The HR industry is now leveraging the power of new age technologies such as AI and ML for more accelerated and intelligent solutions. ML helps organisations to significantly improve their process efficiencies at reduced time and cost, without having to compromise on the quality of the outcome.
One of the most critical challenges for any organisation is identifying and hiring the right candidate. Organisations are on the lookout for candidates whose profile is aligned with their culture and job fitment. This is because a bad hire is expensive, time-consuming, and, at the same time, works to bring about a drop in the productivity. As per an employer branding agency in London, recruiting, hiring and onboarding costs for a new employee can be as high as $240,000. Today, artificial intelligence and machine learning technologies are at their peak. Investment in AI has accelerated from $282 million in 2011 to $2.4 billion in 2015, an increase of 746% in five years. In 2016, the increase has continued with roughly another $1.5 billion being invested in more than 200 AI-focused companies in 2016.1
We are witness to a rapidly growing interest by the CXOs' in these technologies, and their application across a wide range of functions in various industries to increase organisational efficiency. Artificial intelligence is being applied to all possible aspects of life, and Google is one of the best examples of AI application, since it manages to set your search preferences based on your search history. Popular e-commerce websites use AI as a competitive weapon to automatically suggest users to products in which they may have some interest, on the basis of their recent purchase. Almost every field has a certain use for machine learning and artificial intelligence for their process improvement and enhanced user experience. The HR industry is now leveraging the power of new age technologies such as AI and ML for more accelerated and intelligent solutions. ML helps organisations to significantly improve their process efficiencies at reduced time and cost, without having to compromise on the quality of the outcome.
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Continuous Learning For Growth
Of late, for organizations particularly in the service sector, people have become the strategy. And, if that is the case, the Learning and Development (L&D) department in organizations, and the industry in general, is likely to witness significant growth in 2017 and the years thereafter.
Creating Open Spaces And Minds
As the boundaries of life between work and home continue to blur, employers and employees are sitting up and are noticing the ways and means to offer and avail a worthwhile experience at the workplace.
Striking The Right Balance
In 2017, an employee in the HR Department of a leading global company received an excel sheet attachment in his official mail. While the content seemed harmless, it was in fact a well disguised Ransomware attack which had in fact placed several companies worldwide in the dock. Ransomware attacks targeting HR departments across the globe have since been in vogue since they possess valuable employee data which can be used to commit crimes such as tax frauds and the like.
The Multifaceted Advantages Of AI
AI can speed and automate data collection, make fundamental observations, systemize HR issues, and differentiate customer and employee profiles. But, corrective measures and final decisions can only be approved by people who can understand how to leverage AI tools to acquire accurate information sans the noise and interpret them the right way.
Engagement Surveys: A Means Or An End?
Surveys are not merely a way to check the pulse of the organisation; they should ideally be used as vehicles to improve the organisation culture, people practices and employee experiences which gradually translate into business success.
What Is And What Needs!
The idea of the best fit works only in a perfect universe. In reality, what talent specialists and hiring managers should focus on is getting the close fitment. They should work with an approach that bridges the gap between what is (available) and what needs to be (done).
A Matter Of Strategic Timing!
The term 'work-life balance' has become a popular chant for all working professionals today. A world of different opinions continue to pervade our lives, with one actually affirming that there truly is no direct relationship between the parallel worlds we live in.
Picture Out Of The Frame
A few months ago, Moon Jae-in, the President of South Korea, made an unusual announcement.
Analysis
It is paramount for a pharmaceutical company to meet the business requirement of regulatory compliance.
How Can They Fire Her?
It is a common phenomenon in the corporate landscape to misinterpret the inability to respond to a query by a Manager as a serious lapse which at times leads to termination of his/her services. As a fallout, not only do they risk losing out a person with superior managerial skills, they also dampen the spirit of the juniors in her department, leading to sinking morale and reduced engagement.
