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Futurecasting: Big Data, Social Data API &d CRM Convergence, What Will Be the Impact on Fortune 500 Hiring?

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Working with leading talent strategy consultant Dave Mendoza, Futurestep published a new report into “Futurecasting” – the high-impact concept that could transform the business of recruiting. Currently, most organizations are only scratching the surface when it comes to making sense of the huge quantities of data that now exist about billions of potential job candidates across the globe. But the right enhancements to Candidate Relationship Management (CRM) platforms – and crucially to the way they are actually used – could see the talent industry finally start to match the huge strides achieved by leading proponents in sales and marketing.

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Futurecasting: Big Data, Social Data API &d CRM Convergence, What Will Be the Impact on Fortune 500 Hiring?

  1. 1. FuturecastingHow the rise of Big Social Data is setto transform the business of recruiting.Dave MendozaGlobal Talent Strategies & Innovation ConsultantApril 2013 Talent with impact
  2. 2. Futurecasting 2 Contents Foreword – Gerry Crispin 3 The future of candidate insight 4 Converging trends, emerging capabilities 5 Big Data’s impact on talent acquisition 6 The strengths and weaknesses of CRM today 8 Futurecasting – what might it look like in practice? 11 First things first: building a fit-for-purpose CRM 13 Toward Futurecasting at Informatica 14 Creating the Talent Knowledge Library 15 Drilling down at Informatica and democratizing talent acquisition 16 Big Social Data: the engine of Futurecasting methodology 17 Trust in Registry: the implications of Futurecasting for the 18 employer brand Seven things organizations should do right now to implement 19 a Futurecasting methodology About the author 21 References 22Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  3. 3. Futurecasting 3Forward by Gerry Crispin There was a time, not so long ago, when Times have certainly changed. Today, there recruiting was very much simpler. You had are multiple layers of technologies, tools, an approved opening and you filled it. partners and services embedded in our The technology tools at your disposal recruiting processes – many of them included a phone, a rolodex, a notebook automated, operating in real time and, and a paper spreadsheet. Every recruiting unfortunately, lacking any human oversight office had a secretary to help arrange the to ensure they continue to work in alignment interview schedule. And quality candidates with the businesses they serve. were plentiful. At the same time, the universe of potential Sourcing meant calling people on that applicants is increasingly knowable. In fact, rolodex, plus searching through other key billions of people are instantly identifiable sources – the resumes of applicants who’d – globally – years in advance of the moment previously made it to the finalist stage, we might need them. We may soon be able your own private library of Who’s Who to access enough information to predict with directories, as well as professional journals high confidence how successful they’d whose authors could be targets. be in our workforce, without ever having spoken to them. Some claim this is already Getting the word out meant calling an a possibility. advertising agency before Thursday, the deadline for most Sunday classified There are other factors at play. One of the section ‘display’ ads. The biggest choke most important is the fact that the pool of point was getting the envelopes opened candidates capable of driving business and the resumes sorted by job. performance forward has diminished. A recruiting ‘strategy’ meant knowing how In the US, for example, for every 100,000 long you would try to do all this on your students entering the 9th grade in 2013, own before calling in the third-party cavalry. only 68,000 will graduate from high school in Data conversations in those days were 2016. Only 40,000 of them will enter college limited to selection and assessment that same year and in 2021 – five years decisions. The rest was simple arithmetic later – fewer than 17,000 will graduate related to scale, relevant costs and little else. with a college degree. 800 of these college graduates will be engineers, but in that group How many openings did we have? only 125 will be mechanical engineers. 15 of How many candidates? How many were the mechanical engineers will be women and qualified? How many hires were made fewer than five of those women will remain in how much time? Where did we spend working in the profession by 2026. money? What was the most efficient use of our time in the assembly line, one-size- Even today, if you have an opening for fits-all world we lived in? Cost per hire was a mechanical engineer with three to five about the only thing possible to manipulate years of experience in high-speed packaging – any other data collection would have design (and an SLA to ensure the slate is simply taken up more time and money diverse), you know the competition is fierce than could be justified. and getting more so. Someday soon your company’s survival may very well depend on being able to compete by a) getting to know those five women even before they have three to five years’ experience or b) changing the conversion rates noted above to produce more high school graduates, college graduates and engineers. So the future we are facing is very different to the past I described earlier. While recruiting as a profession is becoming ever-more complex and sophisticated, there is growing intensity of competition for quality candidates to fill pivotal positions. The real challenge – and indeed the real opportunity – is learning how to unlock the huge potential of the unprecedented levels of data we have access to today. This whitepaper is a step in that direction.