HR and talent management professionals know the importance of good decision making when it comes to hiring, developing and engaging people. Make the wrong choice at a crucial point in the talent lifecycle - and you could spend years paying for it. Let’s take the hiring process as an example.
An IBM Smarter Workforce Institute study states that organizations regret 39% of their recent hires. Clearly something is seriously wrong with the way we hire people at all levels. This is a problem for two reasons. First, we’re wasting time and money hiring, onboarding, and training people that are wrong for the job and/or the organization. Second, we’re going to have to do it all over again, and may still get it wrong. So how do you start solving this problem, and stop perpetuating it?
In any given organization, there are so many possible root causes and factors leading to regrettable hires that it’s a challenge to even understand it. We at HCI recommend that you start taking a different, data-driven approach to talent challenges such as improving quality of hire.
Don’t just look at your assessment data and use it to predict retention (although that’s an excellent place to start!). Modern HR professionals need to capture, integrate, and analyze data from across the talent lifecycle (e.g., recruiting, onboarding, performance management, etc.) and from relevant business functions to understand employees more holistically. This process is often difficult, but it can reveal major insights.
For example, this kind of analysis might reveal that the main driver of new hire attrition among customer service agents in your company is not a problem with the recruiting process at all but caused instead by a general lack of soft skills among the hiring managers. Wouldn’t that be worth knowing?
While this comprehensive, integrated approach has clear benefits for your organization’s efficiency, engagement, and performance, it may seem painfully out of reach to many. Fortunately, new technologies like cognitive systems are changing the game.
As applied to people, cognitive systems have the potential to revolutionize our industry by providing better interactions with technology, integrating and analyzing diverse data sets, and learning as they go to understand what your organization needs.
Human capital issues are too persistent and costly for us to ignore.
Want to learn more on this topic? Register online for the June 15, 2017 webcast, “How Cognitive Solutions Will Transform HR and Drive Impactful Talent Management” You’ll learn how cognitive talent management solutions can generate insights grounded in data, and help you hire and develop talent to support your organization’s changing needs.