With transformational impacts on almost every facet of life, artificial intelligence (AI) is emerging as a key accelerator of economic growth and prosperity worldwide. From aiding product development to optimising production and enhancing service, AI is heralding a new wave of revolution across product categories and service domains. Even on the crucial aspect of hiring, developing, and managing leadership talent, AI is proving to be a great support for organisations. Here are prominent ways AI tools are helping employers identify and select the right talent for positions of strategic relevance in their organisations:
Automated screening: Leadership hiring is a time-consuming process that involves setting criteria, screening profiles, and scheduling interviews among a host of other associated functions. While accomplishing these tasks manually takes a long time, AI can significantly shorten the recruitment cycle by automating a majority of recruitment and selection procedures. AI tools can automate the screening process, evaluate scores, and aid recruiters by offering a comprehensive analysis of the skill sets possessed by potential candidates. AI can also analyse the social profiles of candidates and offer holistic analysis of potential candidates.
Removing subjectivity: With leadership positions being critical for growth and sustenance, any bias in selecting C-suite people can have a damaging impact on the performance of organizations. AI ensures that the entire process of recruiting leaders remains objective, fair, and just. Unlike humans who are driven by feelings and emotions, AI algorithms solely select the candidates based on their skills, competencies, and qualifications. This leaves little room for any prejudice and allows firms to recruit diversified, dynamic, and vibrant individuals at the top echelons of the organization.
Predicting turnover: Not only does AI help in recruiting top-level employees but also helps in predicting their engagement behaviours, attrition patterns, and potential switchover. By combining the employment records of candidates with their present level of engagement, AI can predict the attrition rate at the top leadership positions. For example, AI tools can alert employers about the sudden decrease in employees’ engagement levels or increase in their job search activity online. The information can be used by employers to enhance engagement with their employees, enhance their talent retention efforts, or devise a contingency plan in case of a sudden exit.
Identifying trends: By analysing historical data and current scenarios, AI tools can help firms identify trends that are finding favour with the workforce at the top level. The information can be used in a variety of manners - from creating a conducive work culture to devising employee-friendly practices and reducing workforce attrition. AI can also highlight the less critical areas where responsibility from top leadership positions can be attributed to functionaries in middle-management, thereby reducing the workload of senior management by only assigning them issues of strategic relevance.
Feedback evaluation: AI can analyse the data on an array of critical indicators and prove instrumental in bringing improvements in organisational work practices including procedures employed in the recruitment and selection process. The feedback on the talent acquisition and management front thus can be used on how to identify potential talent, develop existing leaders, and maximize retention of talent employed in leadership positions. The feedback is also crucial in identifying reasons fueling employee attrition and what changes need to be incorporated to maximize firms’ productivity throughout the hierarchical levels.
Onboarding assistance: AI tools can help new leaders acclimate by offering them an overview of the organisation, answering their queries, and supplementing them with desired information among others. This quick and easy onboarding assistance is crucial for infusing a sense of belongingness to new hires and motivates them to get on with the work and bring out the best in them. The AI system can also be used in conjunction with the buddy or mentor policy that many organisations offer to support the onboarding of their new employees.
AI is heralding a decisive change in the recruitment and selection practices adopted by firms for leadership positions. The holistic benefit that the technology brings to the table is unique and by offering comprehensive analysis - from screening to selection to retention, AI can help firms in recruiting people for top leadership positions. Summarily, AI can complement talent acquisition, development, and recruitment and when used in conjunction with human discretion, it can take the effectiveness of the hiring process to a whole new level.