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  4. 4. Futurecasting 4The future of candidate insight Today’s business world faces more data For instance, having longitudinal data points than even before. But these have no (an “always-on dynamic record”) is now value unless we can use them to make better possible thanks to these tools. In fact, decisions. Just imagine if we could transform a large majority of people in the developed all the cluttered, valueless data that exists world cannot escape their own longitudinal and use it to make sourcing functions more data. After all, who among us has not left effective, to dramatically improve workforce some digital record of our interests and planning, and to increase the strategic value achievements on sites such as LinkedIn or of competitive intelligence. That is what the Facebook? Recruiters are now theoretically idea of Futurecasting, as a methodology, able not only to tap into these data streams, offers organizations. but also to manipulate the data to meet specific needs. It simply comes down A number of recent trends have converged to process, albeit a process that needs to to reveal Futurecasting as a high-potential tackle the complexities inherent in any concept. On one hand, in an increasingly Big Data initiative. knowledge-based economy, the globalization of corporations yields an urgent need for ever-better talent acquisition; CEOs leading some of the world’s largest companies often speak of this need. On the other hand, powerful new tools are at our disposal – most notably social media platforms, integrated systems, and cloud storage of information. These enhance our ability to make use of ubiquitous Big Data.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  5. 5. Futurecasting 5Converging trends, emerging capabilities Futurecasting is a concept that’s built on a CRM I: number of key trends and developments of Customer Relationship Management recent years. Understanding Futurecasting’s As a way of gaining insight into customer potential and application is impossible behaviors and buying patterns, sales and without first understanding the trajectories marketing departments used CRM platforms of each of these trends. first. Data generated could provide valuable guidance on how ‘warm’ or ‘cold’ a sales lead Big Data: a collection of data sets so was. These platforms are now adapting to large and complex that it becomes difficult Big Data and Big Social Data, providing new to process using hands-on database opportunities for marketers and salespeople. management tools. Unlocking Big Data can bring huge benefits, as has been shown in a number of other fields. Today, for instance, CRM II: techniques to interpret Big Data help us to Candidate Relationship Management spot business trends, measure the quality The first CRM tools used in recruitment were of research and combat crime. simply repurposed Customer Relationship Management platforms. But soon, Candidate Social: for billions of people, the rise of Relationship Management systems were social networking has transformed the way developed – not only capturing information, they conduct their personal and professional but also enabling regular communication lives. LinkedIn, Facebook, MySpace, Viadeo, with the right individuals. Xing and Twitter are among the best known channels, but far from the only ones. And the Note: through the rest of this paper, sector is moving at a phenomenal pace. Only the acronym of CRM refers, in most 10 years ago, Facebook was a site called instances, to CRM II. Facemash with just 450 visitors. Put Big Data and Social together, and you get… Advanced Programming Interface (API) This is a tool which allows different digital Big Social Data: every interaction with platforms to share dynamic data. For example, social media creates data points and these, an API would be needed to extract information over time, offer the potential to know from a site like Facebook and then feed it into individuals and groups within society in other applications, such as a company’s far greater detail than is currently possible. own database. The marketing and research opportunities of Big Social Data have only just begun Social network aggregation platforms to be explored. But the impact on talent These enable users to share their activities acquisition looks certain to be just as from destinations such as LinkedIn, Facebook, dramatic as the impact on the wider world Twitter and other social platforms. Users can of sales and marketing. also integrate their blog posts and comments in the aggregation platform. Everything is The following glossary of terms will help shown in real time to other members who readers further understand the remaining subscribe to a particular community, which contents of this whitepaper: eliminates the need to jump from one social media network to another. Futurecasting A next-generation approach to Candidate Relationship Management that harnesses Big Social Data to create a level of insight never before possible.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  6. 