HR tech has gained huge popularity among enterprises and SMBs. Powered by artificial intelligence, HR technology gives immense power to organizations.
A recent study by Oracle reveals that 93% of people are ready to take orders from a robot and over a third of employees believe that artificial intelligence (AI) will make customer and employee experiences better. What’s appalling, however, is only 6% of HR teams proactively use AI and machine learning-based solutions. This naturally creates an opportunity for AI to help HR meet the evolving employee expectations for creating a personalized and holistic work environment.
A piquing concern and a cause for anxiety among HR professionals is surrounding AI making people –centric function less personable. The probability of going things the other way too is equally substantial — making HR simpler, more agile, and ultimately more human.
Using artificial intelligence to humanize HR sounds counterintuitive. However, if AI is implemented correctly, this is exactly what can happen. Using artificial intelligence along with advanced HCM solutions allow organizations to hire smarter, onboard better, and retain employees longer.
1. Making recruiting better
Use of AI-powered ATS (Applicant Tracking Systems) among enterprises to streamline recruiting is a worldwide HR tech trend.
Recruiting is perhaps the toughest task for an HR professional. Finding a perfect fit for the organization requires substantial amount of energy. Even after putting a lot of energy and time, the result often is a dead end or the hire produces little ROI. Artificial intelligence can save HR professionals a lot of energy and time.
AI-based tools like best-fit candidate can help organizations become more strategic approach to recruiting. Artificial intelligence can identify talent with characteristics that are similar to successful employees and proactively invite job seekers with similar characteristics to apply for the job. This will save HR teams a lot of time as the teams will only be shifting through qualified candidates. Once the process is over, the team will have a data –backed justification for the hiring decision.
In the next few years, among various HR function, recruiting will become heavily HR technology dependent.
2. Make the Onboarding Process Smoother
A company loses 17% of new hires within the first three months on average. Another report suggests that 15% of those who resigned found lack of effective onboarding process was a part of their decision to leave. What’s happening here is the lack of an organized process, which creates more stress among new hires who are already undergoing major life change do not get reassurance of their decision to join our organization.
Organizations are increasingly realizing that a good employee onboarding experience plays a critical role in employee engagement, productivity, and retention. However, a significant number of businesses still lack an intuitive and formalized process.
Use of AI for employee onboarding gives outstanding results. For instance, Arizona Federal Credit Union was able to cut down 60 hours per month spent on onboarding tasks and saved 115 hours during benefits open enrollment period.
Digital assistants are playing a significant role in making onboarding experience better. The onboarding process can vary significantly between tax deductions and benefits selection. In such situation, relying on HR representative to help and answer questions related to various tasks can be very hectic. Employees can talk to digital concierge to get quick answers to their queries.
3. Reduce employee turnover
Organizations often lose employees due to a lack of insight into employee job satisfaction. What is there’s an effective way to gauge an employee’s level of motivation and tailor his/her experience to meet his/her needs.
AI-powered tools can provide insight on what motivates, engages, and retains employees. Managers can use this information to create a personalized work experience that meets both organizational and employee goals. Further, additional AI-powered plugins allow managers to learn the traits of employees who resign and track the development of such trends in workforce, alarming teams about at-risk talent. So HR teams can take suitable measures to address concerns.
Artificial intelligence has emerged as a new tool in the hands of HR teams to tackle serious HR concerns. In the process, saving the team a lot of time and effort. This time and effort can be used on more cognitively-demanding tasks.