“Once the systems and technology are in place to enable the first and second points, and the organizational mindset is in place to enable the cultural element, the alignment between employees’ aspirations and the company’s needs will follow almost naturally,” says Brian Hershey, Head of Strategy, Gloat in an exclusive interview with EnterpriseTalk.
ET Bureau: Why do you think an AI talent marketplace will be a better option than traditional hiring processes?
Brian Hershey: Traditional approaches are simply too slow. In most enterprises, it usually takes close to a full year from the moment an individual has been hired until they’re fully on boarded and operating at peak efficiency. That’s not a relevant time frame for moving talent into new positions. Not to mention the cost of onboarding new hires, which is several orders of magnitude higher than moving roles internally. The situation only becomes complex when in global organizations, what ends up happening is that employees are laid off or furloughed in one department or location, even as new hires are made in another.
The Talent Marketplace solves these problems by connecting existing talent to business needs in real-time and offering new opportunities to existing employees, whether they’re ad-hoc projects, long-term gigs, or full-time positions. The reason this works so well is that AI matches an employee’s aspirations to the needs of the business, thereby harnessing their personal motivations to drive growth rather than externally imposed incentives.
That’s not to say that a talent marketplace and the AI powering it are meant to replace people or existing processes entirely. It augments and enables the process.
ET Bureau: How can enterprises provide development opportunities that are aligned with their employees’ aspirations and their organizational goals?
Brian Hershey: The heart of the question is how to find the right person for the right job at the right time.
First, enterprise leaders need real-time visibility into both the supply and demand of talent within the organization. On the supply side – what talent is available at a given moment? What skills, capabilities, aspirations, and capacity does each individual have? On the demand side – is there transparency into the critical business needs and associated skills talent needs to meet them? Do managers have the ability to openly share their needs and opportunities and make them available to the full talent pool within the organization?
Second, they need a way to ingest all of the data generated by that visibility and make it actionable by matching the right individuals to the right opportunities accurately and at scale. That requires purpose-built technology and a sophisticated AI that can understand the nuances of both sides of the marketplace and match talent to opportunities – in minutes and even seconds.
Third, companies must learn to empower their employees to seek out opportunities and seize them independently as they arise. That requires a paradigm shift in how enterprises think about job architecture at large, as well as things like “management” and “hierarchy.” Ultimately, they should strive to not only provide a platform for finding these opportunities but also to create an environment in which employees can act on them at the right time.
Once the systems and technology are in place to enable the first and second points, and the organizational mindset is in place to enable the cultural element, the alignment between employees’ aspirations and the company’s needs will follow almost naturally.
ET Bureau: How will the latest SEC guidelines impact the HR sector?
Brian Hershey: For those who don’t know, the latest SEC guidelines require publicly traded companies to disclose key information relevant to investors about their Human Capital. This is the first major change made to the SEC guidelines since the 1970s.
The new guidelines reflect an understanding that in today’s market, human capital is a major asset that heavily influences bottom-line performance and which investors need to be more informed about.
This changes everything for the HR sector.CHROs have been elevated to that of other C-level executives as major drivers of company value.
This is a huge opportunity for HR professionals since it provides them with more leverage than ever before, allowing them to promote new initiatives and changes in their organizations as HR functions take center stage. It also means they’re under more scrutiny and pressure.
HR executives will start seeing increased demands directly tied to business needs to move the needle on various human capital parameters, from diversity and inclusion to mobility and talent agility. I believe this will push HR professionals to adopt new technologies and methodologies in order to move the needle and advance the way workforces are managed and utilized.
It may take a while, but once the financial repercussions of the new SEC disclosure requirements start hitting home, innovation in the HR sector will drastically increase. There will be more rapid adoption of new technologies, as well as new approaches to talent and workforce management as priorities shift and change to meet market demands.
Ultimately, the way companies think about their talent pools and the way they handle jobs and tasks will change – not because of these new guidelines, but because of the new reality which they reflect.
ET Bureau: In what ways can enterprises leverage innovative technologies to future-proof their workforce?
Brian Hershey: Future-proofing means a company is prepared and ready to adapt and pivot to whatever may come its way. If resilience was the theme of 2020, agility would be the focus as enterprises emerge post-pandemic.
The average life expectancy of a company’s presence on the S&P 500 is projected to be just 12 years by 2027, down from 75 years in 1955.
Unless companies continue to adapt, evolve, and disrupt from within, or they will be disrupted.
Technology enables even the largest companies to reach start-up grade agility so they can continue to evolve and adapt as the world changes.
How? By connecting the talent within the organization to the business needs of the organization. That’s where the Talent Marketplace becomes necessary.
How does it work? On the one side: a deep understanding of the talent pool’s skills, capabilities, and capacity. On the other: enabling a real-time inventory of demand as managers and leaders post and update their business needs and opportunities.
The Talent Marketplace democratizes opportunities so that everyone has access to new initiatives, projects, gigs, full-time positions, and mentorships, drastically increasing inclusion and creating new opportunities for diversity and equity.
Finally, this dynamic environment drives new opportunities for learning and skill development that are rooted in real-world needs, rather than more theoretical capital L “Learning” directives.
As employees seek out new opportunities for the advancement of their careers, reskilling and up skilling happen organically – and wherever there are skill gaps to be bridged, they’re much easier to identify and address in real-time.
Brian is the Head of Enterprise Strategy at Gloat. Before joining Gloat, Brian was a technology growth investment professional at Eight Roads Ventures, the global venture capital arm of Fidelity, and held positions across the firm’s London, Tokyo, and Tel Aviv offices. Brian is a graduate of Johns Hopkins University.