Transforming Human Resource Dynamics: The AI Impact
The global business and tech ecosystem have been massively disrupted in the past few years through the introduction of AI-driven innovation, The AI Impact. Nearly every segment, industry, and domain, from travel to finance, from healthcare to customer service are massively transforming, scaling new frontiers, achieving higher efficiencies than before. All this is just because of infusion of automation, AI and robotics in common processes.
Artificial intelligence cannot be deemed as a distant technology set to disrupt our future. It is already impacting how we live, play, buy, enjoy and even work. Just like other business processes getting an upgrade, human resource function is also set to be transformed because of artificial intelligence. In fact, HR function has massive transformation opportunities as it requires handling of a large amount of information, analyzing data and manually taking care of a unique set of responsibilities, all of which can be handled efficiently via Artificial Intelligence.
The Future of HR with Artificial Intelligence
As per Deloitte Human Capital Trends 2018, corporates are rapidly adopting robotics, automation and AI technologies for improving processes. About 50% of the respondents to the survey revealed that the organization they work at is serious about automation and 24% are using AI and robotics to automate routine processes.
Artificial Intelligence is positively impacting every life, every system and everything we see around. If we segregate the benefits of artificial intelligence adoption, we will realize AI is relevant in short, medium and long-term alike.
What’s Possible with AI Technology?
Artificial Intelligence is perfect to digitize, streamline, scale and standardize redundant administration processes associated with HR. With the help of robotic process automation, high-volume routine tasks can easily be handled with higher efficiency and lower chances of error.
According to industry estimates, AI is expected to grow at a rate of 9% by 2024, but it would not be a surprise if the technology registers rapidly a much rapid rate of adoption and growth due to the hype, expectations, promise, and opportunities. There are a number of ways AI can transform the existing HR landscape. Some of the potential use cases include:
AI-powered Conversational Interfaces
AI is highly-efficient at automating redundant routine tasks such as providing information about standard policies, training schedules, payroll and emoluments to the employees. With the help of AI-powered chatbots, organizations can provide 24×7 assistance to employees while saving the time of HR team to focus on more important, business-critical processes.
Machine learning for better data analysis
Machine learning algorithms can detect patterns within the data and change the course of action. Machine learning powered data analytics can help HR function to engage, train and grow employees in a better way by understanding the requirements and acting, accordingly.
The Real Impact: How AI is Making HR Process Faster & Efficient?
AI is a potent force that is transforming the HR experience through the automation of common tasks. The technology is impacting every aspect from recruitment to training and beyond. From sourcing to interviewing, onboarding to coaching and employee services, AI is bringing efficiencies to HR function like never before. A segregated look at various AI-powered HR activities will help in realizing the true potential.
Perhaps, the most important task of the HR department in an organization is recruiting the right talent for a job role. AI-powered algorithms and software are making it easier for HR professionals to speed up the task of candidate screening and reducing resume overload.
More than 96% recruiters feel AI can improve talent acquisition and retention process. AI can make it possible to identify the right candidate, collecting and scrutinizing information, performing background checks and lots more. By automating various activities, AI technology is making the mundane task more fruitful for modern HR personnel.
Smart AI tools can make on-boarding simpler and convenient for the candidates as well as faster for the HR professionals. AI can transform the human-centric manual process into a self-service one. This can speed up the task on on-boarding by connecting fresh recruits to on-site employees and speed up collaboration with the management team.
As a lot of companies all over the globe do not emphasize the importance of formal onboarding, there is a huge chance that the employee would not contribute and make a switch after joining. In fact, research suggests that nearly 33% of new hires start looking for a new job within the first six months. The same research suggests that employees who are passed through a structured onboarding process are 58% more likely to stay with an organization for more than 3 years. AI can standardize the on-boarding process, improving employee retention rate, on the way.
AI can enrich the video interviewing process that is becoming a norm in modern times. With the help of AI tools, videos can be analyzed in real-time to understand client’s psychological state, language/accent influence, education credentials, mood, and even skills.
Not only AI will gather insights for evaluation in real time, but the technology can also make use of video interviews as an opportunity to throw challenges that a potential employee is likely to face while on-the-job. This can make the interview process more inclusive, fruitful and transparent, both for recruiters as well as the candidate.
Nearly all modern jobs are tiring, competitive and require an intensive focus on part of employees. In such a scenario, employee retention becomes a pain area for HR professionals. AI can help organizations in this regard by helping them understand the mood, psyche, and sentiments of employees in real time.
AI can spot and identify patterns from a vast variety of digital data like email conversations and employee performance over time to capture feedback, understand employee expectations and make the workplace more engaging that improves retention rates. Sentiment analysis is now a reality and with AI it is doing wonders to the modern corporate environment.
The future for HR holds exciting promise from AI technologies. Innovation in the field of AI will make it possible to improve qualitative aspects associated with Human Resource in an organization. With the help of AI, organizations will be able to enhance HR productivity and efficiency by up to 10 times. Azilen, as an organization committed to building innovative and HR-centric AI solutions, will be helping modern organizations become more agile in terms of recruitment, engaging for employees and better workplaces through continuous innovation and development. Explore how Azilen can help your HR function, today!