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The introduction of AI and ML has enabled organizations to streamline their HR processes and automate operations, including screening, interviews, and onboarding.
FREMONT, CA: The rapid developments in technology have revolutionized the HR sector, streamlining its processes. The digitalization of HR has led to the automation of repetitive tasks, freeing up the HR personnel to handle operations that require a human touch. The global HR technology venture capital reached $3.1 billion in 2018, almost three times the investment in 2017.
Technology such as automation, artificial intelligence (AI), machine learning (ML), augmented reality (AR), and virtual reality (VR) has birthed efficient, data-driven solutions with a better return of investment (ROI). The incorporation of the emerging technologies has transformed HR from an administrative and compliance department to a crucial decision-maker.
Several labor-intensive and repetitive tasks have been streamlined and accelerated by the integration of robotic process automation (RPA), including processes such as record creation, documentation, and employee addition in payroll systems.
The digitalization of employee training has enabled organizations to cater to individual employee needs. The training programs leverage interactive AI, AR, Virtual Reality, and L&D systems to ensure maximum employee engagement. The training solutions also enable organizations to measure the effectiveness of the programs in terms of ROI and outcomes.
HR analytics has enabled organizations to make data-driven decisions, including promotions, compensation, training, employee retention, and agile cross-functional team staffing. The data generated from the countless interactions between employees and managers has led to the development of sentiment analysis, which has enabled organizations to promote better employee engagement.
The digitalization has enabled organizations to predict workforce demand and find the right candidate. It has streamlined primary screening and interview process with efficient AI systems. Companies can now set dynamic goals, conduct regular performance check-ins, and achieve crowd-sourced feedback. Technologies such as ML, elastic, and deep search have armed organizations with robust tools for background verification. It has also enabled the development of proprietary databases and robust search engines to sort through millions of data points and generate accurate results.
The introduction of AI and ML has augmented the automation of operational tasks, enabling organizations to draw data-driven conclusions integrated with a human-like touch. It is revolutionizing processes such as payroll management, learning and development, onboarding, employee engagement, background screening, and HRMS.