Artificial Intelligence with machine learning has been a great revolution by human intelligence in recent times. The fictional imagination of making work less complex, efficient and faster with AI has become a mere reality. Many giant corporations have already started investing a maximum amount in technologies and innovations even before the covid-19 pandemic. However, the sudden demand for AI has increased due to the massive turning point of the global pandemic.
From making your brand successful to setting higher standards of hiring that attract potential candidates not only based on their higher qualifications but also considering their skill-sets and experience have become top priorities for today’s recruiters. In this article, we will identify how Artificial Intelligence has become a boon for every small to the giant corporation; when it involves complex HR processes.
Before jumping on what impact Artificial Intelligence has created in the HR process, let us find out what is Artificial Intelligence in simple terms,
What is Artificial Intelligence?
Artificial Intelligence is the substitute for human intelligence; using programmed machines that think like humans and imitate their actions. In other words, it is a machine that exhibits characteristics like the human mind and behaviour in learning along with problem-solving.
AI-Driven recruitment software for the entire Human resource process
As per the recent report by GlobeNewsWire, the global market size of ATS is expected to grow at a CAGR (Compound Annual Growth Rate) of 6.7% during the estimated period, which will increase from 2.3 billion USD in 2021 to 3.2 billion USD until 2026.
Looking towards the current and future market scenario of the applicant tracking system, a complete AI-driven hiring software is increasingly evolving and raising demands in businesses. This analytical insight is enough to draw your attention to how AI has made it easy and possible to overcome; the challenges of HRM in an era of Digitalization.
Here is the insight into how Artificial Intelligence has impacted the HR process that has successfully replaced traditional HRM with modern HRM.
Impact of Artificial Intelligence on the HR process:
Some of the fundamental changes that every HR professionals expect to see after implementing the AI in the human resource process involve recruitment, selection, employee onboarding, employee engagement & retention, better employee experience, performance evaluations, employee records, and advancement in the administrative tasks.
Below is the impact of Artificial Intelligence on Human resources activities.
Speed up Recruitment, selection & onboarding
Recruitment is the process of filling up the vacancies by attracting, sourcing, screening, engaging and onboarding potential talent. AI-driven automated hiring software such as iSmartRecruit has successfully enabled recruiters to scan the entire candidate database and identify the best match among all candidates for an opening job with features like AI-based candidate matching.
By using this machine learning, most businesses have remarkably transformed manual recruitment into intelligent recruiting.
Maintenance of employee records
Automation in the HR process has supported talent acquisition teams to create a candidate pool by segregating them on different criteria such as qualification, interests, experience, skills, region, etc., which has significantly improved the productivity of recruiters by saving their time in sourcing out candidates whenever required. Automation in HR has enabled recruiters to save every personal detail of employees along with their resumes just in a single click.
Effective Recruitment marketing
After the Great resignation trend, the priority of every business leader is to build up a strong employer brand. A study by Forbes; has stated that approx 30% of leaders confirm that a weak employer brand directly impacts their ability to meet hiring standards.
So far, recruitment marketing is a new concept that has been derived from the modern HR process, where, employers have to be conscious of their brand reputation to attract candidates. However, due to automotive features such as job board integration, social recruiting, and career website integrations, it has become surprisingly easy to attract active job seekers as well as potential passive candidates.
Successful employee retention through employee engagement
Considering new HR trends in 2022, every business leader has started focusing on employee retention strategies to mitigate a rapidly increasing employee turnover ratio. As per the fact mentioned by Forbes, millennials are estimated to form 75% of the global workforce by 2025, and by 2030 Gen -Z will make up approx 30% with a higher engagement being at the workplace. Following the current facts, there is no surprise that the only key to employee retention is the technology itself that supports engagement with various AI automation tools.
Automation in performance evaluations
Tracking the performance of employees is quite essential since the promotion and future growth of employees depend on it. An automated timesheet and performance tracker provides HR leaders with significant statistics through data analytics that ensures bias-free evaluation of performance, resulting in encouragement to existing employees.
It builds up a better candidate experience
Application of AI has integrated chatbots in every software and website that never takes any day off in guiding candidates promptly with their numerous questions. Moreover, certain features such as automated reminders and task management in recruitment management systems help recruiters take timely follow-ups with applicants and existing employees to provide real-time feedback that ultimately develops a better candidate experience.
Advancement in administrative tasks
Artificial Intelligence has leveraged HR departments by freeing employees from monotonous tasks and allowing them to focus on more essential tasks. Automation has notably replaced paper-based documentation processing with online assessment and documentation processing.
Data-driven decision making in HR
Effective decision-making entirely depends upon the data. The revolutionary Artificial Intelligence provides real-time data analytics and insights that support leaders in solving problems through better decision-making.
Summing Up
To run a successful business, any business leader would need five models of management. Those are Man, Material, Machine, Methods and Money. So far, when it comes to Manpower, this is the first and the foremost requirement of any organisation. Thereby, the management of manpower has raised the concept of human resources management which came into existence at the end of the 19th century.
Your impossible imagination of today can be your future reality, and that is what we all are witnessing through swiftly evolving AI automation in every way of life. While considering human resources as the heart of any organisation, integrated machine learning has made all of us quite futuristic.
