Article: The rise of Intelligent HR: How will AI help organisations during the 2024 hiring surge?

HR Technology

The rise of Intelligent HR: How will AI help organisations during the 2024 hiring surge?

The AmbitionBox Founder advised prioritising fairness, transparency, and accountability in AI system development. He also stressed robust data privacy, security measures for safeguarding employee information, and educating employees about AI's HR benefits for fostering trust.
The rise of Intelligent HR: How will AI help organisations during the 2024 hiring surge?

The HR landscape stands at the brink of an exhilarating era propelled by data and AI. These technological advancements are reshaping workforce management, fostering Intelligent HR—an adept fusion of data, analytics, and AI within HR to enhance decision-making, streamline operations, and cultivate superior workplace experiences. 

Intelligent HR employs machine learning, natural language processing, and predictive analytics to automate tasks, derive actionable insights, and forecast trends. Present-day HR teams face the challenge of balancing technology-driven efficiencies with human-centric approaches. Their goal is to harness data and AI's potential to benefit the organisation while upholding a people-centric ethos, ensuring that technology augments rather than replaces human touchpoints. 

The pertinent question remains: How will AI enable organisations to make informed decisions in 2024? To delve further into this, we had an exclusive interaction with Mayur Mundada, Founder of AmbitionBox, a leading platform company reviews and salary insights. He shed light on the influence of AI and data analytics on organisations, employee experiences, and more.

2024: AI's role in HR practices

In 2024, one of the significant trends revolves around hiring, expected to surge across various sectors. As per a recent report by the hiring platform foundit, India anticipates an 8.3 per cent hiring expansion this year, following a 5 per cent decline in 2023. A noticeable hiring upturn was observed in the final month of 2023, marking a 2 per cent upswing, attributed to a positive economic shift and stabilisation in job market activity, characterised by increased job turnover rates. 

While this development is promising, it also sheds light on persistent challenges in talent acquisition, notably retention issues, performance concerns, and equitable compensation structures. On a contrasting note, AI-driven tools will remain pivotal in optimising the recruitment process. Mayur Mundada highlighted their importance, stating, "AI-powered tools encompass automated resume screening, chatbot-led initial interviews, and predictive analytics to identify top-tier candidates." 

Furthermore, Mundada emphasised AI's capability to analyse employee data, forecast future performance, recognise potential risks, and propose interventions to enhance performance and engagement. Additionally, AI aids in strategising future workforce needs based on business strategies, market trends, and employee insights, enabling organisations to make informed decisions about recruitment, training, and professional development.

AI's influence on employee engagement

Recruiting the right candidate is a formidable task, yet once talent is onboarded, the TA team shoulders additional responsibilities, notably retention, which largely hinges on the employee experience within an organisation. However, the evolving landscape, coupled with economic pressures impacting both organisations and individuals, has amplified the intricacies surrounding the seemingly simple concept of employee experience. 

This is where AI's pivotal role comes into play, as highlighted by the Founder of AmbitionBox. "AI-driven tools facilitate real-time feedback mechanisms for employees, centred on their performance and contributions. Automated recognition systems promptly acknowledge achievements, fostering a positive and motivational work atmosphere," expressed the Founder. 

"AI and data analytics serve to monitor employee well-being, analysing diverse data points like work hours, stress levels, and job satisfaction surveys. This enables organisations to identify potential areas of concern and proactively address them to support employee well-being." Moreover, AI assesses individual skill sets, career aspirations, and preferred learning paths, offering tailored training and development opportunities. "This ensures that employees access resources aligned with their professional growth objectives," he emphasised. 

Furthermore, data analytics, inclusive of sentiment analysis, applies to employee surveys and feedback, providing a holistic view of sentiments within the organisation. This data empowers HR teams to pinpoint improvement areas and implement targeted strategies to enhance the overall employee experience.

AI and its challenges in hiring

By now, the world has recognised that no technology is exempt from its own array of setbacks and challenges, and AI is no exception. Indeed, AI has emerged as a technology fraught with significant loopholes, sparking debates and raising concerns about its regulation. Hence, it becomes increasingly crucial to delve into the potential challenges that may arise with the expanded utilisation of AI in HR functions. 

The reality is that AI algorithms have the potential to perpetuate existing biases if they are trained on biased data. This scenario could lead to discriminatory hiring practices, inequitable performance evaluations, and unequal access to training and development opportunities. 

Mayur Mundada highlighted, "AI decision-making can be intricate to comprehend, creating difficulty for employees to trust the system and hold it accountable for its decisions. Furthermore, automation powered by AI might result in job displacement in specific HR functions, particularly those involving routine and repetitive tasks." 

"Privacy poses another significant challenge as AI analyses extensive volumes of employee data. It's imperative to ensure ethical data collection and usage practices," he emphasised.

The right way to leverage AI and data analytics

In the contemporary dynamic landscape of global business, corporations increasingly seek sustainable innovation prowess, making the attainment of competitive advantages more crucial than ever. The employability of AI and Data Analytics stands as a cornerstone, enabling the creation of value propositions across multiple touchpoints, significantly enhancing efficiency and impacting profitability. The question arises: How can businesses gain practical insights into these technologies? 

Mayur Mundada, Founder of AmbitionBox, suggested embracing emerging platforms that provide comprehensive company reviews by employees. "This allows organisations to extract invaluable insights into employee sentiments, fostering a mutually beneficial environment for job seekers and employers. Leveraging such platforms empowers employers to bolster their employer brand through various tools, highlighting employee reviews, showcasing their work culture, introducing team members, outlining employee benefits, and garnering valuable insights from their company's page. The amassed data plays a pivotal role in identifying pain points and focal areas, facilitating more informed decision-making for the development of robust HR policies," he stated. 

While AI serves as a potent tool, it's imperative not to rely on it exclusively. Human judgment and intuition remain indispensable in many HR decisions, particularly in evaluating cultural fit and handling sensitive situations. "Prioritising fairness, transparency, and accountability in the development and deployment of AI systems is vital. Implementing robust data privacy and security measures safeguards employee information. Lastly, educating employees about the advantages of AI in HR and its application is crucial for transparent communication, fostering employee trust," Mundada concluded.

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Topics: HR Technology, Technology, #Artificial Intelligence, #HRTech, #HRCommunity, #Outlook2024

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