Evolution of technology has disrupted almost every aspect of our lives. From businesses to retail, and banking to the services industry, we are surrounded by a plethora of innovative technologies. Artificial Intelligence (AI) is no longer an exception. The once fiction has turned into reality and Hollywood movies have actually proved the emergence of AI in our lives.
Speaking of Artificial Intelligence, let’s have a look at a few statistics to better understand the impact and future of AI.
- IDC predicts a 1 percent compound annual growth rate for global spending on AI, reaching $57.6 billion by the year 2021.
- According to a recent survey from Arm, there’s generally more hope than fear around a future with increased automation and AI. In fact, 61 percent said they think AI will make the world a better place.
- According to a recent Deloitte survey, 83 percent of the most aggressive adopters of AI and cognitive technologies said their companies have already achieved either moderate (53 percent) or substantial (30 percent) benefits.
- The AI healthcare market is on track to hit $6.6 billion by 2021, according to Accenture data.
- A new study from PointSource found that when Artificial Intelligence is deployed tactically, one-third of shoppers (34 percent) would spend more money online.
Artificial Intelligence is playing a pivotal role in almost every industry. Human Resource Management is not an exception.
According to Human Resource Professional Association, as reported in a 2017 survey, 52% of respondents indicated their businesses were unlikely to adopt AI in HR departments. About 36% believed that their organization was too small to do so. While 28% were of the view that their senior leadership did not see the need of such technology.
Whether or not you are implementing AI in your HR practices, you need to have a look at how it would be a game changer. You won’t regret reading the article.
Recruiting and Screening Got Easier with AI
You might know how frustrating it is to go through each resume, sometimes the count reaches into the millions. Screening each candidate according to the required job description means it can take days to select the right one.
However, there are some AI tools that help in recruiting the right candidate without breaking a sweat. For instance, there are AI-based chat systems that can collaborate with candidates and pick the best ones out.
On the contrary, these AI-based chat systems also help candidates to find the right job according to their experience, education, and proficiencies. In fact, AI-based tools for recruitment can help recruiters save a lot of time by automating the process of recruitment and screening.. This helps them to focus on other important tasks.
Chances of Biasness and Favoritism Reduces Drastically
Biases and favoritism based on age, gender, race or religion have been a widespread problem in almost every part of the world. Industry leaders and entrepreneurs looking to hire candidates based on their abilities, experience and job requirement may not have the chance to even vet all candidates due to biases that could exist within their HR department.
However, imagine if a system would recruit and pick the candidates based on merit and company needs. An AI-powered recruitment tool or an AI chatbot can be considered as the solution to address the biases and screen candidates according to their skills, expertise and job description.
Learning and Training of Employees
In the changing business scenario, entrepreneurs need to develop skills and encourage learning among their workforce. Artificial Intelligence can prove to be fruitful in recognizing what skills a particular individual needs.
For instance, the AI system can ask a series of questions of each individual and analyze what type of skills need improvements. Based on this result, the AI system can help in finding the recommended courses that would help the employee to learn and develop skills on the go.
Managing Schedule and MeetING Time
HR personnel have to bear a lot of stress and that includes managing schedule and meeting time. They have to go through calendars and look for upcoming appointments, interviews and meeting calls. Everything is tedious and time-consuming.
AI, in this regard, will rescue such people who are appointed for this task. For instance, developing an AI system that can be synchronized with calendars can seamlessly assist and provide updates for upcoming events, interviews or meetings. In other words, it would help streamline the process and automate it. No need to go through sticky notes, calendars or planners. Everything is notified by the AI system without doing much.
Artificial Intelligence has helped people of different occupations to automate their tasks and carry on with the tasks that are more important. By deploying Artificial Intelligence in HR, a number of monotonous tasks can be streamlined. Imagine how much it would pay in the long-run with just one-time investment.
About the Author: Ray Parker is an entrepreneur and internet marketer with over 15 years of experience in Search Engine Optimization, Creative Writing and Digital Marketing with IQVIS. He has worked with several clients from all over the globe to offer his services in various domains with a proven track record of success.