On the rare times when I’m not hard at work managing and growing Monster , I can be found on my farm in Vermont. There, the world is simpler and it’s easy to get grounded plowing a field on a tractor or making apple cider.
As we were preparing the fields for spring, I started to reflect on how analogies in farming are relevant to the future of talent acquisition.
Recent challenges created by 'Big Data' are the great equalizer of our time. The pipes have been opened and the overflow of information continues to impact every company and industry across the land. This global challenge has given us all a fertile ground of opportunity to cultivate, innovate, create and transform the way we work.
Just as quickly as the challenges related to information overload have increased, innovative solutions have quickly gained a foothold to offer credible applications across industries. Airplanes are the new flying data super heroes, improving efficiencies and helping to save on fuel costs.
Retail is able to predict shopping behavior with artificial intelligence. ‘Big Data’ is even transforming the “business” of dating with the addition of GPS data for a demographic accustomed to mobile social media feeds.
Not surprisingly, ‘Big Data’ challenges are playing an important role in shaping the employment skills gap conversation as well. While education and training solutions are helping to elevate political platforms in an election year with the hopes of producing high yields at the polls, there is another factor influencing the skills gap challenge that is worth examining in more depth— the impact of Big Data on connecting people with the right jobs and jobs with the right people.
The deluge of resumes faced by recruiters has completely out-paced their ability to identify the appropriate crop of candidates. Today, companies are receiving in the order of 100 – 200 applicants per job or about 3 million applicants for a 100,000 employee company. Candidates are just as overwhelmed given the 40,000 employment sites available to choose from.
Ironically, the ease of access made possible by the Internet has come full circle, making the function of hiring untenable and the prospect of looking for a new job arduous. Without further technological innovation in the human capital management space, this growing global issue will only get more complicated and acute.
Most human capital management solutions today focus investment in “planting” the seeds to increase the number of resumes that feed the data fields.
The perception is that the more resumes you sow, the higher the yield will be thus the better chance you will have in finding the perfect hire. This is a business that Monster is very familiar with as we helped to create this model over a decade ago with the invention of the online jobs board.
Within the past few years, as the funnels have begun to widen and the data bases have begun to overflow, we have turned our focus to finding solutions that best match employers with talent in the new world of ‘Big Data’ and a growing skills gap. “Harvesting” is the future of our industry. Matching theory is our new anthem and semantic search is the new technology that will finally find the needle in the haystack.
Semantic search has been around for a while and many technology companies have invested in its future including Monster, Microsoft ,Google and Apple . Semantic technology is helping to define a future where the contextual value of words provides a common language that eliminates duplication, increases accuracy, scales precision and yields efficiencies utilizing artificial intelligence that is powered to derive meaning from data.
Getting the world working in a way that reflects our globalized economy and maximizes geographic skill bases benefits us all. In this scenario, taming the “Big Data” challenge with solutions that help us harvest talent will produce much higher yields for seasons to come.
Sal Iannuzzi is President, CEO and Chairman of the Board, of Monster Worldwide.