Thursday, May 9, 2024

"Talent Intelligence" Vs "Employee Farming"! ! -Research by Josh Bersin Company and Forrester Research! How the Two can Tango?

Global IT sector spending is expected to reach $2 trillion by 2028, as Forrester predicts!

Forrester: Global IT Service Industry Spend Will Reach $2 Trillion By 2028 - Forrester

While I harp on the phenomenon called "employee farming," it is due to poor predictions against business and tech advancements.
Forrester says/warns; IT services companies need to constantly calibrate talent-supply to meet demand. Pandemic hiring bloat led to "quiet firing" and hiring freezes, offer rescinding's, etc.
Forrester says, in the US, 57% of job losses in professional services will come from GenAI.
Accenture estimates only 10% of companies have mature data and AI-capabilities; despite that, it sold more AI projects in the March quarter than the whole of 2023! That's a huge shift in focus by customers towards GenAI.
Forrester July 2023 AI pulse survey records that 84% of A-decision makers in the executive were ready to adopt GenAI.
In 2023, Capgemini launched 4 GenAI offerings in strategy, customer experience, software engineering, and custom enterprise, while partnering with Salesforce to accelerate the implementation of GenAI for CRM.
Now, what role would Global Talent Management Heads would have for this GenAI surge, invoking the power of "Talent Intelligence?
Nathan SV recently was the Chief Talent Officer for Deloitte and spent good 19 years with this bellwether consulting firm. No one, but him can talk about the future of talent management and development in this context today for the global landscape. Dave Ulrich, would love to learn, what's your take on this "Talent Intelligence" promise from HR, which is powered by GenAI?
Quite an interesting article and research paper by Josh Bersin on "Talent Intelligence"! HR people would fall in love with this AI powered genie!
Looks like, this is not just DSA (Data Structure and Algorithm) game. It is Big Data, Schematic data warehousing, layered on top with complex data modeling and various, intuitive Business Intelligence metrices, powered by AI programs, running on multiple servers using NVDIA chips to tell HR folks, here is the problem folks! We can't even imagine, what AI can add to the world of "Talent Intelligence"!
Don't trust me? Check the use case below- This will blow your mind!
Liberty Mutual Insurance faced high turnover in their auto insurance team. They spent months studying high performers to see what educational backgrounds or skills were correlated with success. Their analysis discovered a secret: the highest-performing insurance salespeople were those who loved cars. No amount of psychographic assessment would have figured this out.
Imagine if we, HR folks applied Moore's law on "Talent Intelligence", we would be able to release new versions of iPhone, every 6 months, a new Tesla model every year and a Boeing airplane (much safer) every few years!

Talent Intelligence reminds me of Linda Hill
's book "Collective Genius".
Maybe people like Elon Musk already have this genie or else how would he slash 90% of hashtagtwitter /X staff and still run it, rather with better uptime and efficiency! But as an empathetic HR guy, this worries me too, as it may kill all the "Employee Farm" thing that, companies have created over decades!

I am super excited now to see hashtagETHR do a series of HR seminars on Talent Intelligence across Indian metros!
SHRM may even have a certification for it and Great Place to Work, "Culture Audit" team may ask companies for their Talent Intelligence policies and success stories, to anoint them with the revered certificate as a Great Employer!

Enterprise Talent Intelligence Arrives, Disrupting The HR Tech Market – JOSH BERSIN

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