Human Capital Management (HCM) solutions help the Human Resources department do their job more efficiently. Markets and Markets predict the HCM software market will reach almost $18 billion in 2019, with growth driven by innovative technology. Machine learning helps computers find patterns, predict results and learn from the data that’s being fed into it. HCM systems equipped with this capability gain several key productivity improvements.
Your talent management strategy helps struggling employees address their problem areas, discover leadership candidates inside your organization and find opportunities to improve employee productivity. HCM solutions with machine learning analyze key performance indicators throughout your company. Finding and nurturing potential leaders is an important objective for 39 percent of HR professionals. This system compares your talent to your most successful professionals to find common characteristics. When it finds a match, you can proactively reach out to that candidate and work with them. You cut down on the top-rated prospects you lose when they start connecting with competitors.
Predictive Analytics Matches Talent to Opportunities
Many companies rely on internal hires to fill open positions. You gain several key benefits from promoting from within. For instance, the employee will adjust faster to the new position and motivation will increase throughout the workplace knowing the potential for upward mobility. Unfortunately, 43 percent of companies lack a well-structured internal hiring policy, according to LinkedIn, which hurts long-term talent retention and development. However, figuring out which talent matches up to your open opportunities requires a lot of manual work. Predictive analytics tools dive deep into your available data to find employees well suited for your current positions. You can also use this feature to better utilize skilled professionals by correctly assigning them to projects that make the most of their abilities.
Streamline Administrative Work
You spend a lot of time on administration tasks that are repetitive or downright boring. You excel at managing the relationships between employees and company management, but you spend so much time on paperwork related tasks that you have few opportunities to leverage your personal talent. Machine learning and other HR software tools streamline this work through process automation. You can use the system to handle timesheets, payroll and other time-consuming tasks. It can notify you when it finds priority tasks requiring your input, but otherwise manages a lot of the work in the background.
External Recruitment Improvements
Google sorts through three million resumes annually, according to Fast Company. You might not deal with quite so many on your external recruitment projects, but you’re still working with an overwhelming amount. Talent management software helps you identify likely candidates, but these systems may look solely for keywords. Incorporating machine learning into this process lets your HCM solution dive deeper into the potential hires. Much like talent opportunity matching, your system finds qualified professionals who match your most successful employees.
Fixing Skill Gaps
Skills gaps present a major HR challenge, especially as baby boomers phase out of the workforce. Career Builder found that 54 percent of companies had unfilled positions due to a lack of skilled candidates. You may be overlooking internal candidates with the right skill foundation to move into these positions. Your modern HCM looks for potential talent capable of learning specialized positions through the proper training. Some systems can suggest training modules and resources and automatically deliver it to the candidate.
Machine learning empowers your HR department to make the most out of the resources you have available. You regain time through streamlined processes and a proactive approach to talent management. The repetitive tasks get out of your work queue so you can focus on nurturing the next executives in your company.
Source: SANS ISC SecNewsFeed @ May 31, 2016 at 01:09PM