How AI is Assisting HR’s and CFO’s in decision making?
Before moving on to talking about assisting HR’s and CFO’s in their workflow, we need to get a hint of what AI actually is.
In layman terms, ‘Making computers mimic Human intelligence’ constitutes AI. With AI, a computer can follow a step by step approach and come up with its own rules to function well.
So, welcome to the brave new world of artificial intelligence. Up until now, HR’s and CFO’s are low levels aware of how AI can assist their work an reduce their burdens of documentation and other agendas. HR’s are stuck up in repeatable and mundane tasks which do not really add value to their work and just makes their mental state tired and fatigued.
Hence, HR tech is a good enough market to invest in for now. However, to clear it up for you, I’ll give you a list of work advantages you can achieve via HR technology.
Giving all the documentation to AI-powered HR tech
Everything! Even the weekly excel reports you to need to make. Just give the data to the HR tech and view the results, hence, work accordingly.
Why do you need to sit down and spend your time in writing rows and columns of employee data when a software is doing it for you?
Apart from productivity increase, it will build your technical skills and will increase your learning multi-fold. Now, you can spend your time in other useful and strategic work where your brain power really needs to be utilized.
A host of salary tools are available for handling payroll and compensations at the end of every month. There goes another arena where your workload will be reduced!
Don’t worry! There’s still a lot of work to be done but now the work is not repetitive. This HR technology requires another level of learning and implementing from your side.
It’s true that AI might remove a lot of jobs from the market but what about the new ones it will sprout up. You will need to develop your skills to play in this AI assisted market!
Better recruitment with HR technology
All HR’s usually follow the 6-second thumb rule, meaning, glancing at a resume for a mere 6 seconds and deciding whether a candidate is fit for a job or not!
Now, while I am not doubting your analytical skills, how much can you really read in 6 seconds? Just the candidate’s experience, or perhaps, just the skills part.
The AI enabled HR tech will review a couple of resumes for you in 6 seconds and give you the most feasible ones according to the rules it has been made to learn. Talk about time saving! I mean, so many hours are just added to an HR’s routine.
Apart from that, it is found out that if a male recruiter is across the interview desk, a female candidate is likely to be hired or given more points or vice versa. Now, such kind of gender biases is not a person’s fault. It happens unintentionally. But an AI expert system built specifically for handling HR technology doesn’t work with intentions. It does not have any!
It works on your feedback, on the analysis of the previously conducted recruitment processes. Takes the data, learns from it and functions accordingly. Simple! Isn’t it?
Collaborations between HR’s and CFO’s
A new strategy companies follow nowadays is to make HR’s and CFO’s sit in the same meeting room and infuse strategic, financial and people issues into their businesses.
For an HR and CFO to take out time for this, everyday use AI software is an imperative tool. It will allow HR’s to focus on more of strategic thinking and execution and enable CFO’s to take financial decisions fast and without bias.
The name you need to search Google for is Automated Personal Assistants. These babies will automate interview schedules, schedule meetings with your voice recognition, navigate through bulks of data and give you that one small piece of information you need, answer FAQ’s for you, even email to potential candidates on a daily basis!
Now, you can focus on manpower planning for your department. Even work on the productivity management for the company. AI will raise your status to an HR Manager from an HR Generalist because now you’re managing people’s skills and making strategic decisions every hour.
Gamification of HR tech is necessary for the scaling of a company and improving your human resource department. Now, who doesn’t want that? I guess every business, big or small, does!