In today’s world, a lot has been going on in the field of AI. It has changed the way how businesses function by solving complex data-driven problems in no time. If we specifically talk about AI’s impact on the Human Resources industry, it has been nothing short of monumental.
What is Artificial Intelligence (AI)?
Artificial Intelligence is the ability of a machine to perform cognitive functions associated with human minds, including a range of capabilities that enable AI to solve business problems.
Acceptability and Impact
Gartner’s CIO Survey found that in the last four years, AI implementation grew by a whopping 270%. Another survey by IT giant Infosys titled ‘Human Amplification in the Enterprise’ found that 98% of respondents who used AI-based tools reported that it had generated additional revenue for their organizations and have increased their bottom line by at least 15%.
Let’s explore the functions in which AI could aid HR departments.
- Preliminary screening of candidates using characteristics of top-performing employees or using keyword algorithm
- Reduce bias, conscious or unconscious
- Refine data to facilitate better decision making
- Faster integration of new employees by making them familiar with job roles, responsibilities, and company policies, etc.
- Allow HR managers to attend to specific employee queries
#3. Employee Training
- Personalised training programs to nurture talent and track learning progress
- Virtual mentoring accessible all round the clock leading to increased flexibility
- Aid in skill-gap analysis and take corrective measures
- Facilitate change management
- AI-based analysis of individual sentiments and employee performance help in gauging their expectations and identify who deserves a raise
- Reward and recognition programs to boost employee engagement
#5. Automation of administrative tasks
- Simplify low-value tasks like pre-screening or interview scheduling
- Increased efficiency and time management
#6. Improved employee experience
- Makes the tedious process of Recruitment a breeze
- Employees have a better outlook of the organization which follows a structured onboarding process, thereby delivering a next-level digital experience
The Future of Work
- According to a 2018 Deloitte survey, 40% of respondent companies have embedded at least one AI capability in their business processes
- As per a leading research firm named IDC, the market for AI is expected to grow from $37.5 billion to $98 billion by 2023
- McKinsey estimates that up to 30% of current work activities could be displaced by 2030