Like many corporate functions, Human Resources benefits from intelligent, online applications and services to support a high-performance organisation. These applications capture and generate a lot of potentially useful data, however, few organisations have yet to form a strategy for maximizing insights from that information. This would be particularly useful as HR departments are being looked to not only create and administer programs, but also to monitor staff, culture and market environment for opportunities and issues.
Organisations are increasingly utilising AI to address these challenges. Analysts predict that in the next 10 years, nearly 50 percent of organisations will have introduced technology that utilizes AI and machine learning to take HR operations to the next level. Today, AI can enable organisations to better leverage HR data in order to customize the recruitment process, improve talent development and retention, and streamline administrative procedures – all while complying with data privacy regulations.
BlackSwan Technologies’ ELEMENT™, a cloud- and AI-based offering trusted by world-leading organisations, is ideal for global corporations, international HR agencies, investment firms staffing their portfolio companies, academic institutions, and government agencies who want to integrate top-of-the-line talent-related intelligence capabilities into their operations. Below are specific examples of how BlackSwan’s ELEMENT™ can enhance your HR team’s performance through its AI-powered capabilities:
Advanced Talent Acquisition Search
Sourcing the right candidate is time-consuming. A survey of thousands of recruiters found that sourcing candidates for a single role takes up nearly 1/3 of their workweek. With ELEMENT™, organisations first customise the factors that define their candidate evaluation package. HR professionals then can use ELEMENT’s self-learning search function to precisely shortlist executive candidates from multiple public sources (via “open source intelligence”) in a matter of minutes – without advertising job openings or soliciting resumes. The search engine automatically identifies and weights success factors, including skills and experiences, based on historical reviews and candidate history. The candidate profiles are built, verified and enriched with additional information that is discovered over time. The results are recruiting dossiers that cover more candidates (even if not actively job-hunting), more deeply in terms of due diligence, more up-to-date, and fully tailored to your needs.
Streamlined Employee Compliance Monitoring
The legal and reputational consequences of company policy breaches and errant employee communications are often more severe than direct financial losses. To mitigate the risks, organisations can use ELEMENT™ to verify employee compliance with company policies and legal requirements by reviewing and reconciling job tasks, reports, transactions, social media activity, and emails, in real-time. The system applies a “knowledge graph” to identify relationships between key staff and individuals and organisations that may have negative reputations or be subject to adverse actions. ELEMENT™ also allows organisations to benchmark employee activity against similar positions and departments in order to detect unusual activities, offering insights that preemptively reduce alerts and escalations.
Real-Time Employee Retention Risk Analysis
The number of employees voluntarily leaving their jobs is growing steadily and at great cost. Work Institute revealed that voluntary turnover costs exceeded $650 billion in the U.S. alone. ELEMENT™ can help organisations identify employees who are likely to change jobs by analysing data from internal and external sources, such as benefit gaps, candidate interests and goals, work performance, industry dynamics, hiring activities of competitors, and peer actions; and analysing data augmented from open sources, such as company reviews, job boards, and professional communities. The AI-based system draws from experience gained through reviewing multiple cases, and it is built with tools that can analyse the sentiment and semantics of documents and social media content to predict an employee’s intentions.
BlackSwan Technologies’ ELEMENT™ is an enterprise-wide, AI-powered solution that can be customized for any enterprise to support multiple use cases, including Data Privacy management and Market Intelligence.