Slowly but surely, HR departments are catching up with innovative technologies such as data analytics, artificial intelligence (AI), and machine learning. As the labor market evolves, so are the digital requirements that are changing the way organizations function. Without using new technological advances, HR will not be able to respond to these challenges effectively. Although HR is still predominantly about the ‘human factor’, AI and analytics present a window of opportunity to analyze competencies, traits, culture fit, and more. According to a 2017 survey by IBM, 66% of CEOs believe that AI and cognitive computing will have significant value in HR. The following are just some of the benefits that businesses could see by using AI and analytics:
- Greater efficiency
AI would be able to handle mundane tasks that would previously have fallen to HR team members. Decisions such as vacation requests, processing onboarding requirements, and other repetitive tasks could fall to software. This would leave room for HR teams to focus on work that adds more value and has a greater impact on organizational success such as mentoring and feedback.
- Quantifiable, data driven decision making
AI allows organizations to take a more systematic approach to every aspect of the career management lifecycle. By relying on data rather than subjective factors, AI eliminates bias and enables a defensible and consistent hiring process, insights into employee engagement, and showcases areas where organizations need to focus their development efforts.
- Advanced assessments
Also benefiting the hiring process, AI allows employers to focus on the strongest candidates through a data driven analysis. By focusing on required competencies, skills, knowledge areas, education, and more, AI can quickly help you determine whether a candidate is a good fit for your organization. This lets you narrow down the candidate pool, saving you time and money on hiring and onboarding.
As AI continues to evolve, organizations will have to decide whether to make use of these new technological capabilities. The benefits are clear, and those that invest in AI will strengthen their organizations with smarter people analytics. Overall, AI enhances the experience of organizations in trying to attract, engage, develop, and retain top talent.