AI in HR and Why It's Super Important for Your Organization

Shefali Vasave | January 27, 2022 | 203 views

AI has evolved dramatically in the past few years and is still not a replacement for HR. When used right, it can be a powerful tool in the HR toolkit. AI can process data much faster than humans, but it is still in its nascent stage and is far from understanding the emotional side of human relations. AI can in no way replace the human touch required to demonstrate human emotions and empathy. For a people-oriented process like HR, this is an imperative requirement. Although AI in HR has a long way to go, it can currently be combined with other software and skills to completely redefine HR practices.

HR Technology Trends that Include AI

The use of AI in human resources is not new. HR professionals are familiar with a wide range of HR technologies. They have been using it for a while now to make their jobs easier, but the real game changer is the introduction of chatbots.


Chatbots

Chatbots are AI-powered virtual assistants that can help you with your HR-related inquiries. They can answer queries, schedule interviews, and contribute to data collection. They are very easy to use and cost-efficient since they don’t require any human resources input. This means that they will be able to provide an excellent customer service experience without costing you anything more than the initial setup fee.

AI has also been a great help in simplifying other aspects of HR practices, specifically recruiting, retention, and engagement. It can be used to predict job performance, automate hiring decisions, and even predict employee turnover.

Hiring

In the recruitment process, AI helps by analyzing and screening thousands of resumes in a fraction of the time it might take HR teams to do so. By incorporating smart algorithms, resume keywords, and skill screening, AI can help in finding and shortlisting candidates that are most likely to be good fits for the company. It can also provide insights about candidate skillsets and what kind of role they would be the best fit for.

Employee Engagement

Employee engagement is essential to any HR process. Shaping efficient employee engagement initiatives is one of the most significant benefits of AI. It can identify potential bottlenecks before they happen by analyzing data from surveys and interviews.


Employee Retention

In employee retention, AI is used to analyze data from pulse surveys, employee feedback, and even exit interviews to find out what employees are looking for in a company, thereby minimizing the attrition rate. This has helped in developing employee retention strategies that enable HR to retain talents for longer. In turn, it helps lower hiring costs and maximize resources.


Leveraging Machine Learning Techniques for HR Practices

Machine learning is the future of HR. It can be used to predict employee performance, identify talent, and develop training programs. When combined with artificial intelligence, machine learning is a powerful tool that can be leveraged by HR professionals to make better decisions and improve HR practices. It can help them identify talent and predict employee performance. Machine learning recruitment software and hiring software are becoming increasingly popular in the workplace.

“Machine learning algorithms are the key factors to automate the entire talent acquisition process, right from onboarding to the critical decision-making process. Machine Learning powered HCM solutions enable organizations to derive intelligent insights that help navigate these challenges, reduce the cost of a bad hire, and maximize the ROI on the resource time and cost spent on recruiting.”

- Ravi Kikan, Director, Marketing, Online Sales & Growth at ZingHR

HR professionals have a lot of data on their employees. This data can be used in a variety of ways, but it is often difficult to understand the correlation between different pieces of data. AI in HR solves this problem by providing an easy way to aggregate and analyze all the information that HR professionals have.. The business case for AI is compelling especially due to its ability to save businesses money in both the short-term and the long-term. For instance, according to a PwC study, companies that used AI were able to save up to 30% on their cost-to-hire.


Why have AI researchers been so focused on developing AI for HR?

From finding the right candidates for job openings to keeping track of employee data to ensuring a healthy workplace culture, HR professionals have various things to look into. In addition to this, they also manage the company's budget and have to ensure that they are meeting their goals.

When AI came on the scene in 2000, numerous studies were conducted to research its application across different fields. Human resource development was just one of them. However, it was only in 2018 that the advancement in AI and its actionable usage in automation piqued the interest of HR solution providers and technologists worldwide. The new demands and challenges of a fierce business landscape have led to a boost in AI research.

Every year, the HR technology industry grows at a rate of 5.8%. According to Fortune Business Insight research, the HR technology market is set to hit $35.68 billion by 2028, up from $24.04 billion in 2021. Researchers and HR solutions providers are recognizing the financial, social and economic opportunities that AI-powered tech is set to unleash.

The interest is clear from the development of solutions such as the chatbot called CoachBot for UK’s NHS. Another example is Ellen, an AI app that connects people seeking mentors with people, which want to mentor. Then there’s tech giant IBM, who uses AI to increase the engagement of job applicants.


IBM’s AI Watson Candidate Assistant (WCA)

IBM’s aim was to engage job applicants from the get-go and deliver an unmatched candidate experience that really boosted its employer brand. Considering the company received over 7,000 job applications per day, this wasn’t just a difficult feat, but a crucial one.

With its rich history of tech innovation and world-renowned capabilities, IBM developed the Watson Candidate Assistance (WCA), an AI chatbot that revolutionized the application process. The chatbot became the first point of interaction, helping job seekers zero in on just the right roles for them based on their skills. A study of the process found that this personalized experience led to a conversion rate, from the exploring stage to application of 36%, compared to 12% for a static website.

