October 23, 2019 | by: Dasslin Corral
Working for a life sciences company, imagine the future of work considering the following talent management practices: a future worker applying for a job without a resume or curriculum vitae; machine learning identifying and reaching out to candidates rather than recruiters; hiring employees even without personal interviews; and chatbot-generated answers on questions intended for the HR generalist. What do you think? How is your company positioned to respond to these disruptions?
In reality, the future is already here and advancements in digital technologies are transforming many aspects of the life sciences industry, particularly on talent acquisition and management.
From the micro to macro level of talent management, digital disruption continue to create dynamic changes – pressure in moving to a shared economy, displacement of human labor by technology, and growing demands for diversity, inclusion, and belonging.
However, provided that HR can respond to such disruption in a timely and appropriate fashion, current digital revolution would successfully pave the way for a more progressive talent management in the future.
The Industry Disruption
The life sciences industry continues to compete fiercely for talent worldwide. The 2018 Radford’s Global Workforce Trends at Lifesciences Company survey shows that many regions are experiencing active planning and recruiting for organizational growth, which is referred to as “aggressive hiring.”
The survey also reveals that the number of companies in the US reporting aggressive hiring continues to outpace the rest of the globe by a large margin of 33.9%, while the Uk likewise upswings a strong hiring statistic of 13.4%.
In addition, Bersin by Deloitte is projecting that life sciences recruiting cost per hire will continue to rise at a rate of 7% per annually, as talent pools continue to increase.
With the given statistics, disruptions in life sciences has an impact on talent strategies globally, necessitating a new approach to recruiting, training, and retaining the best team to support business transformation and growth in the “patient-first” era.
Data, solving issues; AI, transforming roles
Adapting the digital revolution led life sciences companies to smart talent acquisition and management strategies in coping with the disruptions brought by technology. These strategies are driven by data and AI.
Strategy 1: Data-driven hiring
Leveraging data in talent acquisition and management increase retention, evaluate skills gaps, and build better employment offers.
Predictive talent analytics is useful in mapping the traits and skills of a strong employee performance. Such is proven by Novo Nordisk, a multinational pharmaceutical company in Denmark, who is successfully utilizing talent analytics to generate quality candidate flows in their virtual talent acquisition process.
Strategy 2: AI-driven recruitment
Advanced forms of automation – from robotic process to cognitive technologies – found their ways in the life sciences industry with several companies having already initiated AI in talent acquisition and management way back 2017.
A study by KPMG reveals that 44% of life sciences companies in Europe have completed or is currently in the process of automation and cloud computing in all their hr services and functions.
Alongside cloud, AI is widespread in chatbots. Automated connection with candidates creates a higher-touch experience with the talent, from the pre-acquisition stage until the last phases of recruitment and employment.
Overall, implementing data-driven hiring and AI-driven recruitment strategies in talent management allows HR leaders to reinvent digital revolution through strategic solutions and transformation of HR roles in the organization.