Despite what some people may think, Artificial Intelligence (AI) isn’t just Alexa ordering replacement paper towels for you, or telling you she doesn’t understand what you’re saying. It’s a sophisticated technology that enables computers to mimic and improve upon human thoughts and behaviors, and can help you do your job exponentially more efficiently.
Examples of AI technologies that have migrated into our everyday life include: Netflix with their use of big data to personalize viewing recommendations, and Airbnb with their use of machine learning to show hosts the predicted demand for their rental properties. Although AI may not have made its way into your HR workplace yet, it could be the missing link to bring your processes to the next level.
Why AI, and why HR?
According to research by Deloitte, only 10% of HR departments have access to advanced analytics – which means 90% of HR departments are missing out on critical insights that only proactive, AI-driven analytics can provide.
Automation is key for busy HR professionals – there are many repetitive, manual processes in the day-to-day that could be reduced to save time. This alone is a solid case to invest in AI. However, AI boasts many other qualities that can help with automation and improved overall job efficiency.
AI is already making an impact on the HR industry in the following areas:
- Paying employees more strategically
- AI can help attract and retain top talent in today’s market as it can identify compensation at any level, and for any job
- Machine learning, an application of AI, can take multiple data inputs and extrapolate missing data to predict and normalize prices for those that are missing from more traditional data sets
- Enhancing candidate assessments
- Reducing errors and increasing compliance:
- AI is well-suited for collecting and analyzing data quickly, without the risk of human error
- Improving corporate learning
- Coaching via AI is an efficient way to help managers understand their team’s feedback to aid in employee retention
- Responding to employee questions
- HR chatbots can answer employee questions about time off, benefits, and policies, reducing the service-oriented portions of HR
People, pay and AI
AI can bring your compensation plan up a notch. To attract and retain top talent in today’s market conditions it’s critical to be able to make the right offer, every time. To do so, you must identify compensation at any level, and for any job, even filling the gaps in data that may not exist anywhere else in the market. Pricing accuracy is the first step to a world-class workforce and AI is the key that unlocks your competitive edge.