This is the Netflix of human resources: The Key Talent uses predictive analytics that helps to attract, retain and train talent
This is an automated machine translation of an article published by Business Insider in a different language. Machine translations can generate errors or inaccuracies; we will continue the work to improve these translations. You can find the original version here.
How can companies take advantage of the latest technological advances to optimize their talent recruitment and retention? In recent years, several proposals have tried to take advantage of the possibilities offered by digitalization to improve and update the approach to human resources and more and more companies are opting for a different model to manage and expand their workforce.
This is the case of The Key Talent, a human resources consulting firm that uses a digital methodology called Talent Analytics for the recruitment of talent for companies and for the evaluation of the talent they already have among their employees through the use of big data, artificial intelligence, and predictive analytics to determine the recruitment and progression of workers without bias.
The recruitment process "was basic," José Luis Gugel, CEO of The Key Talent, explains to Business Insider España, "and that's where the need for Talent Analytics appears," although he stresses that this model "is evolving," starting from the use of statistics, with which they offered their clients a descriptive analysis to define the best candidate, to a predictive analysis based on machine learning.
12 challenges that HR managers will have to face in the new normal
"Now, with the information that we are beginning to have from clients and using algorithms from machine learning can make a predictive analysis, more complex and, above all, exponential for decision making," says Gugel, pointing out that "before, in recruitment processes, the important thing was to be able to see who is the best candidate; now the problem comes before, it is to define who I am going to attract to be able to attract them to enter a recruitment process".
Marketing and predictive analytics to attract talent
The CEO of The Key Talent highlights the importance of attraction, pointing out that "we have been pioneers in using marketing techniques, such as social listening, and through social networks, we are already using Talent Analytics". Thus, he explains that one of its aspects is to use "the employer branding strategy of clients to impact those we understand to be their target talent pool ".
These campaigns "generate information in real-time in companies like Danone, Cofidis, BBVA or Volkswagen" to which they offer a "real-time information system". The dashboard allows them to follow "how the image their candidates have of them changes based on these strategies". Meanwhile, the other aspect includes informing their clients about the channels through which certain candidates are coming, including the tools they use to connect, where they fall, and why," he explains.
In this way, José Luis Gugel emphasizes that the third aspect of Talent Analytics is to make a predictive analysis through the metrics offered by the previous processes "to know which are the best fit with the culture and values of the company". As for talent retention, he says the situation is similar to recruitment, moving from descriptive to predictive analytics.
"What we were doing until now was using statistics to do a descriptive analysis by cross-referencing performance, competency assessment, and performance data, but there are serious doubts about the objectivity of performance information," he says, to "move on to a more predictive analysis, incorporating the machine learning".The data that his clients are beginning to collect is now being used to make more predictive analysis, incorporating the data they are beginning to collect.
The CEO of The Key Talent assures that a second evolution is emerging, which they have already started to develop for some client and which is linked to reskilling and upskilling. "We are facing a drastic change and what clients need is to know what talent they are going to need in terms of knowledge and skills for the future," he stresses, in order to locate talent inside and outside the organization and to improve the employer experience.
In this way, the company can carry out strategic planning of its talent and define what internal training to recommend to its professionals. "We use Spotify's playlist as an example, that is, they can use Talent Analytics to put in a list those professionals who fit in a certain percentage with what the company is looking for" to offer them courses or vacancies.
However, Gugel points out that "logically, we are just starting to have data, and as we have more, the information will be better", but he points out that with its algorithms "the software itself identifies risks of professionals leaving the company so that I can anticipate certain actions with them". He also points out that some of the data that companies have is not useful right now, so they have to ensure that it is up to date.
To solve this problem, the CEO of The Key Talent affirms that they are improving "the experience of the professionals themselves to ensure that they are the ones who try to update the data as much as possible", which will then be verified through intermediate variables, pointing out that "until now it was done the other way around".
A radical change in human resources management
José Luis Gugel also highlights that they have developed within their platform "a concept we call Smart Group, which is a radical change in human resources management", going from a process focused on the contents of a job or by types or roles to a technology "that works like a playlist to which I am going to say a series of characteristics and the software itself is going to tell me who matches those characteristics".
Looking to the future potential of Talent Analytics, Gugel points out the potential of the blockchain for the selection or evaluation of talent, with the possibility of certifying that the data that is added is correct, and "not so much in the transactional, which is what most companies are focused on," as in the automation processes.
The CEO of The Key Talent acknowledges that they have not analyzed the possibilities of Talent Analytics to improve the productivity or profit of companies, but he assures that it will be crucial for large companies, which "have to make a readjustment, which in fact they already had to have, of many people who do not know exactly what they know and are not very clear about what they should know, that is the big challenge".
José Luis Gugel gives as an example the automotive industry, which has gone from needing mechanics to needing software developers due to innovation in this industry. "What do you do with a business group that has 80% of its professionals focused on an industry that in 5 years has become obsolete?" he asks, highlighting the importance of companies being able to adapt to change.
Gugel points out that, in addition to working with private companies, they have also just started a project with the Madrid Employment Agency "which is going to be pioneering", noting that it will focus on correcting 2 serious problems of public employment services, the lack of relevant information on the unemployed and training in skills demanded by companies, given that he criticizes that "99% of the training effort is focused on old professions".
In addition, the CEO of The Key Talent criticizes that "we are a startup that we started in 2015, we compete with American, Japanese, Chinese and other companies and we have not received a single public euro in 6 years, we already have fifty-odd employees and despite the crisis, we continue to grow and compete with companies that many of them have received grants and tax and fee rebates during their first 2 years".
from Business Insider https://ift.tt/3uw3DRW
No comments