Welcome to CPO Rising’s all-new feature, the Future of Work Influencer series, which will highlight innovative voices in the evolving world of work. This exciting new series will be a go-to spot for progressive thoughts on how technology, transformational thinking, and revolutionary ideas are changing how work gets done. Be sure to check out past articles in this series here.
We are excited to be joined by Jason Fox, CEO of HCM Strategies, for this week’s Future of Work Influencer feature:
Christopher J. Dwyer: Hi Jason, great to chat with you. Tell us a little bit about yourself and how you became a part of this industry.
Jason Fox: Hi Chris, great to be here, discussing the Future of Work with you. I’ve worked in the human capital management (HCM) space for over 20 years, with a major focus on contingent workforce management. During this time, I’ve designed and implemented predictive analytics departments, global analytics platforms, and data management disciplines for large global clients. I’ve spent the last two years developing data management and business intelligence capabilities for oil and gas, CPG, and information technology corporations.
The HCM Strategies executive leadership team brings over 40 years of HCM, analytics, and data experience to the market. Our “why” is simple: deliver proactive, actionable, and accurate analytics that solve business problems.
CJD: It’s been mentioned many times in Ardent research that we’re living in an “age of intelligence.” Why is intelligence so crucial in today’s Future of Work-led culture?
JF: Simply put: you can’t manage what you can’t measure. The war on talent is real. A successful CWM program needs competitive rates, a positive candidate experience, and an optimized supply chain all while managing internal costs.
CJD: One of the oft-overlooked aspects of the evolving contingent workforce management market is job descriptions, something that really hasn’t been transformed, even as other pieces of CWM have undergone exciting progressions. How does HCM Strategies’ ARCH AI solution address this critical piece of non-employee workforce management?
JF: Our market rate benchmarking platform, powered by ARCH AI, provides market rate recommendations representing the entire labor market. Robust and accurate job descriptions contain quite a bit of intelligence and increase the accuracy of our AI model. Leveraging natural language processing (NLP), we’re able to extract skills, education, and certification requirements from job descriptions. Beyond this, ARCH AI leverages NLP to understand job description context. For example, market compensation will be higher for a developer that gathers, designs, and codes requirements, compared to a developer that only codes requirements.
CJD: Tell us about HCM’s CWM Analytics Platform.
JF: We’re excited about our CWM Analytics Platform and what it brings to the market. Our platform deliverers portable capabilities needed for successful program analytics. Our full-service offering implements and delivers data management, data storage, BI development, business analytics, and market benchmarking. Clients can also choose from this menu of options to enhance their current capabilities where needed.
Future state, we’re developing an out-of-the box analytics solution for CWM programs. The first version, scheduled for a Q2 2019 release, is a program analytics module which includes contingent, SOW, macro/micro economics, and data management analytics. We’re also developing a proprietary “Signal” model which efficiently identifies trends in your data not typically found through human exploration.
CJD: What I really admire about HCM Strategies is that it seems like an “easy” step for organizations to harness the power of artificial intelligence in a way that will immediately benefit their contingent workforce program. Where do you see AI in the months and years ahead in regard to the Future of Work?
JF: That’s right, Chris. Our products leverage the latest in AI methodologies and our analytics team is with you every step of the way. As AI continues to transform the entire business landscape, it will become a competitive advantage for organizations that learn how to leverage it effectively.
Specific to CWM and the Gig Economy, we believe AI will foster actionable analytics and transform the candidate experience. HCM Strategies is a great example, leveraging the efficiency and scale of AI, we provide actionable insights at a lower cost to our clients.
The candidate experience will continue to significantly transform through AI. Today’s sourcing process heavily leans towards multiple recruiters seeking out the same candidate(s). The candidate experience suffers in this model, as they are bombarded by emails and phone calls every time a closely-matching contract is available. As AI sourcing models mature, candidate sourcing will become streamlined, gig workers will quickly find a new contract, and their compensation will be maximized. Employers seeking out the best talent will need to leverage these sourcing technologies and implement a comprehensive market compensation program to attract and win the best talent.
Connect with Jason on LinkedIn, or visit www.hcmstrategies.com for more information on HCM Strategies.
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