3 ways CHROs can prepare for economic downturn using AI-powered HR technology

Recent surveys of CEO confidence worldwide identified a common theme – a notable dip in the optimism of our most senior corporate leaders and a movement towards defensive moves to protect their business.

According to PWC, 30% of CEOs anticipated a decline in global GDP growth- an increase of 5% on the previous years’ survey. This was accompanied with an expected negative impact on their own growth prospects [Source: PWC, 22nd Annual Global CEO Survey, February 27th, 2019].

At Textkernel, we support HR leaders who are looking to invest in AI-powered technologies to help ramp up their talent acquisition strategy – still key to remaining competitive, while firmly limiting exploding costs to hire external talent.

Below are a few of the top tips for CHROs looking to bolster their talent strategy in anticipation of lower organizational growth.

1 ) Dramatically reduce hiring costs by filling more open vacancies with internal talent.

The problem: Companies are predominantly filling open vacancies with external hires, which is not only dramatically driving up the cost-per-vacancy, but is fuelling discontentment and worse – disengagement – amongst current staff. This is confirmed by a recent report by the Harvard Business Review which highlights the extent of the problem [Source: Harvard Business Review, May-June 2019, Your Approach To Hiring Is All Wrong].

The solution: Transform your hiring approach to leverage talent already within your reach. AI-powered sourcing and matching technology enables employees to quickly, easily submit their application information and receive proactive alerts when matching roles and projects come available. This will allow you to fill more open roles with existing employees that will in turn lower your cost-per-hire and also reduce onboarding and time-to-ramp into new roles.

Learn more about why an internal skills economy is vital to your HR talent strategy and the #futureofwork

2) Keep your recruiting team streamlined but effectively tooled to handle scale.

The problem: Recruiting teams are expected to ‘do more with less’. Delivering high quality candidates to hiring managers requires more heavy-lifting that is visible to most parts of the organization.

The solution: The good news is that advanced semantic search technology can help arm recruitment teams with domain expertise often required to quickly zero in on the most promising candidates, develop a shortlist, and allow your recruiters to focus on the value only they can bring – sell your employer brand to the prospective candidate. The outcome is dramatically shortened time-to-hire and the ability to refocus available recruiters on truly strategic hires.

Learn more about how to streamline and empower your HR team with AI-powered technology.

3) Provide employee portals that help identify new opportunities – both internal and external to the organization.

The problem: Sadly, despite best intentions to avoid layoffs, sometimes the inevitable conclusion is drawn that there are redundant skills, oversupply of talent or simply not enough business demand to justify high personnel numbers and associated costs. In today’s ever more socially connected and networked world, firing personnel en masse is considered an option of last resort and avoided at all costs. Not only can it lead to substantial costs, but the cost and negative impact to one’s employer brand and internal employee disengagement can quickly add up.

The solution: Employers can do more to support the offboarding of employees by offering them the ability to search for new potential employment – both inside and external to the company. Simply by uploading their application data in one-click they can receive matching job offers from within your organization and also from external employers. While no employee wants to learn that they are no longer of value, employers can offer more assistance to ease the burden of looking for new opportunities elsewhere.

Learn more about how to speed up the outplacement process with Textkernel’s labour market intelligence tool, Jobfeed.

Who We Are

Since 2001 Textkernel has been delivering AI-powered technology to companies looking to better connect people and jobs. We work with over 1,000 HR visionaries worldwide who want to build the future of work through advanced technology and deliver more talent-driven value to their organizations.

Interested to learn more? Contact us!