Human Resource Outsourcing
Recruiting gets smart: How AI is revolutionising talent training and acquisition
Economic volatility, geopolitical instability, global healthcare concerns, and technology adoption are shaping the demand for new skills and jobs. Industry 4.0 has required organisations and individuals to adapt to new skill requirements, technology, and human-machine collaboration. Environmental and social governance (ESG) requirements have added to the demand for green jobs. Technology adoption has been on the rise. According to a World Economic Forum report, the increased adoption of new and frontier technologies, and broadening digital access are the primary drivers of transformation in organisations. Technology, particularly Artificial Intelligence (AI), is changing the way business is conducted, requiring both new skills, and the upskilling of employees. 75% of surveyed businesses are likely to adopt Generative AI. Reskilling will be on the rise, with nearly half of an individual’s skills needing to change across all jobs.
In the face of this flux, organisations require to attract and retain the right talent. With 74 percent of companies around the world struggling to find talent with the right skillset, Human Resources (HR) leaders will need to develop new ways of acquiring talent,and training the workforce. AI-powered solutions can transform talent acquisition and talent management.
AI-driven talent acquisition
The recruitment landscape is in for a complete transformation with AI-powered tools and solutions. A Harvard Business Review survey found that 91% of senior business and HR leaders see automation and AI-driven hiring optimisation as crucial for long-term business success. AI has several applications in the hiring process.
AI brings in dramatic improvements to candidate sourcing. In a survey conducted by Mercer, 81% of respondents said that they use AI for screening candidates, 60% use AI for interviews across all types of jobs and levels, and 50% use AI for candidate evaluation. 38% of companies used AI for sourcing and engaging candidates based on the talent pipeline. Generative AI(Gen AI) can be used in talent acquisition for a variety of tasks. AI-generated job descriptions, social media posts for hiring candidates, and candidate communication eliminate cumbersome work for HR staff. AI tools can be used to schedule interviews and screen resumes eliminating any unconscious bias. Other applications of AI during recruitment include assisting candidates during the application process, skill assessments, and conversing with candidates using chatbots.
Recruitment chatbots that use natural language processing (NLP) and machine language (ML) can respond to candidate queries 24x7 in human-like language. These AI-based chatbots also “learn” over time, and become more efficient and accurate. Queries that cannot be answered can be forwarded to a human interface. Chatbots also help to eliminate any unconscious bias. With help available at the press of a button, candidates do not feel ghosted, and have an improved candidate experience.
Predictive analytics can use past recruiting data to predict future performance of the candidate, and the likelihood of candidate retention. AI-powered interview analysis can be used to assess body language and other nonverbal signs. Job seekers can have a personalised experience, with AI chatbots recommending job roles to candidates, based on their skills and experience. AI-based virtual onboarding can simplify otherwise cumbersome document processing, and answer queries, and provide information on policies and practices. This lets HR staff focus on welcoming new employees to the organisation.
People are the largest investment for an organisation, and it doesn’t end with just acquiring the right talent. While a return on investment with regard to talent is intangible at best, organisations can use AI-powered automation to realise the best value from talent while improving employee experience.
Strategic talent management with AI
Generative AI (Gen AI) can be used to build a roles and skills taxonomy for the organisation. Market dynamics can be monitored with this technology, revealing gaps in the skills currently available and those projected to be needed. By understanding the gaps within, and what would be needed for the future, organisations can plan to upskill or reskill employees, as well as use this information for data-driven talent acquisition. Using AI-powered analytics to critically evaluate the existing employee value proposition (EVP), and make recommendations to improve it will help organisations attract top talent, and retain them. Gen AI can be used to provide personalised learning and development programmes for employees. AI-powered simulations can be used to provide risk-free learning opportunities for employees.
AI-driven talent management can lower costs and time-to-hire, and improve HR productivity and efficiency. With AI, organisations can bridge the skills gap, as well as improve employee experience, and employee retention. While there are several AI tools in the marketplace, to be truly effective, organisations require to incorporate AI into their core HR strategy. Organisations seeking to transform talent management should align their vision, technology, and skill management, and execute targeted change management initiatives to ensure AI-based solutions generate significant business value.
How can Infosys BPM help?
Infosys BPM’s Human Resources Outsourcing services develop innovative AI-powered solutions for talent acquisition and management, talent development, and employee engagement and retention. Combining deep domain expertise, innovative technology, and consulting practices, Infosys BPM delivers robust HR solutions for global clients.