6. Futurecasting 6Big Data’s impact on talent acquisition For much of 2012 there was talk of just the effect could be overwhelming, after all. what Big Data is, how it would affect talent Rarely, however, do companies refuse to acquisition and talent management, and how tap into the deep well of candidate data to work with the constant and much larger flow (or consumer data, for that matter). of data that will soon have an impact on this The benefits of having all this candidate industry. Big Data, according to most major data are abundantly clear, yet the data itself analysts, may change everything about what has little value unless something can be we do and why we do it. achieved with it. The question is whether or not talent acquisition professionals can Juxtapose these attempts to make sense of glean insight from their data in a way that Big Data with the actions of more and more turns the recruiting function around for companies, who today are looking to replace their organizations. legacy systems, often a first step in capturing the insights of Big Data in their talent As things stand, most companies are only clear acquisition processes. As Josh Bersin noted about how to accumulate data, not how to keep in a recent report, every evolution leading to it, use it and interpret it. Despite increasing this point started with reporting and a core functionality within CRM suites and plugins understanding, then moved on to predictive within ATSs, the talent acquisition function analysis. That’s how it happened in consumer still struggles to keep candidate data dynamic marketing’s now prolific use of Big Data, and current in a constantly changing work- and that is very likely how it will happen in HR. scape, even with the promise of social to do just that. Talent acquisition has certainly Simultaneously, the ongoing discussion made recent strides in the reporting part of about Candidate Relationship Management the data equation, but there is not yet a real and Applicant Tracking Systems began to understanding of how to prepare for Big Data merge with a concurrent conversation around – particularly the protocols that should social recruiting. And against this backdrop, surround the accumulation of data and many talent acquisition professionals have the storage and use of data, as well as questioned the value of adding extra social the relational nature of social data and data to the disorganized and often redundant the interpretation and predictive analysis data already in our cluttered databases; of… you guessed it, data.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  7. 7. Futurecasting 7 The good news is that CRM suites are primed With today’s social records, the data is to manage the onslaught of data and make there to keep track of the next job in the line. sense of it – with enhancements and That kind of information, along with company- modifications, of course. An effective CRM specific job titles, can assist workforce can aggregate and sort through data to tell an planning in a big way. Big Data analyses organization where its talent audience spends hold great potential to answer critical time and in what ways – and not just the hires questions whose answers have practical that lasted and became internal stars, but the applications for talent acquisition specialists: ones who resigned after three months as well. Done correctly, there is the potential for: • What universities and trade schools do competitors invest resources in? • forecasting to become Futurecasting • What are the most common, • reporting to become auto-analysis identifiable patterns that reflect • useless information to become sources of hire among key competitors? essential information • Who do they hire from, and are there • time-consuming activity to become commonalities in job title descriptions? efficient • What product verticals align most • jumbled data to become decision- appropriately to corporate offerings, supporting analysis and are the skillsets involved consistent? • How do competitors establish quotas to measure performance? • What are key indicators of recognition Consider the alternative. If a company’s talent and awards among key business management team isn’t keeping track of where functions such as R&D and sales? the organization’s employees and applicants • What is the average length of time come from, and if it isn’t keeping that record identified to progress from a graduate alive with information about how they fared, intern to a software architect or it’s doing the organization a disservice –and management role? at some point, catching up will become nearly • How do all the above questions factor impossible because the hurdles are too great into internal organizational best to surmount practically. practices, and has the organization created a platform as a depository to archive these critical data inputs? Is the ‘Talent Knowledge Library’ available at an enterprise level, and is the data accessible in real-time? • How do all the above compare to the organization’s own, internal talent acquisition functions in determining source of hire, and how can that knowledge translate into actionable improvements in time-to-fill and cost-per-hire?Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  8. 8. Futurecasting 8The strengths and weaknesses of CRM today How people use CRM in their sourcing and recruiting is a crucial part of the process. BIG DATA, BY DEFINITION In fact, many of the potential cons can be eliminated or exacerbated based on the way Big Data is a collection of data sets a person interacts with the software itself. so large and complex that it becomes difficult to process using on-hand Big Data is often misunderstood, especially by database management tools. Big Data those within talent acquisition. While gradually allows correlations to be found to make influencing discussions within the talent all sorts of reliable, important, actionable acquisition industry, the common agreement is judgments about different things. that it will affect us, but many are not sure how. If Big Data can be used to do all that, Used to wrangling large and unwieldy then workforce planning, recruiting spreadsheets and juggling SQL databases and sourcing should be a cinch. In fact, that would make other departments cringe, Big Data is already being touted as a real talent acquisition professionals think they weapon in the war for talent, ostensibly can handle Big Data when and as it comes. able to: But there is a reason that there has been a • identify business trends massive uptick in calls for data scientists • determine quality of research and a spike in requisitions for psychologists (or sourcing) to interpret this data. With Big Data, the influx • develop competitive intelligence of data is fierce and only will become more so. • discover or determine real-time Organizations need – and many currently lack career progression – an adequately evolved system, comprising • illuminate hiring trends technology and human skillsets and processes, • target geographic shifts of a to make sense of all the data and develop talent audience (local, regional, wisdom from the interpretation of it. national, global) But the definition remains – and haunts us: “a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools.”Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  9. 9. Futurecasting 9 Database tools such as the beloved CRM Key variables are significant and worth system are effective in fields identifying what addressing in the talent mapping process exists, but fail miserably in reverse-engineering coinciding with key business intelligence the process by incorporating fields that search being factored into a robust CRM: for what does not exist within records. For instance records that do not have: • Top schools: are there specific universities generating certain types • mobile or work or home phone numbers of candidates? • a social media specific URL (linkedinID, • Prior employers: are there Linkedin Recruiter, Facebook, Twitter, etc.) attributable patterns of both immediate • an attachment pdf or Word doc resume and former competitor companies • an employer listing feeding your talent pipelines and hires? • a job title • Post employers: which competitors, • a city or state or country within an industry niche or skill set • a linked job/pipeline ID category, do employees likely migrate • notations to and why? • a source ID • Online social real estate of a competitor’s ecosystem: is it varied and are there established best practices inherently observable within The limitations of today’s any given competitor’s online out-of-the-box CRM presence (corporate blogs, online Therein resides the inability to deal with the developer communities, careers page, Big Data wave using existing, off-the-shelf LinkedIn corporate careers page, CRM systems. If only fields that have text entry Facebook careers, career-oriented are searchable, then that renders incomplete Twitter accounts, webinars/podcasts, records unsearchable. For each of the lines newsletter email updates?) listed above, data that is not there will limit the searchable capability inherent within records. And what about the revolution that is currently underway within talent acquisition? As has While the list may seem long, consider this. been noted for the last five years by social If 92% of companies are using social to recruit, recruiting vendor Jobvite, more companies are many of them already have access to that jumping onto the social recruiting bandwagon, information, and instead of being able to create with as many as 92% of companies using a rich and dynamic database within their CRM social recruiting as part of their talent (one that would be eminently searchable), acquisition process. So how do CRMs in many cases, these companies are shoving (both process and software) deal with this those URLs wherever they can find them, advent? Not well – many company records in a neglected “notes” section or using “tags” have lagged in the default inclusion of critical as a way to search for records. Often, this competitive intelligence fields. Source of Hire, process results in duplicates, multiple for example, is a category of form fields, spellings and acronyms and general search not simply a single transaction as generally confusion; a muddying of the data waters. considered. Again, this shows that in our most-used systems (CRM is arguably second only to the ATS in the talent acquisition function), talent acquisition professionals have yet to adapt to the influx of social data, much less prepare for the Big Data that is coming.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  10. 10. Futurecasting 10The mobile factorMobile is also a concern for many employers. During the turnover process, relationshipsWhile social recruiting is de rigueur in North must be rebuilt from scratch and the factsAmerica, in Europe, the UK and APAC there relearned by the newest workers, whichis a bigger explosion in the area of mobile risks alienating candidates and prospectsrecruiting. And global recruiting requires in multiple ways:access to candidates’ data… which includesmobile phone data. But again, the way we • Repeated and/or redundantuse CRM is not optimized for that. For any communicationsglobal enterprise that has a centered sourcing • Additional contact requests for oldfunction, the ability to automatically generate informationa country code for SMS text messaging • Undermining the brand of the companycampaigns doesn’t currently exist. Therefore, with different or conflicting messagingtraining for users must be mandatory so theyknow the limitations of CRM when it comesto mobile.Limitations in the CRM are a long-term fix There is a high cost as well in obtainingto be sure, but there are ways that recruiters, data that the organization may already have,sourcers and administrators themselves can whether stored improperly or unsearchable.edit the internal data. Two things make this When data is entered improperly or existsmore difficult to do, than to say. The first is, as duplicate data, it ultimately costs theas discussed, the lack of “default” fields within organization. When the data changes outsidethe system and second, the inability to mass the CRM, but not within it, the data storededit within a system. In simpler terms, until the there (your organization’s rightful intellectualproper tools are built to handle the new data property) becomes irrelevant and the costbeing used as part of the talent acquisition obtaining it, wasted. For all of these reasonsprocess, we need to dramatically change and more, clean and dynamic data from allthe processes we use on a regular basis, sources should be the aim of every personfor everyone on the sourcing and recruiting on the talent acquisition team.teams. This is called standardizationof process.Before we move on, let’s talk a little bit aboutwhy fresh, dynamic data is important, asidefrom the obvious search benefits. To do so, weneed to look back at the original CRM systems,as sales and marketing departments usedthem. The key here is the “relationship” part.In recruiting as in sales, we’re in a costly andinefficient cycle; whenever there is turnover ineither contract or full-time recruiting, there is arelearning of skills and processes. It is crucialto recognize that at this point the data staysthe absolute same, but the ways the data wasinputted, sorted and used were as myriad asthe people within the company with accessto the data. The process was variable.