AI For HR: The Way Forward
The function of Human Resource Management has experienced significant changes over the last few years. As a business, it is not just imperative to have the right people on board, but also to ensure that the employees are assigned to the right job! Some of the world’s leading organizations are testimony to this. For if Mark Zuckerberg was assigned to a marketing role and Bill Gates to accounting responsibilities, Facebook and Microsoft wouldn’t be the multi-million-dollar brand that it is today.
The job market around the world has also experienced a shift, making it more candidate-driven. Unlike before, organizations are dedicated to retaining good talent. Employee engagement practices have never been more important, and the overall recruitment function has taken top priority. In this day and time of rapid technological developments, the HR role is not just limited to humans, but to machines as well. Welcome to the world of Artificial Intelligence (AI).
Deloitte’s 5th Annual Global Human Capital Trends India Report states that 22% companies use AI for HR solutions while 53% companies are including digital tools in their HR programs. Hiring practices have become more streamlined and simplified thanks to the use of data-driven technology. Day-to-day tasks such as handling payrolls and updating records are automated. When it comes to hiring, AI tools can help scan through piles of data to identify keywords and patterns to shortlist the most apt profiles. AI is backed with cognitive abilities that help provide predictive analysis. This could be by way of assessing social media data, previous work history, significant achievements, and more.
WorkCompass is a Performance Management Software that helps generate regular reports. Other applications such as Rotageek uses technology to handle everyday tasks such as automating shift schedules. It also uses predictive analysis to help businesses forecast demand for a particular product or service, and plan accordingly.
According to the IBM Institute for Business Value, 65% CEOs believe that cognitive computing will drive progress & add value to the HR function. Even simple requirements such as employee onboarding process, online training courses, & performance analysis are being performed by digital tools and technologies.
Monjin – a leading video-interviewing platform connects interviewers and candidates through an automated system, thereby eliminating HR bias. And that’s just the tip of the iceberg. AI has been able to revolutionise the HR process in numerous ways.
If you’re ready to improve HR functions and be part of the change, drop us a message at marketing@monjin.com.