How technology is revolutionising human resources
Category Commercial and Industrial News
If there's one thing that every commercial and industrial company has in common, it's the need to find and retain the right staff members. With constant technological developments taking place in the human resources field, companies need to keep themselves up to date with what is possible. 3Cube Property Solutions takes a deep dive into some of the recent developments, including machine learning, Voice of the Employee (VoE) analytics and predictive analytics.
The impact of machine learning and artificial intelligence on human resources
In a nutshell, the use of machine learning and artificial intelligence (AI) make human resources (HR) functions - from recruiting and onboarding to upskilling and staff development - more streamlined and more effective.
To start with some basic definitions, machine learning is the form of artificial intelligence that makes predictions and learns from a company's big data. It involves teaching computers to recognise and work with patterns rather than coded programming rules. As a whole, artificial intelligence is computing power leveraged to imitate the decision-making and problem-solving capabilities of the human mind.
Thanks to the development of AI tools, recruiters can view at-a-glance detailed insights into the company's short and long-term hiring needs. This will enable them to easily identify the skills and experience that would-be candidates will need to succeed. Many advertised corporate positions may attract approximately 250 CVs. However, according to hiring statistics, only four to six of these candidates are likely to have the requisite training and experience to be right for that specific job. Recruitment AI tools can help whittle down applicants by searching for specific keywords in applications and CVs. AI also has the potential to analyse a candidate's online presence to provide additional data about their suitability.
Looking to the future, chatbot software can be used to hold preliminary interviews with potential candidates, asking detailed questions and analysing potential incumbents' answers for keywords. Such bots will also be able to schedule a "human" interview for viable candidates. Ultimately, removing the human touch from preliminary HR screening removes the risk of personal bias on the part of the interviewer.
Monitoring employee satisfaction smartly
Another fascinating new tool in the HR department's arsenal is Voice of the Employee (VoE) measures. These AI-powered tools go deeper than surveys and supplied staff feedback to learn about how your employees really feel about their jobs. In doing so, VoE can provide valuable insights into why you may be losing valuable staff members. Voice of Employee software obtains its data from internal discussion threads, emails, social media comments, survey responses and various other sources.
Planning for future needs using predictive analytics
Predictive analytics is about using historical data to predict future outcomes. Tech Funnel provides an example of an HR team wanting to determine the rate of attrition that they are likely to experience in the next two financial years. By using historical data, predictive analytics can sound an alarm bell about potential future losses of human capital, and steps can then be put into place to mitigate this. Predictive analytics can also help to reduce employee absenteeism by taking a deep dive into the reasons behind it.
In addition to maintaining existing staff, predictive analytics can help HR managers make smart hiring decisions. By empowering employers to gather real-time insights into how efficiently their current HR protocols are working, predictive analytics can help create a future with more appropriate and more inspired employees.
Artificial Intelligence and its associated applications have exciting ramifications for all commercial and industrial enterprises. It is time to embark on an exciting journey into the future - a journey that begins with having the right premises. For help in finding the Gauteng premises that are right for your business, contact 3Cube Property Solutions today.
Author: 3Cube Property Solutions
