Artificial intelligence with the colossal application is influencing new fields every short phase now; Its capability of data analysis, natural language processing, mathematical logic have made the machines capable of spontaneous decision making. The recent resurgence in AI has driven the companies to new horizons of opportunities. It is laying a foundation of unfaltering growth in the organization accompanied by the productivity of the employee.
Computers will overtake humans with AI within the next 100 years. When that happens, we need to make sure the computers have goals align with ours. – Stephen Hawking
At times the employer has to entail in the decision-making process, the decision taken may not be profitable, the data analysis of the last decade can be of much help, but human incapability is a hurdle. Artificial intelligence’s comprehensive data analytics potential and reasoning can predict the profitability of the change an organization wants to experience. It truncates the participation of employees predominantly of HR in certain processes of the company.
According to estimation by the end of 2020, the global profits will hit up to US$4.8 trillion if companies implement artificial intelligence at the current rate. Apart from profits AI has a head to toe contribution in the organization, Deloitte survey has mentioned about 36% optimization of internal business operations, 35% better decisions, 36% workers are freed to participate creative tasks, and 22% decrease in employee’s headcount.
Recruitment is a comprehensive process, and one of the most crucial decisions of any organization as the individual they recruit will contribute to the foundation of sustainable growth and development of the organization. HR always has a swirling dagger on their necks ascribable to human in-capabilities, missing out an individual’s resume who satisfied all the requirements of the post while resume screening can disgustingly cost the company’s growth rate and a skilled employee which are scarce lately.
Why not hand-pick a solution that is enabled with extensive data analysis and natural language processing. Artificial intelligence empowers software like Greenhouse seems to change the phase of the recruiting process today, from comparing the resumes of the applicants to asking them pre-screening questions. Being a virtual guide of the applicants, it will assist them with the screening and interview schedules.
Artificial intelligence is also capable of giving the prediction of an applicant who is likely to contribute more to the company if recruited. By natural language processing, the AI also score an applicant based on the pre-screening answers and resume. Eliminating the human bias, errors and time consumption of HR, and invest that time in evaluation and analysis to improvise recruitment strategies instead.
The consciousness of employee’s punctuality and time requirement of the assigned task can be improvised amongst the company by getting attendance data from the system which is time theft proof. The non-tampered data makes the decision making and policy modification unbiased. Fetching the anomalies in the attendance record is back-breaking.
Chinese tech giant Baidu has leveraged AI for face recognition; it eliminates the proxy authentication, unlike the frauds that occurred to employee IDs.
AI is also capable of analyzing the reports for fishing out non-punctual employee and absenteeism patterns to perceive the need for policy modification for workplace optimization.
Employee engagement and productivity are considered when employee retention is the priority of an organization. Companies prefer to train existing employees instead of investing in talent acquisition and newbie’s training. The contribution of the employee and willingness to contribute more goes hand in hand when the development and upscaling of the organization are concerned.
In the tight work schedules having frequent training sessions can be a headache, artificial intelligence has it scheduled as per the preference of the employee or their corresponding team based on the data of previous training schedules.
AI can bifurcate the employee into good performers and under-performer, the employer can provide training to the underperformers to increase their contribution in the task and motivate the employer can surprise the good performers with monetary an non-monetary benefits to keep them motivated.
Watson AI-powered KangoGift makes it easy for the employer to form a structured or on-the-spot employee recognition program for increasing employee engagement. Watson AI is also trained to rate the employees as per their performance review to help the manager process their bonus, increment or appraisal.
Processing payroll the critical of any organization regardless of the number of employees, it has numerous components blending in the calculation. Any imprecision in those components can induce loss of money or even end up in paying hefty fines or penalties.
HR spends hours every month to process the salary; the employees’ salaries are not paid on time due to manual intervention which has an impact on employee satisfaction. Globally, 44% of the employees are paid late out of it 79% tend to leave their job. Automating the process aided the process to get the accurate data in all the components from their respective modules automatically by integration. Automaton completes the process on time every month.
Automating the task is not enough as it can keep as it can’t keep the check on compliance always, How about training the system to keep the compliance updated always? Key Pay has AI enable payroll software that keeps the statutory compliance on a check. The software also has smart rostering enables that relives the HR form rostering duty. The AI also check for erroneous data in any of the components and ensures data integrity.
The virtual assistant is a buzz of the town recently, relieves the curious minds to get the answers or the assistance with any process at any time. Addressing the elephant(s) in the room: Google Assistant, Siri, Amazon assistance, Cortana, there is a long list to go. AI is making efforts to improvise human life unexpectedly more comfortable.
Getting the assistance of the question that can pop in employee’s mind any time has always been a crucial task, back then HR personnel was the only responsible entities to assist the employee amid of their work inducing the frustration at times. After the artificial intelligence took over some of the HR functions, the chatbot is helping the employee for their queries without the HR’s intervention saving them much time.
As per the statistics, 59% of the employees feel satisfied in their job and are more committed toward it after the implementation of the chatbot in the organization.
Artificial intelligence has started becoming an integral part of the peoples’ lives; It gives an in-depth insight into the organization. It has become the key ingredient that is added to provide the final touch to their organization for streamlining processes, reducing the workload of HR and employees and provoking cost-effectiveness in the organization.