COVID-19 is fundamentally disrupting talent management processes. As the challenges associated with this virus change day by day, economic uncertainty is top of mind for business leaders and employees alike.
According to the International Monetary Fund (IMF), the COVID-19 induced decline in economic activity will result in the worst recession since the Great Depression.
As a result, business leaders are looking for opportunities to stabilize and modernize their talent management strategies while ensuring the safety, well-being, and engagement of employees.
In an effort to help organizations meet these goals, we launched a new product offering, the Pipeline Talent Finder™. Below are five key ways the Pipeline Talent Finder™ helps organizations use periods of disruption and uncertainty to plan for the future.
1. Future-proof your business with a scalable AI solution
Emerging technologies, such as artificial intelligence, are becoming critical infrastructure for the functioning of our society and economy. As shelter at home orders impact standard operating procedures, organizations are turning to advanced technologies to execute business operations.
The Pipeline Talent Finder™ is an AI-solution that uses machine learning and natural language processing to identify qualified internal candidates so that organizations can pivot their employee base at the push of a button. In this period of crisis, companies are scrambling to re-skill and deploy employees to meet the organization’s changing needs. Rather than lose valuable talent through furloughs or lay-offs, companies can refocus employees on mission-critical tasks.
2. Rapidly reskill your talent pool
According to the World Economic Forum, in 2019, fewer than 10% of business leaders from G20 and OECD countries thought of the spread of infectious disease as an impending risk. Today, the unexpected risk of COVID-19 has decimated global economies.
With the uncertainty of COVID interfering with long-standing business practices, one thing is clear: the only thing certain is the need for a dynamic workforce. With that in mind, organizations are looking for opportunities to rapidly reskill their workforce to meet short-term demands (delivery services), and upskill employees through long-term digital literacy interventions (telehealth).
The Pipeline Talent Finder™ is based on our Hiring Module, which finds, on average, 5 or more qualified internal candidates for 86% of all job requisitions. While global crises, such as coronavirus, are unpredictable, by building an agile workforce capable of recalibrating when needed, business leaders can future-proof their companies.
3. Unlock the financial gains of gender equity
In this COVID-induced economic downturn, women and minorities are at greater risk of losing their jobs. There are two key reasons for this: 1) a disproportionate number of women and minorities work in hospitality, recreation, and retail, and 2) they are less likely to hold manager positions. Since business leaders focus on an employee’s position and tenure when making layoff decisions, organizations are draining their workforce of diversity.
Now, more than ever, a focus on maintaining workforce diversity will help organizations outperform competitors. Organizations that focus on building a diverse workforce tend to enjoy the knock-on benefits of improved company culture, leadership, and innovation. Research by Bain & Company indicates that organizations with strong company culture—a value-based internal compass that inspires employees—are 3.7 times more likely to be business performance leaders.
Beyond that, our research across 4,161 companies in 29 countries found that for every 10% increase in gender equity, there is a 1 to 2% increase in revenue. Overall, closing the gender equity gap would unlock $12 trillion in economic gains globally.
With the Pipeline Talent Finder™, you can ensure every talent continuity decision you make is an inclusive and equitable one. By eliminating areas of bias across hiring practices, we help your organization realize the financial upside to a company culture that celebrates diversity and inclusion.
4. Access dynamic, real-time data in periods of rapid change
The vast reach of coronavirus makes buffering against its impact challenging for business leaders. Employees at all levels across an organization—from CEO to intern—are at risk of contracting the virus, raising doubts as to the sufficiency of current talent succession plans.
Responding in real-time to succession plan changes, the Pipeline Talent Finder™ helps organizations adapt to emergencies by locating qualified internal candidates at the push of a button. Understanding which employees are capable of meeting your needs is crucial for business leaders to ensure the fluid transfer of responsibility.
5. Make data-driven, disaster-proof decisions with confidence
Data is a valuable tool to help organizations make informed decisions. A PWC study found that data-driven organizations are three times more likely to report improvements in decision-making than organizations that rely less on data.
The Pipeline Talent Finder’s data processing capabilities help organizations consider more information when it comes to talent continuity plans. By removing emphasis on subjective “gut-feelings” and informal relationships from talent decisions, organizations can focus on past performance through employee data that organizations already have. This helps ensure top talent is promoted, re-deployed, and retained.
Next Steps
The disruptions to talent management processes brought about by the COVID-19 crisis is resulting in new challenges for business leaders. Despite these challenges, there is an opportunity for business leaders to strengthen their organizations by supporting their current workforce.
Pipeline Talent Finder™ helps your organization build continuity in this period of disruption. If you believe the Talent Finder™ is a good fit for your organization, our team would love to get in touch with you. Schedule a free 15-minute call/demo here.
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© 2020 Pipeline Equity, Inc.