By Arjun Pratap, Founder &CEO, EdGE Networks
Businesses being transformed by Artificial Intelligence (AI) create great stories every day. None of us can remain oblivious to the waves of digital transformation sweeping across. In fact, the role of analytics and data science combined with AI is gaining significance and becominga business imperative today.
Against this backdrop, where does the HR function stand?
Why CHROs are considering AI
Sophisticated analytics have been powering important decision making for business leaders in sales, customer success, marketing, and finance. Somehow, HR practitioners have been a bit reluctant and late in adopting this approach.
With CHROs getting a seat at the strategy table in the boardroom, data-driven insights are being sought for many critical business decisions today. With sophisticated data-driven technologies like AI proliferating rapidly across business disciplines, it’s not surprising that human resources teams are now looking to AI to play an essential role in people strategy and decision-making.
The C-suite is now beginning to recognize that data-driven insights can have a major impact on enhancing productivity, reducing risk and driving organizational performance.
When AI meets HR
The biggest driver of AI’s impact in the HR industry has obviously been the huge growth of big data. Until now, companies didn’t have access to rich employee data tracking and analyzingmany aspects of the employee lifecycle (hiring, onboarding, vacation requests, hiring trends, workflow, performance management, engagement surveys etc.).
Todaywith most companies having implemented varying degrees of digitization, HR professionals are recognizing itsreal value. The insights teased from the data areplaying a major role in reducing riskand driving decision-making, when it comes to both talent management and organizational success.
Talent through a new lens
With data gathered from employee engagement surveys, performance management information, feedback on culture, and insights on why people leave, AI can offercompany-and team-specific predictions.
Imagine insights that point out the types of employees that will be the most successful, the populations that are most at risk for attrition or performance issues, or the kinds of teams that will develop the most innovativesolutions.
It’s hard to believe that AI systems effortlessly identify patterns and make connections that would be difficult and time-consuming for individuals and even teams to uncover. This predictive intelligence allows HR teams to become more proactive and strategic - with their planning and programs – with their policies and interventions.
HR turns more strategic
AI is poised to be a game-changer when it comes to solving workflow problems. In the not too distant future we can expect to see tools and software that handle processes such as interview scheduling, employee onboarding, and even the answering of basic HR questions.
This will free up HR practitioners’ time and help them focus on more strategic and impactful areas. It will also ensure the human touch comes back as automation will never be able to provide what a human interaction can.
Leveraging people data
Deep insights that AI technology can provide has the potential to equip HR leaders and managers to effectively and efficiently attract, retain, and motivate great talent leading to improved employee satisfaction and business performance for the organization.
AI-powered technologies combined with human experience and judgement will definitely set successful companies apart. AI has the power to help organizations become even more people-centric — creating happier employees, reducing bias, enabling more valuable programs, and allowing more time to focus on talent development. In other words, AI will help companies embrace the Future of Work.