Article | March 11, 2020
Millennials and Gen Z workers have become the majority in many companies and professions, outnumbering Generation X’s smaller cohort and the fast-retiring Baby Boomer workforce. Employees from previous generations primarily desired good pay and job stability, but younger workers also want more growth-oriented workplaces, development opportunities, and better integration between work and life. These shifts in the workplace require a comparable shift in how workplaces approach their employees.
Article | March 11, 2020
A quote that describes the role of recruiters says, “Human resources is not just a profession. It is an extremely important thing that runs businesses.” Moreover, it is the first thing to build a strong workplace which means a powerful and profitable business.
And what stands as obstacles in the way for HR professionals? Time-consuming tasks like finding a suitable application from the ocean of applicants and identifying the right fit for a particular role. Well, that is just one. To deal with tons of data is a daily routine for recruiters. Thanks to the innovative technology like artificial intelligence that has tremendous benefits for every field and HR is no exception.
Learn more: HR tech startups that are leveraging AI for recruitment
Table of Contents:
- What is AI Individually and in the HR Field?
- AI in the Hiring Process
- AI in Employee Experience
- AI in People Analytics
- AI in Internal Recruiting
- AI in Managing Multi-generational Workforce
What is AI Individually and in the HR Field?
What is AI technology in general? To describe it in a very simple language— it is a field of computer science that reduces human efforts by solving problems related to human intelligence by activities like learning, identifying patterns, etc. It is helping recruiters maximize the work limit and build the organization to its full capacity. Now there are lots of discussions about the good and adverse uses of artificial intelligence in human resources, let’s take a look at how it is impacting the recruitment industry.
As of now, the actual use of AI is yet to come into existence and that is surely going to take some period but what we are seeing right now are considered as examples of AI subsets that include machine learning, natural language processing, deep learning, machine vision, etc. These applications are hugely influencing talent trends in 2020 as described below.
AI in the Hiring Process
According to statistics, each corporate job offer attracts 250 resumes. Out of which on an average 4-6 people are called out for an interview and among them only one person gets the job. Now with this data, recruiters are surely going to take at least weeks to read and evaluate every resume. All this will be going on when candidates eagerly want to hear back. This task is tedious and the study says, 52% of recruitment leaders say that identifying the right candidate from a pool of applications is the most challenging part. That’s where AI is coming to the rescue. When scanning applications using people's power alone is not enough, AI-powered technology like an Applicant Tracking System (ATS) that scan CVs. The system uses keywords and phrases to filter out the data and makes it easier and time-saving activity for HRs.
Now there are arguments around this because of the judgment of applicants being categorized as either Yes or No for a job position. Many people say that the decision should be based on the quality of their experience and/or personality traits which is a different aspect of looking at the use of technology.
Moving ahead, it’s an undeniable fact that AI is building a special place in the HR field and there is a lot more to be invented. Its applications are helping with sourcing, pre-selection and on-boarding parts influencing the hiring whole process.
AI in Employee Experience
EX stands for employee experience and means thinking about everything that an employee goes through. What HRs can do to enhance employee experience is to collaborate with employees to understand their motto and design experiences that allow them to perform their best work. According to stats provided by LinkedIn, 96% of professionals say employee experience is becoming a more important trend in 2020. This talent trend can be worked upon more by using AI. How? By using the right recruiting platform that can boost EX by availing data and predictive analytics about employees who are ready for promotion, hike in the salary, eligible for an internal job change or other benefits provided by the company. This technology is helpful to HRs in managing a large number of people effectively within a company, providing training to shape employee skills, etc.
AI in People Analytics
Meaningful data insights can help HR professionals at every stage to take necessary decisions. People analytics provides the exact necessary information to empower recruiters with decision making capability. It takes data points of your employees and explains how they are moving through your organization. Answers to questions like are you putting the right people in the right roles, are they growing in the organization, what is employee turnover rate, etc. can give you a broader picture to take necessary actions. And how it can be done? Using statistics, predictive reporting and advanced AI recruiting algorithms.
As said above, the data provides you information about the employee turnover rate. It means you can understand why people in your organization are leaving, how is their performance, is there any way you can retain them, etc. And all this can be done after using data and data analytics skills. Knowing employee performance and their reason for leaving the organization can help you fix upstream issues that can cause an organization to bleed talent.
AI in Internal Recruiting
Finding one suitable candidate for an organization is not as easy as it seems. It involves job posting (free or paid), running ads, getting a bunch of resumes, shortlisting, inviting for interview rounds, and then selecting the candidate. Ahead, knowing their expectations and time they join the organization is something that can’t be overlooked. The whole process demands both i.e. time and money. This frustration can be avoided if you know decide to go for internal recruiting. And this can be effectively done using AI’s ability to deal with the data. Insights taken from this data can help you better analyze a suitable candidate to fill the role without the need for going outside of the company. LinkedIn data says, 80% of employees are ready to leave if the right opportunity came their way. If these employees can reduce employee turnover rate, cost of new hiring and then why not go for internally hiring? AI recruiting algorithms can help you giving strong insights about existing employees to know the eligible candidate with the necessary qualifications for a particular job profile.
