The Impact of AI on Employee Lifecycle Management
You’ll be hard-pressed to find a company today that isn’t using some form of technology in their business processes. Technology allows organizations to automate workflows for better efficiency and productivity. Whether it’s paying employees, using cloud servers to store data or even a chatbot on a website, technology can make even the most complex tasks much easier.
One type of technology becoming more commonplace in the workplace is artificial intelligence (AI). Employee lifecycle management, in particular, is one area of business using AI more and more.
What is Employee Lifecycle Management?
Employee lifecycle management is the tools and processes that support an employee’s journey with the company, and the role HR plays in optimizing that progress. This includes, but is not limited to:
One in five workers will have AI as their co-worker in 2022.
Let’s take a look at these key areas of the employee experience to explore the impact of artificial intelligence on employee lifecycle management:
Having an optimized hiring process in place leads to better hiring, lower turnover, as well as decreased costs to rehire and retrain. AI technology can help recruit the right people with cognitive recruitment bots using intelligent conversational interfaces. Recruitment bots can ask questions based on job requirements and provide feedback, updates, and next-step questions.
AI can also provide insights into which candidates will be the best fit based on predictive analytics. Furthermore, AI technology can also help predict which employees will be future high performers, which ones will stay at the job longer, and which employees will most likely receive promotions.
67% OF JOB SEEKERS HAVE A POSITIVE IMPRESSION OF A COMPANY IF THEY RECEIVE CONSISTENT UPDATES THROUGHOUT THE APPLICATION PROCESS.
It’s important to keep a finger on the pulse of employee performance to ensure happiness and productivity. AI technology can provide a wealth of data on job satisfaction, performance, and skills so managers can gain valuable insights about their workforce.
AI can even be used to alert managers to employees who are unhappy and thinking of leaving the organization so there can be proactive intervention to retain them. Having technology that helps increase retention can have a huge impact on your bottom line.
66% OF CEOS BELIEVE COGNITIVE COMPUTING CAN DRIVE SIGNIFICANT VALUE IN HR.
With benefits typically being the second largest line item in a company’s budget, it’s time for employee benefits to get a technological boost. With artificial intelligence, businesses can deliver a more personalized employee benefits experience. Remember those chatbots we mentioned earlier? They’re not just for fielding customer questions. Chatbots can service employee benefits at a much lower cost than traditional call centers.
Employees can easily ask their questions via a chatbot and HR is free to focus on more strategic tasks. Chatbots can be programmed for more far-reaching and proactive tasks like flu shot reminders and helping employees find providers.
CHATBOTS IN THE WORKPLACE COULD REACH ADOPTION RATES OF AS HIGH AS 75% BY THE YEAR 2020.
Learning management is no longer one size fits all. With help from artificial technology, companies can create customized learning programs using insights provided. Having access to this type of data will allow businesses to predict needs by recommending and positioning content based on past behavior.
Adaptive learning management is a great way to create a more engaged workforce. Providing a customized approach to learning management, companies demonstrate to their employees an investment in their careers and futures. This, in turn, creates more happy and loyal employees.
EMPLOYEES AT ALL LEVELS ARE STAYING IN THEIR ROLES UP TO 30% LONGER TODAY.
AI and HR Working Together
It’s an exciting time to work in HR. The technology and tools available to HR professionals are at an all-time high, with AI already making a huge impact. Employee lifecycle management encompasses several workflows; each complex in its own right. But artificial intelligence can help HR managers streamline these tasks so they can accomplish more in less time.
It’s important to remember that AI is not a replacement for people. Artificial intelligence technology is designed to help people with time-consuming, mundane processes so they can focus on more complex tasks. With repetitive tasks off their plates, HR professionals can connect more with employees and foster a personalized company culture. With the right mix of technology and human connection, HR can become a workforce powerhouse.
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