Can a dedicated Employee Career Site increase Internal Fulfilment for an Enterprise?
When the Coronavirus outbreak brought the global economic engine to a standstill, organisations were thrown into an abyss of financial turmoil.
Enterprises were forced to resort to diverse techniques in order to protect monetary interests. Cost-cutting and tightening of institutional purse strings became a regular routine for companies, as cash-flow started to evolve into a pressing concern.
Whilst most companies resorted to laying-off their workforce, industry experts pointed out that whilst being effective for startups and SMEs/SMBs, laying off large portions of the workforce is detrimental to a larger organisation’s health.
Despite a lull in the economy, when the financial situation turns around eventually, these larger companies will find it difficult to secure the right talent to handle business demands.
Hiring in large numbers when the economy bounces back can prove to be cumbersome and expensive, as the annual cost for external hiring has been steadily increasing over time. Today, a single hire can cost a company over 50,000 USD on average, taking into consideration other overheads such as on-boarding, training and development.
To evade this potential problem, enterprises have initiated a wave of up-skilling and re-skilling programs for its employees. Internal fulfilment is helping organisations utilise their resources more efficiently, whilst simultaneously driving down costs associated with external hiring.
However, efficient Workforce Optimisation remains a pipe-dream for a slew of companies all over the globe.
Critically evaluating all of the available skills from within the organisation, and then, going about the process of filling the observable skill-gaps has become increasingly tedious for enterprises. The lack of relevant and current employee data makes it difficult to gauge the overall skill-sets and experience of the employee.
How can a dedicated Career Site help?
A Career Site is a dedicated platform that is built for housing and analysing all of the employee’s personal employment related data. And, with an added layer of AI-powered capabilities, the platform can infer skill-gaps and recommend appropriate up-skilling courses.
Career sites can be integrated into the existing historic ESS tool, which collects and collates employee related data constantly. All of this is done in real-time.
Employees are notified at regular intervals to update the platform.
Most organisations relied on human effort, to scour through heaps of employee related data to successfully infer skill gaps and make suitable recommendations to the L&D department.
This resulted in erroneous recommendations and unfilled skill-gaps amongst the employees in an organisation.
However, the added layer of AI-powered intelligence helps isolate the required data, and filter out the rest.
Finding the right talent from within saves companies millions, annually. And during a global pandemic, when hiring becomes more tedious and remote, efficient workforce optimisation could be the difference between life or death for an organisation.
It is now becoming increasingly difficult for enterprises to locate the right resource for a job. Understanding skill-sets, experience, fitment and authenticity of talent becomes cumbersome for the remote-working model (WFH).
Hence, finding the right talent from within the confines of the organisation could result in millions being saved every year. And inevitably, help a business tide over the uncertain financial reckoning that was brought about by COVID-19.