The Role of Artificial Intelligence in Human Capital Management
Artificial intelligence (AI) has been gradually expanding across just about every industry during the past few years, but recently, it has seen an exponential increase in its growth. This includes human capital management (HCM), where companies of all sizes are eager to see how AI can make their organizations more nimble and efficient. When used properly, artificial intelligence can expedite analytics, diagnose problems, provide possible solutions, and help HCM teams make better decisions. By taking a closer look at the role artificial intelligence should play in human capital management, companies can leverage this powerful technology to put themselves in a position to be successful.
AI Technology and Resumes
One of the first potential applications of artificial intelligence in human capital management is resumes. There is a tremendous amount of competition for top talent and every field, and human capital management should strive to connect the company with the top candidates. One of the best ways to do so is to use AI technology.
Today, many companies require applicants to enter the same information over and over again as they go through the new-hire journey. This can discourage a lot of people from applying for open positions and leave those that do with a poor impression of the company.
Now, HCM departments should use AI to help candidates more efficiently transfer information onto smart digital forms automatically. That way, candidates are not forced to enter the same information repeatedly, making the company seem more attractive to candidates.
Gather Information and Collect Insights
AI can also give professionals in the HCM department access to data, resources, and insights collected from existing employees. Then, this same technology can be used to extract trends, identify requested changes from the workforce, and implement them to boost employee engagement and reduce employee turnover.
Today, employees expect their managers to listen and take action to implement a positive work-life balance. With AI technology, the company can connect strongly with its employee base and respond to their needs.
Expedite the Onboarding Process
The cost of hiring and training a new employee can be significant, but artificial intelligence can make the process easier. AI provides HCM departments with an opportunity to improve the experiences of their new hires by automating repetitive tasks, freeing up time to focus on other aspects of the onboarding process. This includes mentoring, gathering feedback, and ensuring new employees have everything they need to be successful.
Instead of having to oversee each individual step of the new employee onboarding process, many of these steps can be performed automatically using AI technology. This can also improve employee engagement rates and retention.
Leverage Employee Chatbots
Having a large HCM department can be expensive. Just as many companies have implemented chatbots in the customer service department, chatbots can also be used to address employee questions and concerns. AI-backed chatbots can have a human-like conversation with employees, providing businesses with an opportunity to gather a significant amount of information.
AI-backed chatbots can collect information from employees and analyze their sentiments. Using the information gathered from these conversations, companies can figure out whether their employees are generally happy, sad, motivated, or upset. Companies can use this information to address the potential wants and needs of employees. This can be done on an individual basis or department by department.
Even though AI-backed chatbots can help companies collect large amounts of information, it is just as crucial to think about what should be done with this information after it is collected.
Provide Continuous Education Programs
Companies that want to get the most out of their employees should provide continuing education opportunities. Now, AI can help companies develop programs that allow them to teach their employees new skills that can translate into increased production.
Some of the ways AI can help with continuing education include:
AI can help companies assign cross-functional projects and stretch assignments that will help employees expand their skill sets.
AI can personalize the learning journey for specific employees based on their current job titles, future goals, and any gaps that might be present between these two points.
AI programs can match employees to specific continuing education lesson plans based on the needs of that employee.
AI can also craft individual test scenarios that might be beneficial for employees the company might see occupying a leadership role down the road.
When companies leverage the power of artificial intelligence, they can help their employees hone the skills they need to be successful in a modern workplace.
Find the Right Talent at the Right Time
You need to put the right people in the best position possible to be successful, and at Futuris, we can help you do that. Contact us today to learn more about how we can help you put your company in a position to succeed.