Fremont, CA: It is a proven fact that there is a shortage of talented professionals possessing the right skill sets required in the industry today. Having this fact in the backdrop, the HR managers are fighting a war for winning the talent professionals, and stay ahead of the competition. The talent management professionals have to deal with a number of complex issues such as the growing role of Artificial Intelligence (AI), the importance of talent analytics, and changing preferences for compensation and benefits’ structure to be alive in the competition.
Having discussed this, let us look at some trends that the talent management industry will witness in 2020.
Surge in AI Dependency The introduction of AI in the HR sector has solved the problem of finding qualified candidates for a particular job function. The only concern that HR managers have to keep an eye on is the data on which the AI is trained. In an effort to increase diversity, the talent management industry may introduce bias in the data. Impartial results can only be generated when the AI process through bias-free data. Recently AI bore another feature with it, i.e., withholding certain personal information during the early stages of the recruiting process.
Adoption of More Holistic Approaches The more a company searches for the right candidate, the more is the influx of data with respect to the salaries, job roles, preferences, and performances. Organizations look at the different aspects of talent management, like talent acquisition, development, and compensation discretely rather than considering them as an integrated profile. A data-centric approach is needed to provide actionable insights to the organizations, the team, as well as the individual.
Personalization of Compensational Structure Gone are the days of ‘one pay fits all’ model. Today’s workforce comprises of multiple generations– Generation X, Y, Z, and the baby boomers, who have different skillsets, mindsets, and different expectations. This variation necessitates the compensation and packages to be tailored to the requirement of the particular individual. To understand the differences and to incentivize the different groups, organizations are turning to social listening, focus groups, and surveys.
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