It’s no secret that emerging technology trends have been transforming HR processes for years. At the cusp of 2021, there are a few trends projected to revolutionize the HR ecosystem. Leading the pack among these trends is Artificial Intelligence (AI).
According to MarketsandMarkets, the AI market will be valued as a $190 billion industry by 2025, with global spending on cognitive and AI systems reaching over $57 billion in 2021. While AI technology has received attention in past years, it perseveres as a sought-after technology because of how it improves our productivity, both at home and in the workplace. In the HR domain, AI is reimagining areas such as analytics, recruitment, and employee wellness. Every business owner and HR professional knows that a productive workforce is the key to success, which is why many are turning to AI solutions.
With the new year only a few short weeks away, companies must become familiar with the emerging AI trends and how they impact existing HR teams’ functions. This blog explores the most popular AI applications in the HR world and how companies can leverage them to become more productive and efficient in 2021 and beyond.
HR teams can easily become bogged down by repetitive, manual tasks that seem trivial at the time but add up quickly. To combat this, HR teams are leveraging people analytics embedded with augmented AI. By utilizing AI algorithms to automate repetitive tasks, people analytics tools relieve HR teams so they can focus their energy on more important, strategic tasks.
AI-powered tools not only free up time for HR but allow greater visibility into curated data and visualization, providing better insights and opportunities for strategic thinking. By using machine learning and natural language processing, tools with augmented analytics makes analyzing employee data and generating valuable insights more self-service and user-friendly.
AI-driven Recruitment and Training
In addition to augmented analytics, AI is expected to shift the way employers recruit their employees by understanding online profiles. People analytics tools can act as a “matchmaker” between workplaces and employees, suggesting candidates whose profile matches the job description. Jobsite chatbots can interact with potential candidates in preparation for in-person interviews, asking them questions to ensure they are a suitable match, so time isn’t wasted on unnecessary interviews.
AI can also reduce costs in training and development by predicting outcomes based on prior trends and patterns. People analytics tools can predict first time pass rates on periodic assessments such as compliance courses. The predictions enable a learning management system to expand the compliance periods for more knowledgeable and experienced employees. Time not in training equals more time on the job which equates to greater productivity and lower training costs.
Employee Performance and Wellness
In 2021, employee performance and wellness will become a priority. Today’s employees are more stressed than ever; according to Forbes, 53% of Americans are currently unhappy at work. To address this widespread issue, workplaces have begun to monitor employee satisfaction through AI-driven apps. Installed on their staff’s personal or work-authorized mobile devices, these apps act as cognitive performance coaches by collecting feedback and helping employees with morale, learning, and more. Employers can analyze this data with their people analytics tools to improve areas where employees have expressed dissatisfaction.
Explainable AI can also give employers the power to uncover reasons for turnover. By analyzing the factors that contribute to turnover using past turnover trends, AI can predict and help prevent employee departure. However, the issue of employee privacy is a complicated area of law and should be maneuvered carefully.
Embedded AI is impacting HR processes, making the lives of HR professionals easier so that they can focus on more important tasks. AI can improve outcomes by generating powerful insights and enhancing the performance and well-being of employees. Additionally, AI-powered tools like people analytics that span multiple HR processes will relieve HR teams of time-consuming tasks that come with recruiting, retaining, and engaging your workforce.
Learn more about how ZeroedIn’s people analytics platform embeds augmented and explainable AI to reduce employer costs, mitigate risks across your work environment, and deliver vital workforce insights to the people who need them most.
It’s HR’s responsibility to adapt to meet these changes and implement solutions that affect the workforce and company at large. By understanding and helping employees as well as automating simple processes with AI, HR professionals can craft a workplace that is prepared to face 2021.