AI has been continuously evolving at a faster pace, helping businesses grow in crucial areas. The addition of AI has proven to be a valuable asset for most businesses world wide [Source]. While Advancement of AI is accelerating with the new Tech, its applications are becoming increasingly practical whether its automating customer interactions, streamlining data collection and validation, and automated Security Monitoring. Additionally, AI can enhance the HR processes by streamlining workforce requirements and ensure the hiring of right personnel for the job.
IDC’s Future of Work research reveals that 80% of global 2000 [Source] companies will use algorithmic managers for hiring, firing, and training workers by 2024. This change is already visible in major tech and recruitment firms. The Future of Work survey by Eightfold AI found that the top five functions where HR departments are currently using AI technology are:
- Employee records management (78%)
- Payroll processing and benefits administration (77%)
- Recruitment and hiring (73%)
- Performance management (72%)
- Onboarding (69%)
Applications of AI in HR are far beyond the listed functions and can automate several crucial HR processes. Some ways AI is helping in the top 5 functions listed above include:
- Employee Records management: With the AI’s Advanced Analysis of big data, It is able to handle millions of Employee records in a small amount of time, whether it’s validating Employee records annually, fulfilling requests for the change of employee details, flagging critical issues with employees’ pay and many more. AI has been helping 100s of organisations in managing their employee’s data and performing necessary data validation and checks before it appears to employees.
- Payroll processing and benefits administration: AI incorporate highly advanced capabilities of processing Images, handwritten forms, and human language formats. With these capabilities, AI can assess, process and manage thousands of employee’s payslip data at once.. In Various Recruitment firms, Employees often share timesheets filled out by hiring organisations in handwritten format. AI helps them read these hand written documents, assess the work hours and process the correct payroll for the employees. This entire process which previously carried out by humans to read and fill in details, is now being performed by AI.
- Recruitment and hiring: AI possesses advanced analytical abilities that are being utilized by various companies to analyse the applications in real time and acquisition of top talent. AI performs the necessary analysis of the Resumes and Cover Letters based on the job description and other guidelines required for the job, providing an overview of the applicant while offering a detailed study of the applicant’s capabilities against the job requirements and their strengths. Many companies have incorporated AI in their applicant tracking systems, helping HR teams to shortlist right talent and top candidates in the industry.
- Onboarding: All New employees must go through the standard company’s onboarding process which includes showcasing company’s culture, processes, required documentation and protocols. This can now be done through AI providing personalized experience that guides them through different departments and company protocols.
- Performance management: Performance management is a crucial process of rewarding performant employees at right time to encourage continued efforts and excellence. Many organisations now use AI to analyse and keep track of Employee’s performance on timely basis, sharing this data for HR performance analysis and ensuring right candidates are rewarded. Make a Wise Decision, Get Automation Added to Your Business.