The business of recruitment and retention is changing dramatically.
Major demographic shifts like the aging out of the workplace of Baby Boomers, skills and education mismatches in key growth industries, and other factors have contributed to a talent shortage. A smaller supply and a larger demand have made talent a seller’s market today. Finding and keeping the best people was cited as the top internal concern of global CEOs in a 2019 study by the Conference Board.
News flash: the talent war has already been waged and talent has won. Talent is emerging as the #1 enterprise risk management risk factor. And the situation is projected to get worse: new research by Korn Ferry claims that by 2030 the shortage of talent globally could claim as many as 85 million unfilled jobs and that the cost to companies of lost economic opportunity will be in the trillions of dollars.
Talent risk is real but for the enterprise CXO, the risk is hard to see, lurking within multiple layers of regionally or globally dispersed organizations. Not only is management essentially blind when it comes to identifying talent risk; they don’t know how to quantify it or how best to reduce it.
Dealing with talent risk has been relegated to the HR department. Often HR knows what to do but lacks the data and analytics to properly express this risk in business terms with clear ROI.
That’s not to imply that data isn’t being collected and mined by HR. It is. The task of pouring through large amounts of candidate data is being automated using software with human-like reasoning. A recent article in Human Resources Today compared talent acquisition using AI to "Moneyball for HR." It's redefining how companies recruit, develop, and retain talent.
Now, a new, innovative, added layer of enterprise risk management (ERM) technology protection is here. It uses metadata, AI models, and a cloud-based application to identify talent risk and — like Tom Cruise in “Minority Report” — proactively address it.
It’s Praisidio’s Procaire™.
Yes, the enterprise workforce is under assault. The good news is that there are thousands of talent acquisition tools, many weaponized by AI, that can be used to find great talent. That’s the bad news too — those tools are also being used by other companies to identify and attempt to hire away your talent.
It’s time to uncover and proactively address talent risk.
Recent advances in machine learning and particularly the fast evolution of deep learning algorithms have helped solve numerous previously hard-to-solve problems and transformed many industries. These models are especially powerful when dealing with sequences of inputs (such as text) or fixed-size matrices (such as images).
At Praisidio, we’ve built models that combine the best of the two worlds to model complex daily human relations that were previously hard for management to see and track. These new sets of models, based on metadata, have proven highly effective in identifying talent risk and explaining its causes.
The result of our research is Procaire, which uses the power of AI to expose latent talent risks to top management, empowers the Chief People Officer and her organization, and enables proactive corrective actions. We think this AI-powered tool is going to be a game changer in how enterprises everywhere manage their talent.
That’s Praisidio in a nutshell. As an early-stage startup, our Web site provides a glimpse of the market we’re addressing and our product goals. Based in Silicon Valley, we’re actively looking for a few world-class developers with skills in Kubernetes, Node.js, Python, and React to help us make history.
If you’re smart, hungry, humble, and kind, we’re on the same wavelength. Contact us to learn more.