- 22% of enterprises are using artificial intelligence for talent programs, and these early adopters are more effective in every area of hiring, retention, and Diversity & Inclusion (D&I) operations than their peers.
- 28% of open roles will not be filled, making companies less able to deliver shareholder value in the years ahead, stalling growth and hurting competitive position.
- 83% of employees want a new job, yet only 53% want to change companies, yet enterprises are finding their retention programs are ineffective.
- There are five core areas of talent management where AI is delivering solid, measurable gains that are translating into saved time, better recruitment and solid contributions to company growth.
The talent crisis is getting worse because trial-and-error approaches to talent programs don’t deliver results. More employees than ever, 83%, want a new job yet only 53% want to leave for a new company. 78% of CEOs and Chief Human Resource Officers (CHROs) say talent programs are important, but 56% say their current programs are ineffective. The majority of employees, 57%, say diversity and inclusion initiatives aren’t working, and 40% say their companies lack qualified diverse talent.
Solving The Talent Crisis With Better Data
Artificial Intelligence (AI) is increasing the odds of success and getting enterprises beyond trial-and-error approaches they’ve limped along with for decades. The recent study, Talent Intelligence, and Management Report, 2018 by Harris Interactive in collaboration with Eightfold.ai quantify just how severe the talent management crisis is and how AI is helping to close it. The report is downloadable here (26 pp., PDF, opt-in). It’s based on more than 1,200 interviews conducted by Harris Interactive Media of business leaders and employees using online interviews during July 2018. 51% of the 1,007 executive respondents are CEOs, and 49% are CHROs. Information Technologies (IT), healthcare and medical, and wholesale and retail are the top three industries represented. There were 204 employee responses, making 1,211 total responses to the survey. Please see pages 24 and 25 of the study for additional details regarding the methodology. Key lessons learned from the study include the following:
- Reducing the time HR spends on admin tasks, turning the talent acquisition process into a competitive advantage and reducing candidate screening time are 3 of the top 5 ways AI is helping to solve the talent management crisis. AI is also helping to increase talent retention, and customizing employee management or personalized career planning. AI early adopters are 19% more effective at reducing…