Market Perspectives

Whether changing companies or career paths, working professionals are switching jobs more than ever before. Uncertainty, lack of opportunity and volatility play a role in this churn. Today’s workers often feel more like replaceable cogs in a machine than team members with career advancement potential. Job security also suffers in the face of market swings and volatile black swan events. Employee retention is a challenge in the best of times, but the labor shift that escalated with the pandemic prompted workers to reassess their relationships – not only with their employer but their career, leading many to leave positions that organizations have struggled to fill.

Even if an organization has been successful at recruiting top talent, keeping them is a challenge. This is due in large part to an organization's inability to provide an inclusive, equitable company culture, and to properly lay out expectations and opportunities for future employment. Hiring managers are ill-equipped to handle the rigorous process of forecasting and delivering those expectations. Worse, an organization may hire staffing agencies who don’t fully understand the ins and outs of the organization, nor can they begin to plan a potential career path for the candidate. Onboarding and bringing new talent up to speed is costly and time-consuming, so focusing on worker retention is vital to generating a return on investment for hiring efforts. Vendors like Eightfold.ai look to address employment challenges such as these with an artificial intelligence-powered platform that promotes hiring, diversity and retention.

Eightfold.ai’s patented Talent Intelligence Platform helps organizations retain top performers, upskill and reskill the workforce, recruit talent efficiently and reach diversity goals. Available to organizations to use around the world and in many languages, the platform aims to increase internal mobility and cut talent acquisition time, reduce cost to hire by and match job seekers with employers at scale. The latest release of the Talent Intelligence Platform brings the latest in user experience, real time analytics and dashboards, Career Hub and career pathing.

The Talent Intelligence Suite is a comprehensive platform that delivers actionable insights for informed talent decisions. It unlocks workforce potential by aligning worker career aspirations to business strategy with personalized development paths, and instantly identifies the best talent for each role. Using AI, the platform optimizes current talent while advancing an organization’s diversity, equity and inclusion programs by limiting bias across processes. Understanding individuals at scale using AI/ML technology allows decision-makers to monitor employee experiences, stay in tune with each worker’s skill level, forecast areas of opportunity for training and development and give insight on where to make investments, no matter the size of the organization.

With an automated platform like Talent Intelligence Suite, organizations have access to real-time data. This ranges from self-updating employee profiles, to maximizing AI to do the all-encompassing sourcing during the requisition process to sifting through the quality of resurfaced leads. A well-thought-out and simplified requisition process and a well-picked candidate are not only beneficial to the organization but also beneficial to the worker and their overall experience with the company, starting with the hiring process. Eightfold recent advancement to support contingent works with Eightfold Talent Flex demonstrates their commitment to support the broadest range of workers and types, and support he need for organizations to not just attract them but also engage them as well.

By having a single platform to manage all talent, organizations can unify enterprise human resources systems in a way that unlocks workforce potential to create a positive experience – not only for the company but also for the individual employee. Organizations benefit through growth in applicants into the talent network, the quality of resurfaced leads, a more productive workforce and the ability to make quick business decisions during times of change. Employees are able to envision their career growth and have the organization realistically support that growth by providing systems and tools that enhance performance rather than drain productivity and focus. By 2024, three quarters of HR leaders will expect their technology to also amplify the strategic objectives of their on-boarding process to compress time to productivity, team and cultural immersion.

Organizations should adopt AI-driven technology to achieve a fully engaged workforce that finds value in its work, embraces representation and diversity and is less likely to move on to perceived “greener pastures.” As the world, economy and markets continue adjusting to the ever-changing environment that was pressurized by the pandemic, investments made in a platform like Talent Intelligence Suite are key to a positive corporate environment, higher ROI and less churn. If you are in the market for a comprehensive HCM platform, consider Eightfold.ai.