HR practitioners have long relied on data and metrics to guide their work, often employing time-intensive, manual processes to unlock insights. In recent years, however, Artificial Intelligence (AI) software has emerged as a valuable tool to help process data and spot patterns we can’t see on our own. Advanced AI software can even use past knowledge to predict likely future outcomes. As business leaders increasingly adopt AI tools and apply them to key HR functions, the technology is radically transforming today’s work environment.
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AI technology can relieve the burdens of many HR professionals who often faced the labor-intensive, time-consuming and generally difficult task of retrieving data Elevating the task even further, it provides timely, actionable analytics and intelligence based on that data that HR professionals and leaders can respond to immediately. These actions often lead to savings in time and money and can improve talent practices from recruiting and compensation to retention and turnover.
Today’s dispersed workforce faces additional challenges, making it more difficult for employers to build an inclusive culture and foster employee engagement AI-driven tools can help leaders connect with their teams more effectively and pinpoint potential issues before they make a significant impact.. AI software can help leaders leverage data insights from their own company as well as their larger industry to make smarter, faster decisions and better guide and connect with those they lead.
Each open position typically requires HR professionals to spend significant time sourcing, recruiting, vetting and interviewing candidates. To lessen the burden and serve up a more defined and qualified talent pool, many businesses are leveraging smart, AI-enabled recruiting tools and significantly cutting down on the amount of time spent filling each position. Prepped with a list of required qualifications and skills, AI tools can quickly cast a wide net in a broad talent pool and narrow the selection to closely match the role’s qualifications and salary range. These searching skills regularly learn and improve, meaning future searches will likely be even more efficient. With recruiting becoming more complex as remote work becomes the norm, these tools can help recruiters navigate more applicants across additional geographics to find the best fit for each unique position.
With the job market expected to remain in flux as businesses gradually reopen to full capacity, compensation data will play a key role in helping to attract and retain top talent. Smart businesses already use analytics to monitor market trends in compensation at every level. Sophisticated AI also flags salary gaps by a variety of metrics, including level, age, gender or race. At a glance, the data shows employers how their company’s compensation compares to others in the same industry. AI has transformed this function from one based largely on guesswork to one supported by hard data.
Diversity, Equity and Inclusion
Recent social unrest and the increased demand for tangible change has led many companies to look inward and ask if they’re doing enough to further diversity, equity and inclusion among their staff and leadership. These self-reviews must begin with data – you can’t fix a problem until you’ve measured it. This is a key area where AI can point the path to meaningful change. AI can provide transparency into key insights, such as retention and promotion rates, as well as the overall demographics of your workforce. Similar to other business-specific benchmarks, organizations can see how they compare to their peers as well.
Retention and Turnover
In many instances, the first time a company’s leaders hear the reasons an employee has chosen to leave a job is after the exit interview with HR. By then it’s too late. AI tools allow companies to address employee concerns long before the submission of a resignation letter. Companies can use AI to identify possible problem areas.
For example, an exodus of multiple people from one department might signal a problem with that manager, or low compensation compared to other companies, or a sudden surge in demand in the job market for people with their skills. By using real-time data as an additional management tool, business leaders can avoid guesswork and make employees feel connected and valued. Once again, HR professionals can compare their data against industry benchmarks to see how their turnover rate measures by comparison.
At its best, AI provides strategic insights to increase efficiencies and drive growth for all kinds of businesses. These revolutionary tools provide organizations with a supplemental, virtual HR staff that delivers value, efficiency and savings. By using AI technology to generate actionable insights, companies can make better, more informed decisions. In these uncertain times, the HR industry is embracing AI tech that not only gathers extensive data, but also interprets it to point the way to the future.
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