Artificial Intelligence and its Impact on HR Trends in 2020

Posted on 09.14.2020

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Within a short span of time, Artificial Intelligence (AI) adoption has increased across different industries … this is because companies have realized that legacy systems are holding them back.

According to a report from Oracle, PwC expects AI to contribute up to $15.7 trillion to the global economy by 2030!

Adoption of technologies, such as AI, can not only help you improve productivity but also leverage data in the most effective manner.

Bringing AI technology and human capabilities together can:

· Free up time for you when it comes to administrative tasks so that you can focus on strategy and planning.

· Automate routine tasks.

· Help in streamlining the recruitment process.

· Measure the effectiveness of HR campaigns.

· And more.

AI has the capability to improve almost every process ranging from talent acquisition and compensation management to implementation of policies and conducting trainings.

Last year, Oracle surveyed over 8000 human resources professionals, across 10 countries, to ascertain the overall perceptions and behaviours towards AI.

It is reassuring to see that about 50% of the survey respondents confirmed that they were using some form of AI at work – the year before, this percentage was 32%.

In this blog, we explore how AI is currently being leveraged in human resources and discuss the HR trends for 2020 and beyond.

AI is Improving the Hiring Processes

AI is playing a critical role in recruitment processes by providing scalable and customizable solutions. There are many technology companies that have launched solutions to help you effectively manage your recruitment campaigns.

For instance, the AI capabilities in Oracle Recruiting Cloud can help you find the right candidate for a job by modelling data and matching qualifications to open job requisitions. The machine learning algorithms provide you recommendations on the basis of the job requirements you specify.

Similarly, Pymetrics has developed a talent matching platform that helps you ascertain the candidate’s fit on the basis of objective data. End-to-end talent solutions, like Pymetrics, can provide you cost savings and reduce hiring time.

AI is Automating HR Activities

AI enables you in automating repetitive tasks. For instance, onboarding activities for new employees and analysis of data.

Not only can AI automate routine tasks, but it can also improve employee experience and help you identify areas of improvement. For instance, you can personalize the career development paths for the employees, identify potential skills gaps, and do resource planning on the basis of data-driven insights.

The Move from Legacy Systems is Critical

It really doesn’t matter which industry you’re in. As the technology landscape changes, the adoption of new technologies becomes more important than ever.

Recently, HSBC worked with Accenture to integrate AI into its HR processes. These include core services such as payroll, workforce administration, and employee data management as well as new programs such as talent management.

HSBC’s new cloud-based HR technology has enabled its human resources professionals to deliver more value to employees and other stakeholders.

AI and Data Privacy

The most important consideration, when it comes to AI adoption is data security and privacy.

When you integrate AI into your human resources activities, you are naturally collecting and analyzing huge volumes of data. This can result in ethical and data privacy concerns.

Hence, it is important to be transparent and establish appropriate governance guidelines. Once you establish and share your data collection policies, your current and prospective employees can feel more comfortable with using AI solutions.

At Triton, we are committed to supporting you as you navigate through the changing HR landscape, integrate modern technologies, and look to hire people with the required skill sets. Through our online background checks solutions, you can always be sure that you’re getting the right people on board.

To know more about our solutions call us on 1-844-874-8667 or visit  https://www.tritoncanada.ca/business.

Which AI technologies are you currently leveraging? Share with us on social media. Triton Canada is on Twitter,Facebook, and LinkedIn.