Artificial Intelligence: Employee turnover, combined with the digital disruption of the workforce, has forced organizations that lack the tools and resources needed to meet their HR and recruitment needs to turn to technology for assistance. We are already seeing an increase in the number of companies wanting to invest in HR technologies.
Indeed, the global human resource technology market expects to grow from $24.04 billion in 2021 to $35.68 billion in 2028, according to Fortune Business Insights. Companies are likely to prioritize investments in AI to optimize business processes and reduce costs.
To begin with, AI can immediately add value to the HR and recruitment processes. It predicts talent needs within a company or a specific department. The ability of AI to power insight-driven predictions can efficiently collect and analyze data from across departments about vacancies and new team requirements. This can significantly help HR teams prioritize their hiring needs.
Once we identified the talent requirements, AI can assist in sourcing potential candidates via AI-generated custom advertisements. These targets the right candidate pools from across the web. AI systems, unlike traditional manual processes, not only add new levels of efficiency to the search process, but also do a much better job of tracking candidates.
This is due to the fact that AI systems can be trained with large datasets to understand ideal candidate traits. Plus, it can quickly identify the right candidates from a variety of platforms such as GitHub or Quora.
Following that, AI can help with the hiring process even more by providing AI-powered automated application tracking tools as well as resume scoring and ranking. Through the use of virtual reality-based dialogue systems or virtual recruiters, technology can also significantly reduce a recruiter’s time spent reviewing nontechnical aspects of candidates, such as communication skills. In some cases, AI can also aid in the evaluation of technical skills through the use of automated systems designed to score specific types of coding exams or simulate real-life work environments to enable remote hiring of candidates.
An employee may leave a company for a variety of reasons, ranging from salary dissatisfaction and burnout to a lack of work-life balance. Because businesses frequently invest a significant amount of time and resources in training and developing employees, they should also take the time to assess why employees leave or have left them. AI can be a valuable tool in assisting employers in determining what is causing an employee to leave.
There are already a number of AI-based employee engagement tools available today. They collect data and identify trends of dissatisfaction or needs expressed by the employee base. Businesses use chatbots, for example, to answer questions about new hires.
Similarly, AI-powered internal survey assessment tools can assist HR teams in conducting sentiment analysis and deploying data-driven organizational initiatives centered on employee morale and issues that today’s workforce considers important, such as diversity and sustainability. HR departments can also use Artificial Intelligence and data to understand the training needs of each department and create internal reskilling and upskilling opportunities.
Through the automation of rote tasks, Artificial Intelligence can be a powerful tool for combating burnout or freeing up time for employees to take on creative or intellectually challenging work. This directly applies to how HR teams identify ways to optimize existing teams and deploy AI functions for teams like customer service, finance, and legal.
AI is clearly poised to disrupt the HR industry as we know it. Indeed, with AI, HR teams are poised to serve as an organization’s critical and strategic “talent insights engine”. However, in order to unlock automation-powered efficiencies and data-driven decisions, HR professionals must do more than simply embrace technology. It necessitates the identification of novel AI applications, such as a virtual recruiter, or the use of simulated AI-augmented work settings for recruitment. This will increase the HR team’s efficiency even further. This will raise candidate and employee engagement to an entirely new level.
This will be especially important for weeding out any machine-led issues and discrepancies while maintaining the “human” in human resources. For example, if a company uses an AI system trained on datasets that are only representative of a single race or demographic, the search results will never yield the diverse candidate pools that the company may have hoped for, resulting in bias.
However, if a trained team of HR professionals is keeping a close eye on such issues, organizations can be confident that AI-induced risks will be kept at bay. Most importantly, having AI free up some time for these trained HR professionals will allow them to focus entirely on building teams that are not only productive but also committed to the organization.