WCA helped IBM drastically cut down the time-to-hire, improve candidate-job matching and increase the Net Promote Score (NPS).


Conclusion: The Importance of an Effective Strategy to Implement AI in HR Practices

Initially, there may have been buzz about the risks of AI and its impact on the job market. But as it advances, it has created a compelling business case for its use in organizations. Implementing AI in human resources isn’t just a matter of deploying certain hiring software. It has the power to transform HR practices or adversely turn HR into a complicated, clunky process.

This is exactly why it is important to implement an effective strategy to adopt AI in human resource development. Deploying it in phases is now possible thanks to the range of AI-based solutions on the market. Organizations can test AI-powered chatbots to initiate their journey of integrating AI more deeply into the organizational framework. Who knows the possibilities that artificial intelligence and machine learning are set to uncover? The benefits of AI are undeniable, and organizations must plan and strategize how they are going to adopt this technology.


Frequently Asked Questions


What are the risks of AI in HR?

There are a few risks with AI in HR. Some of these include the risk of bias, data leakage, and the vulnerability of AI algorithms.


How can these risks of AI be mitigated?

The risks of AI can be mitigated by ensuring that the AI is programmed to act ethically and not violate HR practices and policies. The AI should be programmed to make decisions based on what is best, and this requires a rigorous review process at all levels.


How can AI be used for recruitment?

One of the most common use cases of AI in recruitment is when it is used as a tool to filter resumes. When recruiters upload their job description, they will get back an automated list of resumes matching their criteria.

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Born from a historic merger that created one of the world’s leading HCM cloud companies, our Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 70,000 organizations around the globe and across every industry anticipate and adapt to their employees’ needs beyond just work.

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Payroll connectivity leader Atomic adds EmployerLink solutions and expands coverage to broader employer and human resource systems

Atomic | November 17, 2022

Atomic, the market-leading provider of payroll connectivity, announced today that it is expanding its solutions suite beyond consumer-permissioned access to support connectivity for employer and human resource administrative systems. By offering broader integration options, Atomic aims to give customers the most comprehensive coverage, faster time from integration to go-live, and a vastly improved product experience when it comes to connecting with these HR systems. The addition of EmployerLink makes Atomic the first to market with payroll connectivity integrations and authentications for both consumers and businesses to permission access to financial data in payroll systems and human resource platforms. These two solutions - working in tandem - represent a critical evolution to Atomic’s business that will allow the company to better service its existing customer base while also expanding the total addressable market. Atomic's EmployerLink solutions will initially support use cases for worker’s compensation insurance, earned wage access (EWA), and employer benefits. “We’re excited to work with Atomic to advance our commitment to developing best-in-class employee financial wellness benefits, Atomic’s EmployerLink suite enables us to provide a frictionless experience for our clients, further powering Seedwell to lead in personal finance automation and wealth building for employees.” -Swetha Kulandaivelan, Product Manager at Seedwell Atomic is working with a cohort of companies, including the aforementioned Seedwell, that are leveraging the EmployerLink suite to launch innovative new solutions in the coming months. The move by Atomic has already been embraced by many Atomic customers that are finding new opportunities to expand their businesses through this extended connectivity. Atomic is well positioned to tackle this expanded market, given our unique technological advantages, trust and customer traction, proven ability to scale, and team’s financial services industry expertise, By initially focusing on fintech companies and neobanks with mass customer bases, we were able to capture significant volume and prove our technology’s ability to scale,noted Jordan Wright, CEO and Co-founder at Atomic. The announcement comes on the heels of a banner year for customer traction in which the company has grown to support over 160 customers and partners, including leading fintech brands Propel, Dave, and Coinbase, financial technology partners including Jack Henry, Hydrogen, and MX, and financial institutions including Keystone Community Bank and Cornerstone Community Credit Union, among others. About Atomic: Atomic is the market-leading provider of payroll connectivity, trusted by over 160 financial institutions, fintech firms and partners, including 13 of the largest fintech apps offering a digital-first neobank, alternative lending, crypto exchanges, and digital brokerages. Atomic's payroll integrations provide the infrastructure to connect consumers to their financial data, automate set-up and updates to direct deposits, digitize income and employment verifications, repay financial obligations from their paycheck, access earned but unpaid wages, and tap tax filing advantages, as well as supporting financial wellness benefits through its new EmployerLink solutions. Atomic simplifies complicated payroll and human resource platform integrations with a suite of API solutions that covers over 480 unique payroll connections, including incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems. Atomic is ranked by CB Insights as a Fintech 250, selected by Fintech Breakthrough Awards as a Best Banking Transaction Solution, and recognized as a Top Work Places 2022. Atomic has raised $78.6 million from investors, including Greylock, Mercato Partners, Core Innovation Capital, Portage, and ATX Venture Partners.

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