Acquisition and retention are two sides of the same talent strategy. Therefore, organizations today must look to upgrade their engagement practices accordingly to ensure the welfare of their workforce. From e-onboarding to collaboration across a virtual network of employees in the gig economy, today’s technology will allow an organization’s workforce to remain constantly connected using a single platform that caters to all employee needs. This connectivity will, in turn, drive a new, more digital-oriented work culture that encourages employees to volunteer their efforts to the organization rather than simply adhere to the regulations set forth by the firm. All these changes in employee engagement strategies will ensure that they obtain an optimal work environment while also increasing the firm’s overall efficiency, creating a mutually beneficial work-cycle.
Evaluating talent performance
While employee engagement and retention may be organization-driven initiatives, the process of performance evaluation demands a more equitable contribution from both the organization and the employee. While many firms have beenmovingaway from an annual review system to gauge an employee’s performance, the influx of new forms of technology will allow organizations greater flexibility for the same. The move towards a more real-time analysis of the workforce’s performance will allow firms perform pulse checks at regular intervals. Along with eliminating any biases that may crop up, digitization will also enable feedback to be taken and given using interfaces like voice bots, promoting a greater level of human-technology interaction.
Enhancing organizational functioning
Another critical area of talent strategy that digitization will help evolve is the mining of insights. HR managers will be able to avail AI and other forms of technology to identify challenges across talent acquisition and management processes and derive insights based on gathered data to devise appropriate solutions. It will also now be possible to integrate data from disparate sources to obtain a holistic view of the organization’s functioning, allowing for easier course correction and pattern identification. With the help of the data gathered, organizations will now be able to compare their workings to industry leaders as well as their own past performances, making progress much simpler and streamlined.
In conclusion, as automation gains greater ground across the industry, firms must brace for widespread internal and external changes to remain relevant in a dynamic industry, both now and in the future.
By- Chaitanya Peddi –Co-founder – Product Head, Darwinbox. He heads product development at Darwinbox. His years of experience as an HR consultant has empowered him to understand the specific needs of the HR Tech market and build a world class product that can optimally automate and simplify HR processes for enterprises. Prior to Darwinbox, Chaitanya worked as an HR consultant with Ernst & Young and also consulted global firms on Organization Design and Performance Management. Chaitanya is an XLRI – Xavier School of Management alumnus.