Essential Tools for Contingent Workforce Management
Managing a contingent workforce is inherently complex, but the right tools can turn the unpredictable nature of external talent into a controlled and purposeful operation.
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The landscape of HR has transformed dramatically over the years. The evolving needs of companies have given rise to the adoption of recent technologies such as AI and cloud computing services.
Technology adoption can be difficult for companies and individuals, including HR. Still, the power of HR technology can provide a business with massive benefits. Below are statistics to help us better understand the modern HR technology landscape.
Employee Retention & Technology
- Mundane and repetitive tasks are one of the main reasons why workers quit their jobs, automation can help reduce or eliminate them, therefore increasing employee retention. (SmartDataCollective, 2020)
- Three ways that AI can help with employee retention are through better career progression planning, improving work-life balance, and being able to detect poor culture fit with a company. (Spiceworks, 2019)
- Best-in-class talent management systems are five times more likely to identify the competency skills that influence strong employee performance. (AberdeenGroup, 2015)
- AI can help with employee retention by being able to detect with 95% accuracy which workers are planning to leave their jobs. (CNBC, 2019)
- 22% of companies are using AI to solve their talent challenges, yet 44% of CEOs believe AI can improve the talent acquisition process and increase talent retention. (CNBC, 2019)
- 60% of HR teams think employee retention is a big problem. (Snaplogic, 2019)
HR & Artificial Intelligence
- More than 70% of companies will be relying on data analysis for their decision-making. (Deloitte, 2018)
- The top three AI benefits that respondents listed are enhanced products, better decisions, and optimization of internal operations. (Deloitte, 2018)
- 33% of HR teams have reported usage of some form of AI technology, and 41% are actively building mobile apps to deliver HR services. (Deloitte, 2017)
- 83% of early AI adopters stated they were seeing a positive return on investment. (Deloitte, 2018)
Talent Acquisition & Technology
- 52% of recruiters have reported that screening candidates from a large pool of applicants is the most challenging task for them. (Ideal)
- Using AI in the recruitment process can cut human bias and unconscious discrimination. (Inc)
- Out of 770 talent acquisition professionals polled, nearly two-thirds (63%) reported that using AI has changed the way recruiting is done in their organization. (KornFerry, 2018)
- 67% of recruiters and hiring managers say that AI will become somewhat significant. (Linkedin, 2018)
- Recruiter perspectives on AI are either positive (49%) or indifferent (42%) with respect to their own jobs. (Jobvite, 2017)
- Recruiters feel AI is most helpful with sourcing candidates (58%), screening candidates (56%), and nurturing candidates (55%). (Linkedin, 2018)
- 69% of respondents reported that using AI has helped them find better-quality candidates. (KornFerry, 2018)
- 48% of job-seekers say that they used social media when finding their latest job. (Jobvite, 2016)
- 77% of recruiters use LinkedIn for recruitment, making it the most commonly used channel. (Jobvite, 2018)
- 95% of Inc. 500 used at least one social media platform as a marketing tool. (UMass, 2020)
HR Technology Trends
- 45% of companies are still in the initial stages of basic process automation. (Forbes, 2018)
- 56% of companies are redesigning their HR services to support digital and mobile tools. (Deloitte, 2017)
- Learning and career management software is the fastest–growing segment in HR technology. (Sierra-Cedar, 2017)
- 62% of companies conduct their meetings remotely through online video conferences. (ScienceDirect, 2018)
- A lack of skills and resources is the biggest challenge for operations executives in adopting intelligent automation across sectors. (IBM, 2017)
- The total HR management software market is expected to reach $38.17 billion by 2027. (Grandviewresearch, 2020)
- The global HR management market was valued at $16.01 billion in 2019. (Grandviewresearch, 2020)
- Almost two–thirds of employees say that using mobile devices improves their work and makes them more productive. (AberdeenGroup, 2015)
Cybersecurity Vulnerabilities
- An AI-related breach has been reported by 32% of respondents in the last two years. (Deloitte, 2018)
- One in five respondents has decided not to launch AI initiatives over cybersecurity fears. (Deloitte, 2018)
- 4 in 10 respondents have expressed high concern about the legal and regulatory risks associated with AI systems. (Deloitte, 2018)
HR & Cloud Computing
- 73% of businesses had at least one HR process in a cloud computing service. (PWC, 2017)
- 42% of operations executives say they plan to implement cloud computing services for their businesses in the next three years. (IBM, 2017)
- Only 5% of the respondents have a fully integrated HR cloud platform, and 29% reported no system at all. (Deloitte, 2019)
Artificial Intelligence Impact
- 75% of operations executives surveyed indicate that intelligent machines will have a positive and meaningful impact on their business in the next three years. (IBM, 2017)
- 4 out of 5 companies say that the implementation of AI has created new jobs within their companies. (Capgemini, 2017)
- Three in four organizations using AI have enhanced customer satisfaction by more than 10%. (Capgemini, 2017)
- 75% of the companies reported that had implemented AI said that it had directly contributed to a 10% increase in sales. (Capgemini, 2017)
On a Final Note
In the ever-evolving technological landscape, companies often gain an edge through AI and data analysis. Not incorporating them has a detrimental impact on the processes of the organization, employee satisfaction, and ultimately their success.
Written by shortlister editorial team
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