The use of AI and other such technologies is advancing rapidly and robustly changing the aspects related to the work and the way in which the work relations are organized. Not only does AI have the capacity to render more time, potential, functionalities, and capabilities for successful People Analytics, it makes the HR more accountable and human-centric.
The potential of AI to proliferate the world of work is measureless, and this is where the businesses have an opportunity to make an impact. Today AI-enabled tools can not only help with the workload but also provide segmented and personalized solutions for each member of the workforce.
Next week, at the Oracle Impact for Business Summit, CXOs will explore the possibilities of making AI systems a reality for their business. Planned in Mumbai for the 26th of September and in Delhi for the 28th of September, the event will not only discuss the maturity levels of organizations for adopting AI tools for HR transformation, the event will also host a CHRO roundtable track, where a selected group of CHROs will present how are they leveraging AI in talent process to enhance their impact on business.
Here are some examples where AI is already helping HR departments in both optimizing servicing and employee experience:
- AI in Recruitment
The challenges related to job matching and talent selection can be effectively countered by machine-powered analytics that can significantly improve processes and ensure higher performance. AI-powered data analytics not only offers a roadmap to gauge organizational maturity on the analytics-driven competitive essence, but it also refines and redefines many of the primary HR functions. AI can today predict future success in candidates by analyzing data of current success profile in the organization and identifying patterns – correlating success to school, grades, and other data points. At the same time, such tools today can also help sift through large volumes of resumes and help the recruiter decide the most suitable candidates. Overall intelligent recruitment tools can help recruiters narrow their funnel and be sharper in their decision making on which candidates to interview.
- AI in Onboarding & Learning
AI is radically streamlining the onboarding process and learning paradigms for the workforce and can help in customizing onboarding programs by addressing new employees’ strengths, weaknesses, and job requirements. Both in onboarding and learning, AI-based tools can personalize learning activities, programs, and interventions that will best suit the learner and will have the highest impact. AI can cross-analyze and track the organization’s learning and development goals and help in creating custom learning plans for individual employees. LMSs combined with AI can identify development areas by identifying existing skills, knowledge, additional skills required to do the job, and provide a professional development program that meets the business goals of the company and the personal goals of the employee.
- AI in Performance Management
Human bias, managerial inefficiencies, and logical fallibility are the inherent challenges of the current performance management processes. AI enabled performance management processes can help overcome such challenges as assessments happen in real-time with systems monitoring the work, inputs, targets, and incentives and recognition for performance also happening real-time. All this ultimately augments the manager’s ability to engage and recognize in real-time too. At the same time, AI enabled systems also monitor red flags of low performance and enables managers to intervene on time.
- AI in Compensation & Benefits
Another use case of AI is in designing personalized compensation packages by identifying usage patterns and efficiently administering flexible compensation. By offering personalized packages, organizations can address multi-generational employees’ needs, optimize budgets for critical talent pools and maintain agility in aligning business goals and individual behaviors. AI systems strength is in analyzing and identifying patterns that can bring tremendous insights to HR decision makers to enable them to make informed decisions at the tactical levels as well as transforming processes to have a higher impact to business across the talent function. Very few organizations have truly integrated AI into their talent process, the reason is the proficiency in leveraging this new technology and the steep learning curve required.
Engaging employees in the current times needs an entirely new set of paradigms, processes, and platforms. Augmenting HR capabilities with new-age AI applications will not only make future-ready cloud capabilities that can greatly impact the business but will also make talent acquisition, engagement, and retention seamless.
Oracle will be hosting an exclusive gathering for CXOs at the Impact for Business Summit where People Matters will have the privilege to partner with Oracle for a CHRO roundtable on the sidelines of the event. Join us for this Impact for Business Summit to learn what it takes to truly build a future-ready workplace to meet unexpected market conditions and ever-changing customer expectations.
For attending the event, request for an invite here