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From an HR standpoint, these technologies could transform how we look after team members, find new ones, and initiate HR measures in time to maximize the retention of your employees.
According to Deloitte’s 2018 Global Human Capital report, 72% of business leaders already recognize that AI, robotics and automation are important – but less than a third (31%) are ready to act. So, how can HR teams actually use AI and predictive analytics?
Prior planning and preparation prevents poor performance – a phrase that could soon be out of date. With the advent of new technologies, and in particular Artificial Intelligence, businesses will soon be able to predict the outcome of different scenarios, before they even come to fruition.
Previously, HR professionals checked how happy people were during quarterly, biannual, or even annual reviews.
Now, managers and HR teams can monitor mood and attitude through chatbots with their teams each week. They can check on training programs to see who’s working on their development and who’s dropped off. And they can review skillsets and new opportunities in seconds, helping to keep employees engaged and feeling valued.
In other words, they can reduce staff turnover. With an intelligent Human Capital Management (HCM) system that uses predictive analytics, managers can draw on dozens of datasets to forecast the potential of employees leaving, work out what to do, and then act. And if new team members are needed, it can fuel smarter hiring too.
Through the filter of predictive analytics, data on current talent can help you work out which skills and people you’ll need next. You’ll be able to do workforce planning far in advance, finding the experience and capabilities that will matter in a year – or three – and molding the teams you know the business will need.
Your AI-based system could also reveal where you should look for candidates and the possible impact on the team they’d be joining – not to mention the business as a whole. It could even reach out to the best people, making an automated but personalized first approach.
A prerequisite of these insights is a full transparency of skills and personality traits over all employees. This has been a wish for a long time for HR. Today we can realize this due to the almost endless capacities in managing complex data in Clouds.
People are the business. Besides the needed equity capital means, the most important factor to secure future success of a corporation is having engaged people. AI capabilities as described above can help to identify what your people truly yearn for and assess the risks and chances of putting them in the position they are longing for.
By using AI and predictive analytics to better understand the workforce, HR leaders can drive greater value and manage risk more effectively.