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  11. 11. Futurecasting 11Futurecasting – what might it look like in practice? Building a CRM as a solution for talent The future is now: off-the-shelf acquisition is about having access to key talent technologies can create a new data that can transform the record into a profile paradigm today that has an extended period of shelf life and The future will not be like this. Aided by can be measured. Companies adept at data Futurecasting, the next generation of mining will use a knowledge-discovery talent acquisition solutions will give social framework to predict what’s next and increase aggregators center stage. Developers’ APIs the viability of their competitive intelligence will make manual row-by-column edits a and talent acquisition functions. Across the thing of the past and transform data into enterprise, organizations that recognize and a dynamic, evolving stream of information capitalize on the opportunity Futurecasting – always in real-time and providing the basis offers experience several benefits: more upon which to make sensible, objective detailed demographic models, product aligned decisions drawing on data immediately at to new hires’ skillsets, shorter time-to-fill at the disposal of recruiters and sourcers. a lower cost. The resulting, greater in-house reliability of new hires to carry out the needs SaaS and mixed-and-matched of the organization inevitably speeds the real-time data – making it possible product development and sales cycles, Some readers might recognize that this is which then enjoy greater profit margins. a description of the practical progression of Software as a Service (SaaS) to achieve The old ways its promise on behalf of talent acquisition. Let’s look at the old way of doing things. Consensus is now building behind cloud- This would get in the way of building an based, distributable platforms that are agile CRM to get at and make sense of the accessible across multiple corporate functions, real-time data that would enable organizations to meet the demands of a globally oriented themselves to become equally agile in their talent acquisition organization. What is acquisition of talent. Imagine, for instance, missing among today’s vendors’ offerings a report consisting of over 250 companies to of SaaS platforms is the convergence of demonstrate a client’s competitive landscape off-the-shelf technology to include an all for talent. Ten different sources are reviewed to of the above capability within one platform. calibrate for accuracy. All the aforementioned is conducted manually in a spreadsheet. Emancipating data-sharing Given factors of time, mergers and with open source acquisitions, and the business cycle itself, In keeping with an open-source philosophy, the business intelligence report becomes if the talent acquisition industry communicates dated material upon submission. Access to a demand for all its vendors to establish the document limits the ability to distribute relations to collaborate on the notion of its data to provoke discussion and unearth data-as-a-service, the potential is limitless best practices. Above all other considerations, where data warehousing across industries the product is static. Any revisions to update develops proprietary relationships with social critical information are based on initiative platforms. Automated convergence is the and conducted manually, by hand. principle outcome of harvesting once disparate and multiple developer APIs form a common platform from which to exchange and communicate information.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  12. 12. Futurecasting 12 To illustrate, a next-generation SaaS– Why is all this important? Automation based, open-source platform could easily and convergence of data offer the be configured to key data outlets: following capabilities • Dow Jones & NASDAQ: real-time market • accurately forecast which candidate data triggering RSS feeds to alert will stay and for how long competitors to likely layoffs • determine real-time career progression • Hoovers: contact information, • create talent pipelines that assess competitive reports, and the ability cultural fit long before the application to develop targeted executive listings process • LinkedIn: identifying competitors’ • nurture candidates and students products and services to add relevance years before they apply to search keywords, to the more critical • identify business market trends, business intelligence aspects (where mergers and acquisitions and align employees came from, as well as top product with them skills and expertise by function) • bolster the candidate experience by automating relationship-building communications and establishing alerts to ensure prospects are notifiedThe net result is compelling. Talent acquisition of developments regularly, in a timelyprofessionals will find themselves able to finely fashiontune and refresh data to more efficiently targetcandidates and build high-functioning talentpipelines. In this scenario, the only limitation is imagination, really. Above all the talentacquisition industry should demand easeof use, free from premium costs, in the abilityto customize data fields to configure key data.Smart vendors will embrace these demands.Their obligation is to offer their clientele inHR and talent acquisition tools that are easilyconfigured and customized to specific needs;these tools must be usable and searchable.Talent leaders should feel free to suggestany data categories that would enhancea platform’s capabilities, because too often afew simple tweaks are all that is necessaryto find the right talent.