To understand how Textkernel’s products and services fit into the context of people analytics, Stephan takes us a few steps back into history. “We started in the HR world with Cv parsing. We parse around 2.5 billion CVs annually. From there, we expanded to job descriptions, matching people with jobs using a shared taxonomy. We developed a tool called Jobs Data, which crawls job ads in 15 countries. This gave us valuable data on global job requirements and helped us build a skills taxonomy. That’s how we fit into people analytics.”
Defining a skills strategy
“Telefonica uses Textkernel’s technology for several things,” adds Sarah. First, we use the taxonomy to standardize our skills landscape. We also use APIs for automated processes, like extracting skills from job descriptions. We use it for matching candidates to roles, and the external market data helps us benchmark and analyze trends in skill demand. This data informs our skills strategy.”
Not tools but ingredients
“It’s important to understand that Textkernel doesn’t offer tools,” explains Stephan.
“We offer ingredients, like APIs, which companies like Telefónica can integrate based on their needs. The focus is on long-term workforce planning. For example, predicting what skills will be needed due to retirements in four or five years allows them to plan ahead.”
“My team focuses on skills management, learning, and development,” complements Sarah. “We analyze our workforce to identify skill gaps and compare the skills we have with what we’ll need in the future. Based on that, we make decisions about recruiting or upskilling. That’s where Textkernel’s data and applications come in.”
Skills management
“The use case we will present is about workforce management – specifically, how we decide which skills to develop internally versus buying externally. We’re focusing on a ‘make or buy’ decision based on skills, which is a new perspective on this topic. Long-term strategic skills are the ones we invest in, while temporary or non-core skills are outsourced to consultants or freelancers.
Stephan will then present Textkernel‘s product portfolio to offer insights in how it can be used to realize this use case and others.”
Talent intelligence is crucial
For Stephan, adopting a data-driven approach by HR departments is simply a matter of survival. “The hiring process has become more complex and diverse. If you don’t know what skills you need, how would you look for applicants in the future, especially if you can’t find them locally? You need to understand your company’s strategy, vision, and purpose because it directly impacts your talent strategy. You also need to know about the talent in your company, about your competition, and about what other companies in your area are looking for. If you don’t do the groundwork to understand what skills and talent are needed internally, what is available externally, and what’s in demand in the labor market, you won’t stay competitive.”
An exciting domain
Sarah observes that HR still has lots of potential in data analytics and data-driven decision-making. “We’re in an exciting domain that will see lots of growth I the near future. In the past, we have seen high competition among employees for the jobs they wanted, with the employer being able to choose from various suitable candidates. Today, most companies experience a war for talent and a shortage of many skills. Using talent intelligence can be one important competitive factor to attract and retain the right talent”.
“I’m really looking forward to the conference. I’m interested to hear what other companies are doing and to learn from them. There’s so much knowledge to share in this area, and I’m excited to hear all these interesting talks and see what others are doing and what will be our take-aways.”
Talent Intelligence Conference
Stephan and Sarah will be present at the Talent Intelligence Conference 2024. Unfortunately, the event is already sold out. Didn’t get your ticket? Secure your spot for next year now at a great discount!
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