Jan 29 2019
“Artificial Intelligence (AI) has changed the global business environment as we know it, and this is most apparent through changes in traditional HR practices brought about by the emergence of cognitive technology. From hiring, payroll to team management, AI has enabled companies of all sizes to boost process efficiency, make people-centric decisions and focus on employee engagement. With a talent war brewing, this is an exceptionally crucial step for companies to take in order to retain their best talents.”
A recruiter’s best friend
No longer a technology of the future, AI is now a present necessity. Beyond
chatbots, its application in managing human capital becomes highly relevant
today. Most notably, AI-based recruitment solutions that can think intuitively
and make intelligent decisions based on vast data have been cropping up,
boosting efficiency in the hiring process.
In an interview with The Economic Times, Pankaj
Bansal, co-founder of India-based HR consultancy firm PeopleStrong, has seen
“dramatic improvement in productivity” and “a 60% increase in
revenue” with the adoption of AI-enabled recruitment solutions. Before
this, PeopleStrong employees took 20 minutes each to sift through and download
relevant resumes for a given role. This task is now completed within two
Other HR tech platforms like Skillate leverages AI to help employers scan and
match resumes, while Koru has helped companies like Citibank and
Deutsche Bank improve hiring outcomes by automating their online talent
screening processes using AI and predictive analytics.
Another great example of how a company is using AI in recruitment is Beamery. The company uses a candidate
relationship software to create better, more human relationships with
prospective andidates, valuing them like customers.achine learning elements and
AI suss out “priority” (passive) candidates and even suggest what times
are best to reach out to them, thereby reducing hiring cycles.
Tokyo-listed Wantedly is a social jobs platform where talents
and companies can meet based on shared values and vision. It offers a suite of
products that leverages machine learning to help enrich the hiring experience
for companies and talents. Through their ‘Wantedly Visits’ app, candidates
can browse through job postings, engage with and visit the companies that
inspire them. Besides the Wantedly Visits app, Wantedly People uses Optical
Character Recognition (OCR) technology to detect and analyze text on business
cards to instantly generate new contacts. The app uses AI to improve the
accuracy with which it scans business cards.
What’s next for AI in HR
With AI-empowered tools saving man-hours and increasing headcount efficiently,
organizations can spend more time strengthening workplace culture and deliver an
amazing employee engagement to attract and retain the best talents. It’s 2019;
cognitive technology will only keep learning and growing. What does this mean
for HR? A revolutionary age of productivity, work satisfaction and
organizational growth will soon be heralded with advancements in AI.
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