Unilever replacing human recruiters with an artificial intelligence system is proof that AI can do things the world cannot fathom.
AI as we know is already causing a major impact across the globe. From predicting toxins inside the grains of food to improving employee experience, AI is becoming the new norm in the HR industry.
Based on a study by PwC, the global GDP is estimated to grow by 14% or above by 2030 due to AI adoption. This contributes to an additional USD 15.7 trillion toward the global economy.
Besides other industries such as healthcare, retail, manufacturing, public sector, and financial services, AI equally caused an impact on the HR industry. It is ironic, but HR transformation is taking place and that too at a rapid pace. Human resources not directly associated with this pioneering technology may incur huge losses to the industry and may prove a fatal mistake.
If human resource technology spends an unwanted number of hours discussing how AI and automation can replace jobs, it may still be easy for one to forget that the very same technology plays a major role to play – hiring the right talent, finding the right employee, and securing the right talent.
In this era of digital transformation, machine learning and AI have become a crucial part of our lives. Thanks to the interconnection of humans and learning machines that are causing the growth of HR data in the cloud. The use of AI in these data generated offers better insight on how to move ahead with the execution and the operation. An organization is successful only when it collaborates with the process, technology, and people to deliver transformation information at optimal costs. AI also helps in automating back-office functions to obtain a reliable service delivery along with reliable HR transactions.
• A Forrester repost estimates AI to be the next unthinkable technology disrupting the customer service through chatbots. About 85% of customer services to take place by chatbots in the foreseeable future. As time goes by, these chatbots will only become more intelligent and smarter. The day won’t be far when AI will not only be used to improve customer experience but employee experience.
How AI in HR helps?
As said by Jeffrey Ng, a chief scientist at startup incubator Founders Factory, “finding the right candidate for a job is like locating a needle in a haystack. Research tells us that 79 percent of recruiters’ time is spent sifting through a dense ecosystem of possibilities.”
AI in HR has drastically transformed the inefficiencies faced by HR in recruitment. Earlier, it used to take weeks together to curate potential candidates for interviews, not it barely takes minutes or even seconds at times.
To be precise, AI is much more capable than just delivering efficient HR recruitment. Following are the lists of AI in HR will help businesses further: –
• Onboarding new candidates – how AI can improve experience and effectiveness of the new-hire
rLoop, a blockchain organization based out of Canada is already improving the onboarding hiring process of its employees. Especially for those who are distributed across different verticals, spread across different time zones and those preferred working remotely. This organization uses AI for hiring new employees by the data that is fetched on the type of frequently asked questions to the candidates.
According to Lessard, project manager of rLoop says,
“When new members come on board, they ask a range of similar questions such as: what projects does rLoop have underway, how do they get started using company online expense reporting, and what are the company holidays for the current year?”
Now many of the answers to this question may be repetitive that can be easily handled by AI improving the hiring capacity while ensuring the dissimilation of the company culture and values does not happen.
Another company called Flexport has started using machine learning and AI to improve its hiring process. Some of the questions asked were as follows:
o Are there any frequently asked questions the new hires have for us and how they’ve been answered? What kind of data do we have on these questions and answers?
o Are there any pain points during recruitment, if so what are they? Are we following any kind of process to source the right kind of talent? Is there a way to improve the response time and candidate engagement?
o How can AI boost the HR key roles to deliver a positive impact on the organization?
• Sourcing hard to find relevant talent – the process of how to source talent to improve candidate engagement
For instance, the company Flexporti.e. a supply chain management company with its recruiting partner initiated to improve the response time along with the visibility to recruit talent from the engineering background. However, with the intensity of competition taking place in the technology field, it is highly challenging to recruit the right talent.
The current method was labor-intensive; hence, it did not provide much visibility toward candidate engagement. The company’s main goal was to find the appropriate route of communication with relevant talents through which it becomes easier to source prospective candidates from open source platforms like Dribble, Kaggle, and social media platforms. AI in recruitment allows using AI tools and techniques through which they can source relevant talent.
Off late, the HR industry has been facing a strong revolution with the advent of technologies like AI and automation. Due to this, multiple HR functions have been trickled down and reshaped with the help of automation and AI.
AI has streamlined multiple human resources functions such as increasing retention rates, reducing hiring bias, help employers craft job descriptions, improve employee engagement, streamlining of an employee, saving lots of time.
As these new technologies move ahead in disrupting multiple industries and workplaces, it is crucial for the human resource department to embrace the human resource department must embrace both AI along with human element (of HR) in an attempt to hire and retain more employees.
The key to a successful business can only happen when there’s two-party involvement – AI and the people collaboratively working with each other.