Artificial Intelligence is a technology that is defining new-era paradigms of operating business, it is a tool that automates and completes the majority of the low-value HR functions so that the larger focus can be driven to the strategic works. From talent acquisition to talent management, AI is capable enough to transform employee experience manifolds through speedy and accurate processing of a large quantity of data. In today’s era, AI capabilities are scaling new heights and driving the manner in which we function.
Why HRTech and AI Are The Twinfold You Need to Unfold?
The success of any company is dependent on how efficiently and effectively people, process and technology come together and delivers value at optimum cost. Artificial Intelligence helps in automating the majority of the back office transactional work thereby enabling quick service delivery.
Ways in which AI is empowering HR Technology
HR is one of the core functioning units of any business. The adoption of AI can rapidly transform the HR units for both short-term as well as long-term benefits. A large number of startups are providing AI-based technology and services to HR firms for various activities. So, let’s have a look at the ways in which the use of AI on HRTech is empowering HR professionals:
Talent Acquisition
One of the greatest advantages that AI offers hiring managers is the ability to recognize suitable candidates.
AI can work like a charm in the initial stage of the recruitment process since it can perform a preliminary analysis of résumé of a candidate to cross-check his/her declared skills against the skills of successful employees with the same job title. This accelerates the recruitment process, when there are a large number of applicants for a single opening, sifting through all the submitted résumé can be very time-consuming. On the other hand, AI can do it in a fraction of the time it would take humans.
Naturally, this isn’t a solution for every company, in certain positions, the inherent flexibility and creativity of a candidate are worth more than past experience and skills, and that’s something that AI still has difficulty in gauging.
AI also helps in eliminating human bias, the algorithm looks only at the relevant elements included in the résumé such as skills and experience. Removing human bias from the hiring process encourages an inclusive workplace.
With a rich database of past applicants, recruitment managers can utilize AI to look for applicable candidates for new job openings. Candidate filtering and tracking also streamline and speed up the recruitment process.
A study found that organizations using AI-augmented software increased their effectiveness in providing a competitive advantage of the talent acquisition process by 16%. Utilizing AI to sift through résumés also enhances efficiency in reducing applicant screening times.
Employee Retention
By tracking each computer activity of every employee at work, AI can determine who may be looking for another job and head out of the company.
It can identify employees who are bored, disengaged, unproductive or seeking other job opportunities.
AI & HR Tech can detect any changes in their behaviour and communication, instantly notifying HR executives through their online HR training software.
They would then take certain steps to resolve their issue and retain those employees. AI can also help in developing programs for engaging and rewarding employees, thus further increasing retention.
Automating time-consuming tasks
Automation in HRtech services is not new. HR professionals have been automating their monotonous, time-consuming tasks for a while now. So, how does the integration of AI make it different?
AI can take over all low-value tasks, like benefits management, common employee questions about procedures and policies, processing leave forms, etc.
That way, HR professionals have more time in hand to concentrate on high-value tasks and make some real changes in an organization.
With lesser tasks on their plate, they can focus more on mentoring, constructive feedback, motivating and engaging employees, and forging strong workplace relationships.
They can work on various strategies that impact the overall success of their business.
As per a recent report by Harris Interactive and Eightfold.ai, AI adopters are 19% more effective in decreasing the time consumed by HR on administrative tasks.
Conclusion
AI is a superhero in disguise; it constantly gathers and analyzes crucial data that helps HR professionals perform better at their job. Therefore they should start implementing AI management in HRtech.
The “human” aspect of human resources shouldn’t be neglected now or even later in the future. From making the final recruitment decisions to discovering creative ways to keep employees engaged, the HR directors and Managers must know their employees and their company in ways AI software doesn’t.
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