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  13. 13. Futurecasting 13First things first: building a fit-for-purpose CRM CRMs have a pivotal role in making Process issues are often caused by a lack of Futurecasting a reality for organizations. training or a disorganized approach to using Yet any CRM system is only as good as the the CRM. Best practice involves first setting data it includes. The most common problems the protocols and then providing education with the data are caused by human factors. to ensure everyone is following the correct While these are certainly frustrating to process. An example of this is segmenting encounter, they are usually the easiest to fix.lists when the profile is initially placed so Human factors as defined here are usually that the system doesn’t become cluttered and workflow-related, process-related or frustrating to navigate. Building an audience administrative in nature. filter at the source is much simpler than trying to segment later. A CRM implementation must be operated from a talent perspective. Workflow issues generally stem from a It’s crucial to have criteria to determine lack of specific plans for what each user of whether a source of information is CRM- the CRM creates, when they create it and how eligible and aligned to a particular pipeline. it gets stored in the system. Protocol issues In any inventory system, you have to prioritize can often be fixed by creating a standard and establish the source channel to fully use plan and procedure that each member of the each source to its true potential. In the building global talent acquisition team must follow. of a CRM, to ensure a fail-safe process, you For example, forward-thinking clients are must cross-reference various data sources proactively preparing for an API that makes as inventories for reference. Then, to expand it simple to integrate social data into their the CRM’s capabilities and navigation, CRM systems. Because those fields are already you identify additional channels you wish filled with data from Twitter, LinkedIn and later to integrate. Facebook, they can be hooked up when the technology is available. This is a much better Administrative issues feed into both of protocol than wasting hours going back these. When you lack a dedicated quality through every record to find potential social assurance process or administrative function data for that profile. (even on a consultative or contract basis), you lose quality and freshness of data. You should also establish a universal template system as part of the administrative function; this must be suitable across geographic regions and business organizations. As well as standardizing the nomenclature, this also prescribes a minimum viable data format for each record. Lack of customizable data fields and, worse still, the existence of empty ones – they all obstruct the capabilities of filters and search results; they limit the modern CRM’s potential to produce actionable information. Common missing fields include those for mobile phone numbers, social media-specific URLs and job titles. Limiting the parameters for how both to filter and segment data inevitably leads to false exclusions or inclusions in a CRM’s search results.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  14. 14. Futurecasting 14Toward Futurecasting at Informatica“Data is at the heart of so many conversations Through this implementation, Informaticatoday, but it’s not the data: It’s the access to the was able not only to review source-of-talentright data at the right time by the right person. channels within one platform, but alsoIt’s about being able to put your finger on a merge talent community members withpiece of data that helps make a business existing lead generation for a more completedecision or to find that pink squirrel with profile record, and all in real-time. As a result,purple polka dots in our world. The work Dave Informatica transcended out-of-the-box CRMhas done to embed the key nuggets of data to configure form fields and other CRMinto our CRM is the game changer for us. functionalities that enhanced the recruiter’sPreviously, we had no repository that would experience and capabilities. In the creationallow for unstructured data to be housed and of this approach, the standard for passiveretrieved. With Dave’s practical approach to pipeline to yield data deliverables had todata capture and retrieval, we now have a meet the following criteria:central databank of very specific competitiveintelligence that has the ability to withstand 1) Data must be usable and searchable.time with its social and mobile aspects built The data should be easy to filter by datain for future proofing.” Brad Cook, Global Vice equal to, containing, or not equal to keyPresident Talent Acquisition – Informatica criteria, and custom fields specific to social platform hyperlinks to accurately identify missing data, as well as dataFuturecasting is not about where candidates missing as a subcomponent.