With organizations adopting various digitization approaches, there is an abundance of data which can be leveraged to transform the traditional processes. With this availability of data and various sources to store and process data, AI has been an enabler to analyze these data points and derive insights to make decisions.

Human Resources has evolved with the advent of Artificial Intelligence - improving and transforming the processes. Global Human Resources is estimated to be a USD 38 Billion industry by 2027 with an ever-increasing need to smartly influence decisions & strategies. The pandemic has changed the playing field by enforcing industries to go remote and digital, making the role of Artificial Intelligence in HR Management crucial than ever.

Here are five key areas where the application of AI-enabled processes has empowered organizations to drive impactful outcomes:

recruitment

In the last two years, virtual recruitment has been on the rise. From resume parsers to online interviewing, the hiring process has transformed. AI/ML-based processes are enabling HRs to hire the right candidate for the right role. AI-enabled software have reduced the candidate screening time from hours to minutes. With advanced insights, one can see hiring trends in an organization, tell interviewers which questions to ask a particular candidate, and so much more.

AI-Enabled Chatbots

Chatbots are the prime application of AI in establishing long-lasting and solid processes. Chatbots can be leveraged to resolve frequent queries from employees, providing documents as per employee requests. They are also useful in verifying employee documents. New joiners can understand the company policies by just asking the bot.

They maintain candidate engagement throughout the onboarding process and also aids in the pre-screening process during recruitment. Chatbots are also being used to share the load of recruiters, thereby providing them the freedom to focus on the human element of HR.

Promoting Employee Wellness

As the size of your workforce grows, it becomes imperative that you rely on trustworthy data that allows your business to have a happier employee population while reducing employee dissatisfaction. Sentiment Analysis can help understand the general mood of the employees, the general satisfaction with the way things are & can potentially notify the management of the smallest challenges faced by employees.

AI helps to create personalized schedules & reports that focus on empowering the availability of your employees & allowing them to maintain a healthy work-life balance.

Reducing Employee Attrition

A smarter process does not only allow the selection of the right candidates for the job but also reduces the cost to replace an undesirable hire.

With the help of AI, HRs can now track the satisfaction levels of their employees. They can address their pain points and challenges long before the red flag appears. They can examine subtle cues and rely on AI to highlight shifts in their employee’s behavior and the managers can intervene at the right time before it gets too late.

Impact on Payroll

The demand for AI in the payroll space is massive, the cloud-based payroll software market was valued at roughly $7.88 billion, a figure that’s expected to balloon to $13.37 billion by 2026.

Payroll processing is dependent on managing massive data sets, all of which are subject to heavily complicated and constantly changing compliance rules. This is where AI steps in. AI significantly reduces the likelihood and severity of human errors while ensuring compliances are met.

Predictive analytics can help understand what might happen in the future based on current and historical data. Predictive models are often used to assist with finances, such as budgetary assistance, and cutting down on unnecessary expenses. These tools can be used to predict unforeseen circumstances, allowing leaders to think of creative solutions well before time.

It can also suggest increments considering appraisal history, peer scores, team rating, and the current trend in the organization.

Conclusion

With industries transforming continuously and adapting to the future, the role of HRs is beyond just hiring and retaining the right talents but rather how they can play a greater role in building the right culture for the organization. An AI integrated HRM solutions provide managers with the right insights at the right time to effectively drive people-care decisions.

We have designed the most futuristic AI-driven HR tech platform, happierWork, which enables your organization to transform its processes through our - all in one, well-integrated, and thoughtfully connected solution.