AI in Managing Multi-generational Workforce
What we call generation Z (Employee with age 23 and younger) is now all set to enter the corporate world with their newest ideas and baby boomers (employee age 55-73). According to statistics, 89% of HR professionals say a multigenerational workforce makes an organization more successful. Some companies are trying to understand how teams with wide life experience and different perspectives can drive more success. With variation in priorities to choose to work in an organization, many organizations have already started attracting employees by giving more benefits and make them comfortable to share their intelligence. To gain a deeper look into what employees from different ages and experience levels may need to, AI can be useful. It tells recruiting experts which employees need training, who among them are ready for promotion, who is about to retire, what should be done to fill the skill gaps and other people-focused metrics.
One thing in HR is that it will keep growing by generating and requiring more data day by day. Alongside, hiring trends are also changing because of the evolution of technology. Wise action to be taken will be understanding these hiring trends and the impact of AI on it that will help you stay competitive in and beyond 2020 and be agile in the hiring world.
Article | March 11, 2020
Unfortunately, workplace injuries occur every day, costing employees and employers valuable time and money. Lost time injuries can harm employees, as well as employers. Employees may experience long term health issues and lose the ability to earn a living. Employers may experience significant financial consequences and earn a reputation for unsafe working conditions. Every employee must follow the safety measures put in place to ensure the safety of themselves and their co-workers. Statistics show, workplace injuries spike when employees and employers don't adhere to the necessary safety procedures.
Article | March 11, 2020
The human resources field has gone through a lot of rapid changes in the last decade and still adapting many of it. There have been ample changes in what used to be a norm. From manual processes to programmatic advertising. Technologies have brought many changes using automation and AI. And we are thankful for digitization and globalization that are influencing the minds to restructure the employee ballgame.
As leaders are moving into 2020 they are pondering to adapt HR tech trends. And why these trends are gaining so much importance? Because they are going to give more applications at a fast speed and low cost. Basically, these HR tech trends in 2020 are going to advance three chief KPIs. The first among them is the time required to hire. The second one is the cost needed to hire. And the third one is the quality of the hired person.
If you are in the HR department using the latest technology trends, you will be able to get more applications to fill the next vacant position in your company, but that does not mean spending money to filter out qualified candidates. When HR tech trends are used wisely then they are efficient and when used poorly, it can get in the way of managing the company’s human resources. Here is valuable information on how HR tech trends will impact the industry in 2020 and with the help of it how you can manage to maximize the benefits and minimize the problems in the hiring process.
Table of Contents:
- Use of Automation
- Running Targeted Ads
- Optimizing the Budget
- Data Storage and Employee Performance
Use of Automation
On an average, the time for the hiring process is noted as 23 days. But it can be felt like months if you get tons of resumes for a single position. Now imagine the traditional method of going through the resumes one-by-one manually. No doubt it is going to consume more time and energy taking your eyes through all these resumes and shortlisting eligible candidates. And the chances of not missing something can’t be ignored. But in this age of automation, HR professionals can take a long breath of fresh air because AI is here to make this task better, faster, and more accurate. This HR trend has already taken place in the HR system. You type a keyword that you need as a skill in the candidate and you get a lot of resumes matching to that particular skill. And all this is done using natural language processing.
Further automation can be utilized for arranging an interview of the candidate with the manager in the open slot, sending offer letters to selected candidates with digital signatures, sending welcome emails, and giving technology access in the onboarding process.
Running Targeted Ads
Running targeted ads without having digital marketing background is now easy for HR professionals because of the programmatic advertising method. This technology makes sure your job ads are seen by the right people on the right websites at the right time which eventually helps in reducing cost-per-hire, time-per-hire and you end up getting quality applications within the niche.
Various programmatic job platforms make use of targeting algorithms. How does this work? When you create a job description to search your candidate, the algorithms use job type to find more suitable candidates in the best location where they will be searching for that specific job role. It also uses predictive analysis method that finds candidates who have searched that particular job in the past and identify places where they can be found now. All this is done by using their historical data.
Every click on the ad from candidates makes it easier for AI to further target job seekers on various platforms in real-time and also gives you better insights on how your job is performing.
When you deliver your messages in the right way and to the relevant people, over time they will become familiar with you. This is how targeted advertising also helps you in brand building as your ads are shown to targeted and highly valued people in your domain.
Optimizing the Budget
Hiring is not only a process that takes time but it is also expensive. Nearly 30% of the overall recruitment budget is spent on running job ads. And so you need to work on boosting ad presence across job portals and various websites with an optimized budget. For that, you have to make smarter budget decisions. And this daunting task can be done with the help of AI ad technology that maximizes your job ad spend. It distributes the budget across all platforms, analyzes the most effective of them, and automatically manage the budget that gives you maximum ROI.
There are lots of programmatic job platforms that are a great help in making this task easy for you and you can some free time to focus on other important things.
Data Storage and Employee Performance
HR professionals deal with huge amounts of data. They need to save data associated with existing as well as ex-employees as it is required at any time. Many apps facilitate them to save the essential data on the clouds as it eliminates the need of having paper copies. It is also very simple to store, organize, and access the data quickly and easily.
Employee performance analysis is one of the key tasks of the HR department. Stored data is essential in monitoring employee performance using key KPIs. There are many software in the market that are developed with the help of technology that can be used to track the performance, identifying areas where improvement is needed, and accordingly provide the training.
This is how using advanced technology in human resources can give you lots of benefits. In 2019, only 6% of recruitment organizations believe they have the best-in-class process and technology. Looking at the pros of adopting the newest technology trends is going to impact the HR industry to progress. How you are seeing this affecting your HR department?