(recruiters’ leads) are now; it concerns a 2) Extraction and leveraging of data mustsystem-wide, strategic effort to harvest and be easy to ensure a tool that is at oncecombine dynamic and static data regarding powerful, intuitive and requires minimalprospects, to enable a talent pool to be training. The solution would be used bysearchable for years as it feeds off multiple a diverse community of recruiters, only adata points, ensuring its own relevance. handful of whom had an appreciation ofIllustrating this is my work with Informatica, data science.drawing on the concept of passive pipelining – 3) Data must be capable of being migratedwhich is to say, creating a pipeline that a talent from multiple lead-generation channels –acquisition team can source from, at any time, spreadsheets, job boards, online resumes,to identify source-of-hire information among talent communities, social profiles, etc. –immediate and prior employees. in order to optimize removal of duplicates and track metrics of source-of-hire moreOverview accurately and consistently.Informatica reviewed its database and 4) Data must be categorized, tagged anddetermined that Jobs2Web, the company’s mapped to talent for ease of segmentation.SEO product, would benefit from the A successful configuration can allow fordynamic environment of my CRM platform. segment creations in a matter of seconds,The first step in data migration was a direct and these can be complex – such as theimport of the corporate talent organization’s ability to splice a talent pool by profilesentire database originating from the talent with a LinkedIn population. In addition, a live-feedwas created to integrate the flow of new talentcommunity registrants in real-time, within theCRM platform.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  15. 15. Futurecasting 15Creating the Talent Knowledge LibraryThe Talent Knowledge Library (TKL) is Via a TKL, the talent organization has a meansa simple proposition: providing a secure, to archive the successes of its best recruiters,cloud-based depository for business at a tactical level, and the means to distributeintelligence that is actionable for recruitment the learning as data that can be distributedneeds, where data is fed by various online throughout its global operations, to the benefitAPIs to ensure real-time relevance. A TKL is of critical hiring verticals. A TKL would recordaccessible throughout the talent acquisition team member usage of all vendor-suppliedenterprise and standardized for prompt tools within one instance, creating real-timeplug-and-play in order to produce automated reports to gauge relevance and effectiveness assearch queries. In practice, this is a an investment within the hiring cycle. It wouldfunctionality that makes Futurecasting allow for successful behaviors and methodspossible. Aligning social data and business to be tracked within a source-of-hire report,intelligence provides greater context to how and provide the means to be reproduced forcompetitors’ skills, job titles, and products each business organization’s hiring to those of your own organization.Migrating data from various databases within A TKL is an extension of the Futurecastingone platform, strengthened by a multitude methodology: it fosters the use of severalof developer APIs: data points to help talent acquisition professionals establish patterns and make• documents an organizational processes objective decisions. Data becomes relevant• creates a depository of data inputs for both immediate and long-term decision- comprising the organization’s competitive making processes. The data a TKL utilizes talent landscape, allowing for greater would have longevity beyond the combined comparative analysis intellectual contributions of any one team• identifies critical source-of-hire information member in one day, but for that day and to benchmark patterns among prior all days thereafter. The TKL would create employers of interviewees, offers made, a searchable and usable library of talent and hires knowledge that is virtually immune• develops nomenclature – be it key skillsets, to intellectual property loss, turnover industry terms of art, or product relevance or transition slowdowns and process breakdowns, all because the data livesIn today’s CRM, too often search strings in the cloud and is constantly current.are accessed and utilized by precisely one Accessible to all in the talent acquisitionperson, the sourcer. The sourcing strings organization, the TKL must be, by definition,within current platforms are often unique both distributable and searchable byto the user, which makes standard protocol standard keywords, job titles and more.difficult to adopt. A TKL would dramatically A proper TKL would have a system thatenhance the ability to provide missing context. allows anyone to pull up folders of searchIt would promote recruitment efficiency in strings based on common search terms.distinguishing among applicants, and offereffective standardization to sourcing teamsaspiring to develop more accurate leads –with automated and standardized macrosof search string, plugged and played,to be equivalent in accuracy to those createdby their most advanced researchers withinthe organization.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  16. 16. Futurecasting 16Drilling down at Informatica and DemocratizingTalent AcquisitionAt Informatica, I established CRM template During the course of the implementation,forms outlining competitor nomenclature; specifically in configuring customized fieldstop producers awards and recognitions, natural to cleanly inputted data and emphasizinglanguage terminologies, alignment by product, social data as a module for each work record,and pre-set sourcing strings. By developing we came to a critical realization: conventional,a process that resulted in archiving the history traditional work contact information,of Informatica’s talent organization’s previously the holy grail of a CRM record,knowledge base, team members elevated is no longer a sufficient or viable option totheir understanding of nuances between terms. ensure “longitudinal history” for a candidate.By inputting product relevance, matching Instead, by ensuring that each record has acompetitive titles, skill keywords and identified complete record of hyperlinked LinkedIn ID,competitors, Informatica’s talent acquisition Twitter URL and other social links –specialists increased the data relevance of all updated in near real-time – Informaticasearch results to import into the CRM in the now creates dynamic