New talent platforms corporate HRs should tap

MUMBAI, INDIA: Corporate HR scouting fresh talent for their enterprise should move beyond the obvious.

According to a new survey by consultancy firm McKinsey Global Institute, HR needs to cultivate real analytics and social media skills to take advantage of the digital age.

In the survey titled, A labor market that works: Connecting talent with opportunity in the digital age, McKinsey analysts note that online platforms like LinkedIn, websites, mobile apps, or proprietary corporate systems, can improve job outcomes for up to 540 million people globally, and raise global GDP by $2.7 trillion a year. They by adopting talent management platforms, enterprises can also increase output by up to 9 percent, and reduce HR and talent-related costs upto 7 percent.

The report states that  sites like LinkedIn will allow for faster, better job matching; smarter labor and educational policy making; more efficient hiring and talent assessment practices at companies large and small; and economic improvement in both established and emerging countries.

“They gather a huge volume of information regarding both individual workers and employers or work projects, then synthesize this data to match individuals with job opportunities and produce better work outcomes,” the survey report notes.

The McKinsey reported quoted extracts from a LinkedIn survey in which 37 percent of global job seekers conducted said their current job does not fully utilize their skills or provide enough challenge.

“Talent platforms are uniquely positioned to track the positions that employers are filling, the skills required, and career pathways that take people from education and entry-level positions into more fulfilling work,” McKinsey observes.

As in any other industry, the McKinsey report also talks about early takers or some large enterprises who have already adopted online talent platforms as part of their human resource best practice.

“The companies at the leading edge of these trends are cultivating real analytic and social media skills in their HR. They are also creating more personalized work environments with interactive tools embedded into everyday processes to support business priorities,” the report says.

But challenges remain. According to the report, if the HR is to take advantage of the transparency and efficiency online platforms can bring, employers shouldn’t be afraid of automation, but look to the potential benefits to bottom line.