Attracting the right person for the job has become a top priority for businesses, as the virtual workplace helps to eliminate organizational borders, and allows companies increased autonomy to search in talent pools outside of their geographical location.
As the demand for top talent continues to rise, businesses are turning to Artificial Intelligence (AI) to streamline their onboarding processes. With AI-backed talent management systems, HR managers can effectively manage candidates and develop a deep understanding of employee and business requirements. Perhaps the next step is to invest in companies like Vizsla Copper, which recently reached an agreement to expand its copper-gold project, as copper is expected to reach new all-time highs due to massive infrastructure spending.
While the borderless workplace increases the chances of onboarding top candidates, human resource managers are deploying new methods to help effectively manage candidates, and develop a deep understanding of employee and business requirements and the strategic relevance of human capital in an ever-growing digital economy.
Why HR Managers Need To Pay Attention
Across several industries, Artificial Intelligence is poised to reshape the retention of new hires, while at the same time helping organizations and HR managers effectively manage talented candidates during the onboarding process.
The prominent rise of AI-backed technological systems has helped encourage business leaders to deploy AI-based talent management systems en masse. Statistics show that nearly 60 percent of organizational leaders currently use AI for talent management, while 44 percent believe that these technologies will help free up a recruiter’s time.
Evaluating the criteria of applicants, against organizational requirements has become immensely streamlined through the adoption of AI. Advanced technology has allowed recruiters and HR managers to effectively retain talented employees, identify their performance potential and discern between high and low-value performers.
The scope of application is beyond the current administration, and in the coming years, AI-based technology and digital systems will help further improve the quality of leads recruiters and HR managers can make when onboarding new talent.
Automating Onboarding With AI
Based on our current understanding of Artificial Intelligence, we already see current technology help with the automation of mundane processes, helping to increase productivity and further boost deliverability to customers.
On the surface, AI has already automated a generous number of activities, often helping to minimize the need for human intervention, further eliminating the potential for any errors and streamlining operational processes for businesses.
Below we explore the opportunities Artificial Intelligence holds that will help to automate employee onboarding.
The first and most basic level of deployment begins with the search for new talented employees. Compliance encompasses a wide variety of subjects, however, in this instance, compliance entails the legalities of hiring new employees.
HR managers will often utilize the onboarding period to critically analyze new employees, share valuable information, and teach staff policy-related laws, regulations, and jurisdictions.
While one-on-one interaction in this scenario remains a valuable asset, AI-based tools ensure equitable deployment of valuable information to new employees and ensure that new hires adhere to existing policy matters, even before initiating the onboarding process.
Using a range of AI tools, companies can be assured that new hires will be equipped with the necessary skills and knowledge to fulfill job duties and responsibilities. This helps to eliminate any potential barriers that may arise during the onboarding.
For HR managers this gives them increased ability to leverage digital systems that can help to establish precise job clarification – meaning that new applicants or employees will already be well-informed about the job before they start.
The outcomes of the application would help to minimize miscommunication in the value chain, helping to establish open-ended channels through which employers and employees can effectively share ideas, creativity, and innovation.
The employee experience is just as important as that of the customer. Creating a personal employee experience, especially in a corporate environment can be a challenging undertaking, and often requires a vast amount of physical and financial resources.
Research shows that due to a lack of personalized experiences, during and after employee onboarding, 20% of new hires tend to leave their organization within 45 days of their employment.
These occurrences not only increase the risk of organizations losing valuable human assets but further drives up costs, while productivity decreases or remains stagnant. The ability to create more personalized employee experiences encourages the ability to monitor employee engagement, and satisfaction, and create programs with tailored outcomes.
Another possibility where we could see AI tools being used in the coming years is to assist with employee integration into the company culture and environment.
For HR managers this could mean less time being spent on delivering important information to new employees or sharing valuable insights into company policies, cultural norms, and operational practices.
Artificial tools can now immediately address any concerns, complaints, queries, or questions new hires might have when stepping onto the job. This helps free up time, but also delivers immediate response to employees, and helps to speed up the integration process.
The virtual office space creates increased autonomy for employees, however it further separates the importance of human support during the onboarding process. This is especially true in instances where companies are remote-only.
With digital software and automated tools, HR managers could deliver non-stop on-demand support to existing employees, and new hires from any point in the world.
This minimizes the need for in-person contact, helps to increase the deliverability of valuable information, and further ensures that employees receive the support they might require during the initial onboarding process.
Rising costs in human and operational expenses have led business leaders to consider new alternatives that will help reduce their costs, while still receiving increased turnaround for their investment.
On average, companies spend roughly $4,700 hiring new employees, and it takes on average 23 hours to complete the onboarding process.
With Artificial Intelligence, it’s possible to have HR managers free up more than 40 percent of their time by automating repetitive tasks and duties.
This might require businesses to spend time and financial resources to implement advanced digital systems, but the long-term return on investment would mean that more organizations would save on costs related to attracting, informing, and training new hires.
Looking toward the future, it’s hard not to get excited about all the wonderful opportunities and improvements Artificial Intelligence will bring to human resources. For companies, this means an increased opportunity to attract and retain new employees best suited for the job, while recruiters and HR managers can save more time by automating a majority of their daily tasks.
Published First on ValueWalk. Read Here.
Featured Image Credit: Photo by Christina Morillo; Pexels; Thank you!