Founder & CEO fuse machine, Adjunct Associate Professor at Columbia University – on a mission to democratize artificial intelligence.
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An organization is only as good as its people, and every business – big or small, local or global – is beginning to appreciate this reality, especially after the recent surge in employee turnover in the post-pandemic period. In 2021 alone, nearly 47 million people left their jobs, leading to the rise of the phrase “great resignation,” first coined by Texas A&M University’s Mace Business School professor Anthony Klotz.
This trend of employee layoffs, as well as the digital disruption of the workforce, have left organizations not equipped with the tools and resources needed to complete their HR and turn to technology to help recruit. We are already seeing an increase in companies looking to invest in HR technologies. In fact, according to Fortune Business Insights, the global human resources technology market is projected to grow from $24.04 billion in 2021 to $35.68 billion in 2028, and companies are prioritizing investments in AI to optimize business processes and reduce costs. can.
Below, I outline how artificial intelligence technology, in particular, will help businesses enhance their entire human resource lifecycle, from mapping talent to identifying the best ways to attract new talent as well as existing ones. To keep the talent engaged and happy in their teams.
The role of AI in informing and efficient HR teams
First and foremost, AI can add immediate value to human resources and recruitment processes by estimating talent needs within a company or a specific department. AI’s ability to power insight-driven predictions can be used to efficiently collect and analyze data about vacancies and new team requirements from various departments, helping HR teams prioritize their recruitment needs. can help significantly.
Once talent needs are identified, AI can help source potential candidates through AI-generated custom ads that help target the right candidate pool from across the web. In addition to adding new levels of efficiency to the search process, AI systems also do a better job of tracking down candidates, as opposed to traditional manual processes. This is because AI systems can be trained with large datasets to understand ideal candidate traits and quickly identify the right candidates from myriad platforms such as GitHub or Quora.
Thereafter, the AI can further aid the hiring process through AI-powered automated application tracking tools and resume scoring and rankings. Through the use of virtual reality-based communication systems or virtual recruiters, technology can significantly reduce recruiters’ time in reviewing non-technical aspects of candidates, such as communication skills. In some cases, AI can aid in the assessment of technical skills with the use of automated systems designed to score certain types of coding exams or use a real-life work environment to hire candidates remotely. can emulate.
The role of AI in improving employee engagement
An employee can leave the company for any number of reasons, from pay dissatisfaction and burnout to a lack of work-life balance. Since businesses often spend a great deal of time and resources training and helping an employee grow, they should also take the time to assess why employees leave or have left. AI can be a great tool to help employers understand what causes an employee to leave.
Today, there are already several AI-based employee engagement tools that collect data and identify trends in dissatisfaction or needs expressed by the employee base. For example, companies are using chatbots to solve new hire queries. Similarly, AI-powered internal survey assessment tools can help HR teams to conduct sentiment analysis and deploy data-driven organization initiatives that focus on employee morale and prioritize what today’s workforce is, such as Diversity and sustainability. HR teams also have the ability to leverage AI and data to understand training needs in each department and create opportunities for internal skills and upskilling.
AI can be a powerful tool to help employees deal with burnout or free up time for employees to perform creative or intellectually challenging tasks through the automation of rote tasks. This applies directly to how HR teams identify ways to optimize existing teams and deploy AI functions for teams such as customer service, finance and legal.
Empowering the Future of Human Resources with AI
Clearly, AI is set to disrupt the human resources industry as we know it. In fact, with AI, HR teams are set to serve as a vital and strategic “talent insight engine” of an organization. However, this progress requires HR professionals to do more than embrace technology to unlock automation-driven competencies and data-driven decisions. This requires them to identify new applications of AI, such as virtual recruiters, or employ simulated AI-enhanced work settings for recruiters that will further increase the efficiency of the HR team. Doing so will take candidate and employee engagement to a whole new level.
Additionally, the future of AI-powered HR will only succeed through the integration of humans and machines. This will be particularly important to address any machine-led issues and discrepancies while keeping “humans” in human resources intact. For example, if a company uses an AI system trained on datasets that are representative only of a certain race or demographic, search results will never yield the diverse candidate pools they are hoping for, resulting in There may be prejudice.
However, if there is a trained team of HR professionals keeping a close watch on such issues, organizations can rest assured that AI-induced risks will remain at bay. Most importantly, giving due time to AI for these trained HR professionals will result in them fully focused on building teams that are not only productive but also committed to their organizations.
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