Take a Different Approach to Finding Talent

By Eric Woodruff, CPA, CCIFP
Partner, Director of Audit & Assurance Services
Email Eric

As artificial intelligence advances and the world begins to look more like a work of science fiction, the fear of robots taking jobs begins to brew. However, according to a recent study from global organizational consulting firm Korn Ferry, the bigger issue is the lack of skilled human workers filling open positions. The study projects that by 2030, there will be a global talent shortage of more than 85 million people — roughly the population of Germany.

Ironically, AI has the potential to help in the talent acquisition process. Here are some suggestions for how to approach this process differently amid the talent shortage.

Consider AI tools in recruiting and hiring. Rather than taking shots in the dark, businesses can use AI’s predictive analytics to identify their most effective recruitment strategies and take a data-driven approach in hiring that minimizes biases and diversifies the workforce. Case studies show proof of AI’s success. For example, in partnership with IBM, Blue Pearl developed an automated AI system that reduced the average time to fill job openings by 60%. The rapid generation of more precise job descriptions and the streamlining of job postings saved time and matched candidates’ skills more accurately with the organization’s needs. Blue Pearl has sold 197,000 hours of contractor work through this system.

Leverage the feasibility of remote working. As companies shift toward operating in cyberspace, broaden your scope and think of the entire nation as your talent pool. This not only helps you grow your business; it can lead to a more diverse team as well. People from different places and backgrounds bring their own unique perspective, which is especially valuable in times of economic downturn — when strategizing and problem-solving are vital. Plus, flexible office hours and remote working schedules are more appealing to the new generation of professionals.

Tap talent now, train later. As Korn Ferry Institute President Jean-Marc Laouchez said: “The savviest organizations are taking on the onus of training talent themselves, increasing their hiring of people straight out of school.” Rather than setting expectations for a perfect workplace of polished professionals, they instill a culture of continuous learning, which is what any business should have anyway.

Right now, you shouldn’t expect to find talent in the usual places. As a leader, thinking differently is critical to your recruiting / hiring success. So think outside the box, and don’t give up hope. The right “fits” for your business are out there. You must utilize different approaches and avenues to secure the talent your business needs.

If we can assist you further with your personal or business affairs, please contact Eric Woodruff at (317) 613-7850 or email Eric.