Modern business is facing the rapid and unrelenting growth of artificial intelligence, and the majority of respondent companies in the 2019 Deloitte Global Human Capital Trends survey report that not only do they need to rethink their capabilities to learn, but they also need to reinvent their workforce experience to enhance efficiency and reconsider how they develop leaders. These are shifts that need to be explored to avoid HR process stagnation, so let’s dive into more of the latest in human resources management.
Trend 1 – “Repurposing” Your Human Capital
Finding it difficult to hire, managers often forget about one of the most effective tactic HR specialists sometimes use – moving current workers to available job opportunities across the company. Of course, any given person must possess the particular skills that are relevant to carry out the role’s responsibilities.
A second and no less effective tactic is to use alternative human capital, such as contractors, freelancers and outsourcing partners. This approach to talent acquisition works best for companies facing rapidly changing business conditions. For example, if you need to urgently reinvent one of your technology systems like ERP and don’t have skilled in-house specialists. In that case, you can outsource your new technology project to a dedicated development team.
In accordance with global trends in the alternative workforce, modern enterprises have an amazing opportunity to cooperate with vendors, contractors, outsourcers and freelancers who are located overseas. Besides, this kind of potential labor capital is typically cheaper and, thanks to up-to-date technologies, easily accessible.
Trend 2 – Using Technology to Recruit
With strong screening and sourcing technologies in place, HR managers can recruit and hire first-class specialists in a timely manner. Unfortunately, not everyone has such capabilities at their disposal. Having optimized technology at your fingertips allows recruiters and HR to find, source and select candidates more efficiently. They are able to focus on data-driven decisions – strongly considered the best approach to hiring procedures.
A vivid example of how new technology influences HR processes is the use of modern tools powered by artificial intelligence. For example, modern organizations are now using chatbots to optimize their application processes. Among other human resources best practices, there is the rise invideo interviewing, which allows HR teams to screen and select the candidates who best match any position’s roles and responsibilities.
Machine-learning tools can also work wonders in your recruiting processes, helping you to create a complete image of potential candidates. These tools provide huge benefits to modern businesses by automating hiring process, which reduces time for screening candidates and increases time for high-value activities.
Trend 3 – Reinventing Talent Acquisition
New approaches to talent acquisition encourage human capital specialists to not only find new ways of accessing Talent, but also widen their perspective on the Talent view. Rethinking the Talent acquisition mindset is vitally important for improving HR processes. Companies need to reimagine what their potential employees may look like, where they might find them and how to best use modern technologies at their full power. For example, you might be used to offering full-time positions only, yet there’s a trend toward hiring alternative capabilities like remote employees and freelancers. If you want to keep pace with the times, you should keep these tendencies in mind.
How New Technology Makes Operations More Effective
With all these new trends in mind, let’s take a look at how the implementation of new technology can optimize and improve your HR operations. We’ve already mentioned that AI is having a huge impact on the human resources sphere. It’s also able to quickly connect quality data with computation services to create valuable insights. Let’s check out some of the key benefits that artificial intelligence provides.
Benefit 1 – Managing Information About Employees
Artificial intelligence can structure analytical information in order to offer valuable insights on every aspect of your employee records. Once authorized to do so by an employee, managers can access that employee’s data, which can include any information they wish to see – job history, performance level, appraisal process requests, etc. And employees have the ability to view and update their personal information, such as their contacts, address, vacation days available, approval status for days off and vacation details
Benefit 2 – Training of Employees
It’s no secret that many companies are facing the problem of a skills gap. With AI in place, team leaders can better plan training opportunities for their team members. And the technology makes it easier to track the training progress and define which skills most need to be thoroughly trained.
Benefit 3 – Automating Routine Tasks
To focus on high-value activities, HR managers can leverage AI-powered tools to automate processes that are repetitive, routine or carried out manually. Processes such as onboarding, screening resumes and sourcing new skills can be easily handled by machines, and customized to your needs.
Benefit 4 – Enhancing Hiring Processes
Tools such as chatbots can help managers access potential candidates through multiple talent pools and channels. Resume screening ensures more accurate candidate profiles, ultimately resulting in better work performance and better productivity.
Some of the most efficient tools AI offers to the HR industry are language processing, cloud solutions, bots, digital assistants, automated machine learning and APIs for business functionalities. As you can see, AI-powered apps can definitely improve the productivity of both HR specialists and employees. These apps offer powerful tools for greater collaboration across the organization, more accurate analytics, better predictions of future trends and clear, valuable insights. When implementing AI technology, be sure to consider and define what you’d like it to do for your company, how it can fit within your operations and what tools you need most of all. The future of human capital is here, and it’s time to get moving – or get left behind.