profiles out offirst place. Exemplifying the by-product of a stagnant profiles to ensure that relevant,TKL in practice, Informatica’s team addressed accurate contact data is available and recordnatural language as an indicator of performance maintenance performed at each phaseand reviewed data patterns in both curricula of sourcing, through recruitment.vitae and social profiles that would correctlyidentify a talent prospect being recognized In other words, the CRM has a new lifespanfor one or more of the several awards and that underscores the concept of Futurecasting,recognitions provided by their employers. an industry game-changer. Record maintenance,For example: or data quality process, is one of the most important parts of the Futurecasting methodology. The maintenance of records,(Competitor X OR Competitor XY) alongside the customization of a CRM, isProduct + Performance Indicator + the cornerstone of new projects I’m workingSkill/Expertise = Hire on. Viable data with a dramatically extended• “Over *% of quota in *” shelf life is no longer as easily susceptible• “Achieved *% of FY* plan” to drastic market shifts and attrition that• “*+ Quota” could negatively impact the searchability• “of $.*.million” of passive candidates.• (percent | %) exceed Quota FY• “Achieved *% of Annual Quota”• (“Top 10%” | “Top ten percent” | “top 10 percent”)• “year over year sales quota attainment”By elevating their level of fluency interminologies relevant to targeted leadsamong the competitor pool, Informatica’srecruiters and sourcers were able to equipthemselves with a formula-driven aptitudefor more precise hires. The impact of thiswas immediately seen in standard successbenchmarks within talent acquisition suchas time-to-fill and cost-per-hire, becauserecruiting was just plain easier. By havingclear and standardized data fields, the newapproach made recruiters’ work quickerand less prone to error.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  17. 17. Futurecasting 17Big Social Data: the engine of Futurecasting methodology Simply stated, Futurecasting is about managing the life span of your talent • One lead and one record within audience as a proactive pipeline tomorrow one place and linked to all pipeline and thereafter. Building CRM as a solution and job ID reqs, resulting in massive is about gaining access to key talent data cost savings by ending sourcing- that transforms the record into a profile and related multi-billing for duplicate ensures relevance over an extended period lead records. of shelf life, something that can be measured. • All leads vetted already by the In developing its methodology and full recruiters and sourcers who generated lifecycle of implementation, one can clearly the data over several years – all see that it provides incredible value. records merged and updated for shelf-life extension through now- Companies end up investing in data that perfunctory social media fields. is strategic and durable. Corporate talent • Recruiters and sourcers can come organizations prosper not simply by comparing and go, because of forever data. the quantity of data records, but by nurturing This essentially secures the data to become composite profiles and by intellectual property of the data creating access to data across social platforms without the need to rely on individuals through a detailed methodology, which and their consistency to track it. underpins relevance. Today the technologies • Whenever feasible, automation as for all of this are readily available, if not yet the common denominator. fully converged, and companies who have Organizations can now see to it access to their data and identify practices that candidates are re-engaged at and learn from it are investing in their own appropriate time periods. RSS feeds enduring intellectual property to hire the best now alert team members globally of in a more proactive manner than ever deemed sudden market developments possible. Big Social Data is the fuel. With it, adversely affecting key competitors. a Futurecasting methodology has: Macro functionality standardizes the expertise level of search strings applied in identifying and creating pipelines.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact
  18. 18. Futurecasting 18Trust in Registry:the implications of Futurecasting for the employer brand Notably and naturally, Futurecasting By designing and sharing a disclosure with has implications for the talent acquisition their targeted talent, organizations assure these professional’s relationship with the targeted populations that they’re not building merely talent. Organizations that establish a ‘Trust a database (a sterile, faceless “talent pool”), in Registry’ help themselves in navigating but instead trust management relationships. through the coming changes. These trust management relationships speed communication and enable talent acquisition organizations to track longitudinal data A term coined by Gerry Crispin, author of this successfully. At its core, this is a transformation whitepaper’s foreword, a Trust in Registry of dynamics surrounding the employer brand. presents a mutual advantage for talent acquisition specialists and candidates. Candidates today are records, but with the philosophy of Futurecasting and progression of technology, records are becoming profiles: the sum of many records, all consolidated. We are moving to a stage when anyone active in social networks will have what amounts to a digital wallet comprising their social data links, etc. Knowing that companies store this data, candidates can gain access to it for ease of mobility. As we approach ubiquity in the availability of Big Social Data, a Trust in Registry will equal the sum of social data and the mutual trust in the transactions between job seekers and career providers or potential employers. Cloud-based, it will be a service utility.Copyright©2013. Korn/Ferry International/Futurestep, Inc. All rights reserved. Talent with impact