Embracing AI is not an option for HR, it’s a necessity. Businesses that want to retain a competitive advantage must leverage this rapidly-advancing technology if they wish to scale effectively and stay ahead of the game.
However, HR is lagging behind other industries, despite the clear benefits AI can bring to the sector. In fact, AI is essential for businesses striving to become skills-based. According to Deloitte’s 2023 Global Human Capital Trends report, workplaces that foster a culture of learning through AI are 63% more likely to achieve higher performance and 53% more likely to experience greater retention. So, this relatively new tech is a clear win for HR.
Talent experience solution 365Talents know this only too well - the company has worked with global HR teams across 80 countries, with 1 million users deployed. CEO Loïc Michel says skills-based HR innovation is critical to key areas of business success that, if unaddressed, will pose significant challenges. If they do not innovate, HR leaders risk talent shortages, reduced competitiveness and obstacles when it comes to future-proofing their workforce, Michel warns.
AI can help HR anticipate and fix skills gaps, aligning workforce needs with company strategy
“Our broad vision is to help HR and the C-suite turn their workplaces into skills-based organisations. It’s a big challenge for large organisations to leverage all of the data available on skills because it’s complex information coming from different systems, different people at different levels in an organisation, in completely different structures and languages.”
There is a need to leverage this data and put foundations in place to turn this information into actionable insights. This isn’t a one-click answer, but a wider cultural change for the entire organisation.
“We can help transform the way organisations deal with people, retention and development - all at the same time,” says Michel. Here, we explore key areas where solutions such as 365Talents can transform your business.
Upskilling and employee retention
AI is a powerful tool to help manage upskilling and the retention of talent. It can build knowledge of a company’s skills and jobs architecture from the ground up, based on internal and external insights.
AI can simplify data to help HR build personalised career development opportunities for individual employees with easy to access, curated sources for development. In fact, a survey by LinkedIn shows that 94% of employees would stay longer at a company if it invested in their learning and development, so getting it right can be pivotal for retention.
Forecasting workforce needs
AI can help HR anticipate and fix skills gaps, aligning workforce needs with company strategy – it can drill down into data to analyse gaps that occur when employees leave the company or move position. Also, where there are gaps, HR can leverage AI to recommend transformation plans and build new pathways, suggesting potential internal hires or the need for different roles.
Empowering managers
AI can assist managers by helping them understand their team’s critical skills and needs - on an individual and team level. “Managers are employees who, like other team members, merit a seamless experience,” says Michel.
Access to consolidated data can help them create mentoring plans or identify which team members have the right talents for certain projects via a dashboard showing employees’ strengths and weaknesses.
This information gives managers and HR a clear vision of who is meeting expectations and who may need upskilling. It also opens the door for a more fluid internal job market, whereby the business can become more project-oriented and agile.
Business agility
The internal talent marketplace is a rich environment for a skill-based organisation. AI can help to develop tasks and projects, matching the required skills with those available. “With AI, you don’t rely on a structured framework for your skills and job data – you are able to react quickly to any changes or new elements in your market,” says Michel. This means AI can help the C-suite to develop cross-functional skills and embrace a growth mindset, which is the best way to stay competitive today.
For more information, please visit www.365talents.com
