How using AI can save time and money on HR and recruitment
Thanks to the advancements in AI and other technologies, we are going through the biggest change in employment and HR practices since Henry Ford introduced the Ford model of work more than 100 years ago.
With technology advancing at such a pace, it can be hard for businesses to keep up, but one thing is for sure: AI is not going away, and if you are not thinking about how your business can use it now, there is a high probability that you’ll be left behind.
AI is nothing short of a game-changer, especially for small and medium sized businesses, who it is propelling into a new era of talent recruitment and management. By automating repetitive, tedious tasks, AI liberates HR professionals and their leadership team from manual processes and administrative burdens, enabling them to focus on strategic initiatives that truly impact employee engagement and make their business a great place to work.
Through intelligent algorithms, AI can identify patterns and anomalies in huge volumes of data, helping you to identify high-potential candidates immediately. Traditionally, you would have to sift through piles of resumes to try and find a great fit - now, you can match great candidates with open roles in seconds.
AI also helps to optimise workforce planning and create inclusive workplaces, for example it can eliminate hiring bias and enable you to source talent in places you wouldn’t usually look.
We’re constantly looking for ways to optimise and enhance our processes with AI. I’ve advised my staff to be curious about AI and to use it in their workday for maximum impact.
Businesses can now use AI to do a range of things related to HR and recruitment, including writing job descriptions, cover letters and personal bios. Soon, businesses will be able to match suitable candidates to promising job openings before an employer has even advertised a role on a job board – using AI to consider candidate’s skills, verified work history and qualifications to determine whether they are a good fit for a role.
With technology advancing so quickly, we are only months away from businesses being able to predict their future hiring needs based on past growth and streamlining each step of the recruitment process to get the right person in the right role, faster.
It’s not just the recruitment and onboarding part of employment that is changing quickly, but payroll too.
In the next couple of years, we can expect to see payroll running autonomously in the background (if all information is entered correctly). It will be able to capture up to date data on pay, leave management, and integrate and process gross pay, validate gross and net pensions, and distribute the pay once complete.
Automation also allows for employees to be paid in real time, instead of waiting for weekly or monthly pay runs. For example, a contractor working for a couple of hours one day, will be paid directly into their account immediately. Meaning that people are less likely to need to borrow money between pay days.
While AI serves as an assistant in the employment process for both employers and employees, it by no means replaces the human elements. Rather than automating every interaction, AI is streamlining the manual, tedious aspects of the employment process, such as writing job descriptions, finding promising candidates, onboarding employees, talent management and personal development.
Now is the time for business leaders to get curious and experiment with AI. Think about how it can enhance your business and give you more time to focus on growing your company and finding the best talent.