A perfect storm of factors, including low wages/cost of living ratio, the COVID pandemic, and the great resignation, has prompted employers to re-think their relationship with the workforce.
Many are turning to the highly-skilled extended workforce to create high-performing teams to help them achieve their goals while bypassing the challenges of low engagement and high attrition characteristic of today’s tight candidate-led market.
Technology will have a vital role to play in ensuring organizations can hire scarce talent efficiently and be confident that workers are optimally placed and primed to work.
This article will examine how organizations can use augmented intelligence to gain invaluable insight that will give them a competitive edge through procurement and beyond.
What is Augmented Intelligence?
Talking about artificial intelligence (AI) in the context of the talent crisis could cause hiring decision-makers to wince at the prospect of replacing human talent with machines.
But AI’s close cousin, augmented intelligence, combines the best of AI, (e.g, machine learning and natural language processing) with the best of human capabilities to create cost-effective and efficient working processes that add up to much more than the sum of their parts.
Put simply, augmented intelligence is a branch of AI focusing on how machine learning and other AI technologies can enhance what humans do—rather than replacing them outright.
It does this by giving teams the information they need to make better decisions based on data instead of intuition.
Such technology is already well within reach: If you’ve ever asked Apple’s Siri or Amazon’s Alexa for a weather forecast before deciding on your outfit for the day, you’ve already harnessed the power of augmented intelligence to make a data-driven decision. But imagine if your closet automatically presented to you with 2 or 3 outfits based on the forecast!
Augmented Intelligence in Action
Unlike artificial intelligence technologies like deep learning, which can run and make decisions independently of the user, augmented intelligence won’t design a crisis-proof talent acquisition and retention strategy for you.
Instead, augmented intelligence arms you with relevant, actionable data to make better-informed decisions.
And because the most sophisticated augmented intelligence systems use natural language processing (NLP) to interpret language, they can do so without the need for complex user interfaces.
Imagine seeing a detailed rundown of projected costs for filling a vacant data analyst role alongside market rates and suggestions about which of your suppliers could help you fill the position most efficiently based on past performance. You’re close to understanding the potential of augmented intelligence for helping your businesses navigate the talent crisis.
Beeline—the World’s First Augmented Intelligence Extended Workforce Platform
In over 20 years at the forefront of extended workforce management, Beeline has amassed an enormous dataset made up of over 30 million workers and $700B in talent spend.
The data is leveraged to place easily digestible visualizations of historical data at every step of the process and allow anyone in your organization to make fast, informed strategic decisions about talent.
Are You Making The Most of Internal Talent Pools?
Because Beeline provides a detailed overview of your existing extended workforce, you may discover you don’t need to go to the market to fulfill some crucial positions.
When creating a requisition in Beeline, the platform scours your existing workforce for potential candidates who are already engaged with your organization and may be close to completing their assignments.
By re-engaging extended workers instead of searching for new hires, you can reduce the time to fill positions with confidence. Plus, with detailed rate info also visible, you’ll always know you’re getting value compared to taking open positions to market.
Did You Know? - Rate Visualization
It isn’t just the single workforce overview where Beeline offers game-changing visualization and insight.
When hiring candidates, Beeline provides invaluable information and suggestions about rate card averages you can use to generate impressive cost savings.
Beeline gives you a breakdown of bill rates by geography, hiring manager, and more. The AI assistant also analyzes historical supplier rate data to provide a competitive edge when negotiating.
In addition to rate information, Beeline’s augmented intelligence assistant parses resumes into natural language you can easily understand, providing a fixed format summary of skills, experience, and more.
Beeline’s resume visualizer removes hours of work from the process of interpreting and comparing resumes, allowing you to compare, narrow down, and select the right candidates faster.
Knowing which of your suppliers performs best on the benchmarks that matter to you can feel like a purely intuitive process.
With Beeline’s AI-powered supplier scorecards, you can see at a glance how each of your suppliers performs on various metrics across cost, efficiency, and quality.
Cost data lets you know how each supplier performs on rate competitiveness and how many placements were engaged above the requested rate immediately. Meanwhile, efficiency ratings inform you about average response times, and the quality metric provides invaluable insight into suppliers’ submit-to-hire ratio, average interview rating for candidates, and much more.
With Beeline’s supplier scorecards, you can leverage data to set up competitive, bespoke rate cards with your best-performing suppliers and encourage the worst performers to do better.
Insight Improves with Age
Compiling and making sense of such detailed and insightful data without a dedicated platform would be a full-time task. But Beeline makes the right information available at the right time to anyone in your organization who needs it.
And because Beeline constantly collates and analyzes real-time data, the augmented intelligence assistant becomes more accurate and insightful the more you use it. So, organizations that set up Beeline now will see exponential benefits that keep them competitive for years down the road.
Augmented Intelligence is Augmented Performance
It should already be clear how Beeline’s augmented intelligence capabilities can help organizations stay competitive in today’s tight labor market.
It can answer complex questions about workforce trends, provide detailed analytical reports and help hirers source and manage talent via Beeline’s integrated global direct sourcing and talent pools.
And because Beeline’s augmented intelligence is, at heart, an AI-driven technology, the platform learns from every interaction to drive continually improved results.
Real-World Stats: How Beeline’s Augmented Intelligence Helps Companies Overcome their Extended Workforce Challenges
- Reduces direct-sourced worker markups by 30-40%
- Cuts talent acquisition costs by as much as 10-20%
- Reduces the time to fill positions by 20%
Augment Your Talent Strategy with Beeline
The figures speak for themselves. The efficiencies represent a definitive market advantage when the talent competition has never been so fierce—and they’re just the tip of the iceberg.
Contact us to request a demo and discover why over 350 global organizations and 30% of Fortune 500 companies trust Beeline to help them navigate the global skills shortage.