According to a survey conducted by McKinsey Global Institute, the adoption of AI has more than doubled since 2017, with 50% of respondents reporting adopting AI in at least one business area. Additionally, 60% of respondents in another research said their organizations already currently use AI to manage talent.
By now, it is already clear that AI has a significant impact on every aspect of talent management. In this blog post, we’ll discuss how AI can transform talent management, and we’ll take a quick look into how one of the world’s leading talent experience platforms, Cornerstone OnDemand, is already incorporating AI into its solution to help you manage your talent more efficiently and effectively.
The Impact of AI on Acquiring Talent
It all starts with acquiring the right talent, and AI has the potential to transform talent acquisition in several ways. According to a report by Morgan McKinley, AI can automate repetitive tasks, improve candidate matching, enhance the candidate experience, and promote diversity and inclusion. Here are some of the ways AI is streamlining talent acquisition today.
- Sourcing and engaging candidates: AI helps recruiters find potential candidates faster and more accurately by automating resume screening, ranking candidates based on criteria such as job experience, skills, and qualifications, and performing sentiment analysis on candidates’ CVs.
- Assessing applicants: AI helps recruiters assess job suitability and identify the best candidates by using data-driven insights to measure performance.
- Onboarding and engaging employees: AI helps organizations personalize the candidate experience and guide job seekers to the role that best matches their capabilities.
- Reducing bias: AI helps organizations promote diversity and inclusion by reducing bias in recruitment processes.
The Impact of AI on Developing Talent
The impact of AI goes well beyond simply helping you to acquire the right talent. It also helps you maximize the outcome and potential of your talent force by enhancing your performance management, succession planning, and learning and development processes. Here are some ways by which AI does that.
- Complete, AI-generated performance analysis: AI can help organizations automate performance reviews and measure performance by considering far more factors than a simple rating or score.
- Quick, agile, and continuous performance feedback: It analyzes past performance data and provides predictive analysis for succession planning.
- Linking areas of development with learning: By using AI, you can better identify areas where an employee might need improvement and uncover strengths they might not even realize they have. These areas of strength or improvement can be automatically linked to learning resources.
- Enhanced succession planning: By providing data-driven insights into employee performance, AI can help more accurately and speedily identify potential successors.
- Personalized learning: AI can help organizations personalize the learning experiences for their employees by analyzing their learning needs, styles, preferences, and performance data.
- AI-powered digital coaches: AI-powered digital coaches can provide personalized feedback and guidance to learners.
- Real-time assessment and feedback: AI can provide real-time feedback on learner performance, enabling organizations to identify areas for improvement and adjust their learning programs accordingly.
- Global learning: AI can help organizations create global learning programs that are tailored to the needs of learners in different regions with features such as automated translation, voice-over, and subtitling.
The Impact of AI on Rewarding Talent
It does not stop here. AI helps you retain your best talent and keep them motivated by streamlining and optimizing rewards processes. After all, AI can recognize patterns, predict performance, and understand drivers and influencers leading to the optimization of compensation models and programs. Here are some of the ways AI is transforming employee rewards:
- Optimizing compensation models: AI can help organizations optimize their compensation models by analyzing data on employee performance, market trends, and other factors.
- Improving employee retention: AI can help organizations identify employees who are at risk of leaving and take proactive steps to retain them.
- Reducing bias: AI can help organizations reduce bias in compensation decisions by analyzing data on employee performance, skills, and qualifications and ensuring employees are rewarded fairly and equitably.
Cornerstone OnDemand Leading the Way
If this all seems to you like a futuristic far away dream, you’re mistaken. According to a recent survey conducted by SHRM, 88% of companies globally already use AI in some way for HR, with 100% of Chinese firms and 83% of U.S. employers relying on some form of artificial intelligence.
This is why it is unsurprising to discover that one of the world’s leading talent experience platforms, Cornerstone OnDemand, already has AI incorporated into its solution, offering us Cornerstone AI.
What can Cornerstone AI do for you?
There are many things that Cornerstone AI can do for you, but here are the highlights.
1. Connect your employees with opportunities in the organization to accelerate their growth
With Cornerstone Opportunity Marketplace, your employees can set their career aspirations and receive automated recommendations about the jobs or projects open in the organization that align with their goals. Cornerstone AI can, further, help them identify what skills they have and what skills they need to develop to get where they want.
2. Identify areas for skill development to achieve career goals
From its comprehensive repository of over 50,000 unique skills, Cornerstone Skills Graph uses AI and machine learning to automatically detect skills and recommend development opportunities and learning content to your employees. This helps create personalized learning experiences for your employees, empowers them to own their growth and development, and increases internal talent mobility in your organization. Cornerstone Skills Graph also gives you a complete picture of your workforce skills at any time to help you identify and address your organizational overall skills gap.
3. Curate more personalized learning experiences and do it better and faster
By connecting learning content to your employees’ skills and career aspirations, Cornerstone AI ensures all the content your people see is relevant to their goals, interests, needs, and preferences because it understands what topics, skills, modalities, and even tones each person connects with best. Not only that but also by leveraging deep content intelligence and AI, you can more easily and quickly curate and deliver the right learning content to the right people in a way that moves your organization forward.
Upgrade Your Talent Management System Today
It is undeniable that AI can hugely transform the impact of your talent management. If you’re interested in learning more about how you can enhance your talent management efforts with Cornerstone AI or are interested in viewing a live demo, you can contact us at firstname.lastname@example.org.