In today’s digital world, CXOs face a host of new issues that their predecessors had no need to address. From technology integration to data security to disruption, there are a number of requirements that demand constant attention and call for innovative leadership.
Human capital and productivity remains a critical intersection. In the increasingly competitive environment, it is the team you create, train and retain that often makes the difference to stay competent.
Accenture notes that the future of HR is vested in its radical disruption by digital. Social spaces will drive democratization of work and HR is going to have to make organizations more and more agile.
All this simply means that companies need to make the most of their employees, maximize skill utilization and develop lasting professional relationships.
Revenue per employee is a measure of how efficiently a particular company is utilizing its employees.
This is a critical measure since it shows how productive a company is. It is a measure of HR efficiency which is no more limited to paperwork or employee transactions. HR is considered an important contributor to profits and strategy at C-level.
A CHRO’s role is also advisory to the CEO and investors in making sure that the organization is moving in the right direction with regard to talent, strategy and culture. It is the CHRO who knows how much employees are contributing and what is expected of them. In fact, CHROs have been proven to have the most attributes in common with CEOs as per Harvard Business Review. This is not
to suggest any competition, rather how important their role is in helping move an organization forward towards its goals through the most important dynamic force - people. People and their skills matter. Thereby hiring ‘right fit’ people becomes all the more important. And this process begins with recruiters.
At the same time, there are also traditional challenges that remain essentially the same as they have been for decades. For example: recruiters still manually scan hundreds of resumes to find rightly skilled candidates to fill up vacant positions. It is but natural that it takes months to get the right people onboard and if the chosen professionals are not ‘right fit’ it costs more to have trained and lost them and begin the process again. . Vis-à-vis yesteryears, recruiters these days are weighed down by the mass of thousands of resumes.
There are numerous HR tools in the market that promise to simplify the life of recruiters. What these tools are missing out predominantly is the fact they are dealing with unstructured data . Most HR data is unstructured by nature. Resumes and job descriptions come in textual format making them difficult to decipher by machines which can typically process only quantified or structured data.
This poses a real problem. How then could an average HR automation tool match a resume to job description aptly? A mere keyword search does not discern the quality of a resume the way a human does.
In today’s digital age, HR needs dependable and smart technology to manage the huge volume of resumes; sift and sort through them intelligently; and hire only the right fit candidates. This seemingly routine operation could be transformed to help increase revenue per employee with contextual technology.
Contextual intelligence technology has proven to enhance talent acquisition and other parts of human capital supply chain. What’s more, it could be easily integrated with any existing ATS system as well.
A contextual intelligence platform has an unparalleled robust search and match capability which can match resumes to job descriptions and vice versa like a domain expert. It can simultaneously process multiple forms of data (docs, pdfs, txt, transcripts, books, digital images, etc.) and even handle more than 1300 parameters at one go.
Accuracy, speed and contextual comprehension are the three defining features of contextual technology. The accuracy of a contextual search engine is 90% which is the highest possible achieved so far in machine computing.
Contextual comprehension could be understood by the most simplest of an example. The application may not necessarily pick a resume which contains the largest number of 'Java' words in it; but rather a resume which when scanned by a human recruiter would suggest that it contains more real-time 'Java' experience data instead of just the total quantity of the word 'Java.' Just the way a human recruiter does! This makes the technology very reliable. This capability gives in-depth skills and competence analytics which pin-point the most suitable candidates only.
Since the most suitable candidates are chosen for interviews, a lot of recruiter time and operational effort gets freed up. This way HR can divert recruiters’ professional time for undertaking more core responsibilities.
Recruiters get to meet only relevant quality candidates
A contextual platform can process thousands of resumes in few days thereby time-to-hire is reduced and interview-to-hire conversion ratio goes up.
By hiring only the ‘right fit’ candidates, it becomes possible to increase the utilization of their skills which forges mutual benefit.
With contextual technology, companies can hire candidates free of bias since the search is totally neutral and focused only on the richness and competence of skills. Companies can create a more diverse work environment.
Recruiters need not hire under time constraints due to which they are often not able to utilize their existing and incoming resume databases optimally.
Contextual platform when applied to talent sourcing, can help develop warm relationships with potential active/passive job seekers even before they are on board via social ecosystems. This helps enhance employer branding and increase employee morale and goodwill.
The talent analytics and activities of a contextual platform are auditable and measureable. This is a great plus for CXOs and investors when making talent-based decisions.
Further, contextual technology can help organizations map and determine their actual employee skill-gaps vis-à-vis investments and goals in real-time. Companies can make more accurate decisions based on talent data, plan job rotations and L&D programs more efficiently.
Contextual technology takes accurate talent data analytics to the boardroom. Using a contextual platform has proven to bring an additional profit of 3.5 percent for many corporations. Adopt contextual technology for increasing the quality of hires and achieve success in lowering costs, generating revenue and foray in the direction of business goals.