Are you trying to fill open positions quickly, but are having a hard time finding high quality workers fast enough? If so, you’re certainly not alone, but I bet there’s one thing you haven’t thought about that could be a contributing factor: your workforce taxonomy.
Now, you may be asking, “What is a workforce taxonomy?” It’s quite simple in concept: it’s a way of classifying your workforce–all your employees and contingent workers–to ensure that you have the right skills and experience in your organization, in the right set of roles, and that ultimately you’re paying the right rates for the work. So, in essence, your taxonomy is the critical foundation for many workforce management tasks.
But keeping a workforce taxonomy accurate and up to date is easier said than done. One multi-billion-dollar tech company we work with ran into this issue and consequently suffered from serious pay parity and sourcing compliance problems—not to mention massively overpaying more than a hundred thousand workers.
Taxonomies at most companies are outdated, not standardized, and rely on a very manual review process that is both time consuming and labor intensive. This leads to misaligned work requirements and job structures, suboptimal hiring performance, supplier complaints, and poor cost visibility—on top of the problems our global tech company customer ran into.
We set out to create a tool within Brightfield’s TDX platform that not only automates the process of reviewing and updating an organization’s taxonomy, but also draws on a best-in-class workforce taxonomy built through Brightfield’s deep domain expertise. Enter Job Taxonomy Optimizer (JTO). JTO uses advanced artificial intelligence to analyze the job classifications of hundreds of thousands of roles, allowing users to maintain a business-and market-relevant taxonomy as the framework for defining and pricing work to be done. JTO automatically assesses the health of your job descriptions, job structure, and leveling (See Figure 1).
JTO makes it much easier to stay on top of frequent updates, as well as highlighting new and emerging skills. In our latest release, you can now review and update your taxonomy 5X faster than traditional methods. And with additional filtering capabilities and an updated interface, ensuring your company has the appropriate role structure and titling in place to attract the right talent at the right prices, has never been easier (See Figure 2).
Oh, and in case you were wondering about our multi-billion-dollar tech company customer, we helped them prune their temporary worker titles by 79%, eliminated their pay parity risk, and reduced their time to fill across the board. Pretty cool, huh?