Problem of Plenty, Scarcity of Relevant Profiles

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Problem of Plenty, Scarcity of Relevant Profiles: AI & Human Only Skills comes to rescue

We are thriving in an era where talent is available in abundance, yet organizations are facing the scarcity of talent who is the best fit for them. Unfortunately, hiring a good-fit talent remains one of the biggest challenges for the recruiters and HR professionals today and thus the war for talent continues1. Recruiters face this constant pressure of hiring someone who adds value to the job and stays for long. Hiring the wrong person can be really expensive; study2 predicts that every time a business replaces a salaried employee, it can cost the organisation up to 10 times the salary of the employee. For an executive hire, this can be much more. So, where’s the gap and what’s going wrong?

Among plenty reasons, one of the primary reason being, mostly recruiters focus on the job skills and experience of the candidate while making a decision to hire and in this process overlook candidate’s mind-set and behaviours. For years, recruitment has only been about skill mapping, whereas mindsets make all the difference when it comes to productivity and performance. No mindset is good or bad, wrong, or right. It is situational3. Right fit Mindset with respect to the job profile, alignment towards the organization’s business goals is not even critical for individual success but also play a significant role in organization success.

Now the question arises – How to tackle this challenge? New HR tools, recruitment management system and technologies like Artificial Intelligence (AI), Machine Learning (ML), big data, and predictive analytics are emerging in the ecosystem and offering robust solutions to automate and improve the entire recruitment process- from posting advertisements to screening resume, to assessing and onboarding. These new tools and technologies aim to overcome the limitations and biases inherent in the hiring process. Artificial Intelligence (AI) is one such technology is bringing revolution in the world of recruitment. But how?

AI utilizes a vast amount of data gathered from different sources to make the best decisions. Algorithms are built and run to facilitate the entire process. It remains a dream of every recruiter to create the best possible match between a candidate and a job opening and then selects the one who fits the best- AI is helping with that by collecting data, applying algorithms and making predictions that select only the most relevant job profiles.

SCIKEY, an Indo-Finnish venture, after years of research (In Finland), has developed the product that use the power of AI technology to screen the right fit candidates which has the right mindset with respect to the organization. It is being done methodically and scientifically with the help of the patented Mind-Match algorithm, which helps measure the mind-set of the candidates. It runs on the premise that apart from measuring skills and experience, it is critical to measure a person’s mindset. Most of the recruiters do not measure this aspect which either results in the non-performance or an early exit of the employees. The algorithm has been made after extensive research, with the help of psychologists. Data scientists and other subject matter experts. It reveals that there are around 36000 types of the way people think. After much deliberation, the number was brought down to 1600 different kinds of mindsets depending on the situation and then finally to 24. It is the combination of 4 skills, namely, how creative a person is, how controlling a person is, what kind of impact a person has on others and finally how logical a person is. It posits that no mind-set is good or bad, it depends on the situation. Apart from these four skills, the mind-match tool measures other important aspects such as ‘vision,’ ‘habits’, ‘ecosystem’ and ‘happiness’ which deal with issues like individual’s goals in life, accomplishment, family, and individual’s position. In a nutshell, the tool creates a holistic profile of the candidate.

Powered by Artificial Intelligence, Mind Match keeps learning about the data which is being fed continuously in the system and then automatically builds up its own understanding. So with every MindMatch assessment taken and fed into the system, the mind match tool becomes more powerful and accurate. At the same time, a lot of analyses takes place at the back end to throw the most relevant profile. So far the tool has thrown some interesting insights, like, a candidate with a strong vision turned out to be a successful entrepreneur, and a candidate with strong goals proved to be a good second-line manager.

The future of recruitment and other HR practices looks interesting with all the technologies in place. Many time-consuming and monotonous aspects of the processes will get automated, however the need is also to leverage these technologies to delve deeper into the profiles and focus not only on the skills part but also on the ‘human-only skills’- the behaviour and the mindset which is the inherent part of people’s personality and play a significant role in ascertaining success for them as well as for the organization.

References:

1.https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/recruiting-is-tougher-2019.aspx

 

2.https://www.randstad.in/workforce360/archives/the-real-cost-of-hiring-talent_74/

 

3.https://www.hrkatha.com/partner-posts/from-skill-match-to-mind-match-redefining-recruitment-with-ai/

 

About SCIKEY:

SCIKEY Market Network is a Digital Marketplace for Jobs, Work Business solutions, supported by a Professional Network and an integrated Services Ecosystem. It enables enterprises, businesses, job seekers, freelancers, and gig workers around the world. With its online events, learning certifications, assessments, ranking awards, content promotion tools, SaaS solutions for business, a global consulting ecosystem, and more, companies can get the best deals in one place.

'SCIKEY Assured,' a premium managed services offering by SCIKEY, delivers the best outcomes to enterprise customers globally for talent and technology solutions getting delivered offshore, remotely, or on-premise. We are super-proud to be working with some of the world's most iconic Fortune1000 brands.

Better Work. Better Business. Better Life. Better World.

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