Artificial intelligence (AI) has asserted its presence in almost every business sector in the last decade. But its adoption received a rather dramatic impetus following the outbreak of the Covid-19 pandemic. Sanjoe Tom Jose, the CEO and CO-Founder Talview Inc said, "According to an International Data Corporation report*, the investment on AI would increase to $500 billion by 2024. As for enterprises, AI-augmented work and decision-making will soon become a reality across all functional areas of their business. According to a Mckinsey* report, the fast-paced AI adoption could raise productivity growth globally by 0.8% to 1.4% annually.
What is AI?
Simply put, AI enables machines to think like humans but more efficiently. AI can access cognitive problems and perform various tasks that include learning, problem-solving, reasoning, and even processing language. Essentially, AI helps machines interpret, process, and learn data like a human brain but with significantly higher accuracy.
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Use of AI in Human Resource
For Talent Acquisition: AI tools successfully screen candidates, schedule interviews, and even answer their queries. It saves the valuable time and effort of the HR team, making the process shorter and more communicative while ensuring that the most suitable candidate is recruited.
Onboarding Process: It is overwhelming for new recruits to become familiar with the ways of an organisation. However, the excruciatingly slow and tiring onboarding process is something that irks them the most. In fact, there have been several instances where a talented employee, who has two job offers, picks the one where the onboarding process is more seamless. It is here that the AI comes to the rescue. AI-backed tools facilitate the onboarding process in myriad ways. It includes introducing new employees to company information, completing essential documentation, sharing company policies, and dividing training assignments, among others.
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HR Administration: Administrative tasks like holiday entitlement, absence management, performance data, timesheet management, employee monitoring, salary payment, performance rankings, and others can be time-consuming and confusing. Therefore, deploying AI tools can not only help perform the aforementioned tasks without a glitch but also help maintain and regulate a database for employees.
Talent Management: Data is the new oil. Data analytics using AI tools can help draw insights for a company to learn and develop. Specifically, in the context of talent management, AI tools help retain high-quality employees by evaluating pay and reward, time in a role, performance scores, and other aspects. This sophisticated tech even predicts the likelihood of an employee leaving.
DEI goals: Besides streamlining and facilitating HR processes, technology also plays a significant role in achieving diversity, equity, and inclusion (DEI) work goals. The use of AI eliminates any bias candidates might face based on their race, age, sexual orientation or socio-economic status. AI tools identifying the hiring pattern of the organisation can tell if the hiring is biased or not. AI uses an automated resume screening process. It removes the candidate's details like the names and gender, ensuring that the first step of the hiring process is an unbiased one.
Additionally, AI-powered tools are also helpful in:-
- Keeping candidates engaged through conversations on a real-time basis.
- Helping candidates check the status of their application without bothering the HR staff.
- Identifying passive candidates, critical to tight hiring markets.
- Improving the hiring quality by screening and comparing a greater volume of candidates.
- Creating a candidate's profile that can be used in the organisation and added to the existing employees' database.
- Assessing job descriptions and positions to look for any biased language being used.
- Scanning recruitment databases for qualified applicants. It helps a company contact candidates directly.
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How AI-powered recruitment would look like
- Conducting interviews: Gathering insights from the candidates and preparing presentations to share with the HRs.
- Delivering Automated Interview Assessment: Testing the knowledge and skills of candidates in real-time through virtual interactions, thus eliminating bias.
- Recruiting the ideal candidate: Using a combination of contextual and behavioural data to target candidates with the best potential.
According to a survey done by Forbes, 96% of recruiters believe that AI will have great potential in talent acquisition and retention in the coming years. In most organisations, the 14 hours per week lost in the manual hiring process can be saved and utilised in a better place. The operational cost for not using AI tools rises by 35% and lowers productivity by 41%.
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AI is creating better avenues for organisations to make the recruitment process easy and fast. It not only speeds up and streamlines the entire process it also plays a big role in the inclusion of diversity and equity within the organisation. When uncertainty seems to be the order of the day, AI tools will ascertain greater success by acquiring the right talent.
Reference links (May or may not be carried in the published release)
IDC Report
https://venturebeat.com/2021/08/04/idc-ai-spending-will-reach-342b-in-2021/
