HR & Organization Performance
According to intelligent estimations and surveys it is believed that artificial intelligence would contribute most to any organization’s revenue and progress. With the advent of AI and the major increase in the productivity of the manufacturing sector, even the HR sector has got new opportunities to blossom.
In the genesis of Human resource management, human resources were completely processed by paperwork. HR management was primarily related to hardware such as calculating welfare or labour insurance. Later, electrical equipment started being used in HR jobs, making work streamlined. This was also the period when HR began to develop hard skills in recruiting and training personnel. With further development and advancement in technology, the internet appeared. The internet then was gradually used for HR activities, but only as a support tool behind “big stage”. Before 2010, most of the companies’ websites were primarily used with the purpose of sale and display of products. At this stage, HR activities gradually shifted to develop soft skills of personnel. With the introduction of artificial intelligence, the internet has grown stronger. Machines have become smarter, more human-friendly. The technology has harmonized well with human resource and recruitment activities. From internal processes to the communication with candidates, this forms the best Applicant Tracking System platform. At this stage, recruiting thinking has also gradually changed, more attention being paid to brand recruitment and talent management. HR 4.0 is growing at a fast pace when compared to previous revolutions. The explosion of technology is radically changing the way people communicate as well as the current way of operating and managing businesses, including the recruitment of human resources.
Using AI in HR we can avoid much stress and help in gaining accurate results. Talent acquisition programs can judge applicants in a more accurate manner with the help of data and experiences in database. HR units are helping the organizations by improving the quality of hiring decisions, all because of these HR tools. Additionally, companies are able to save a lot of money because they don’t have to pay the cost of poor hiring decisions. Recruiting the most promising talents and brains of the industry is not the only concern of HR departments. Adaptation is the second step in the process as not all can fit in the new environment due to lack of recruiting procedures. It is impossible to dedicate time for all the new hired employees individually. That’s where AI steps in – it determines customized on recruiting procedures for every single position. This proved to be extremely productive in practice since new workers who went through well-planned on boarding programs had much higher retention rates than their peers who didn’t have the same opportunity. HRs in this era of technology determine the best timeframe for new courses and schedule lessons so as to fit the preferences of all the employees individually. HR 4.0 tools also help in setting concrete objectives. This type of work is easier to follow and assess and generates better overall results. It also helps to improve productivity and to detect team members who show lack of teamwork participation and active engagement continuously.
HR with the help of artificial intelligence is helping the industry grow and would help enormously in the improvement of results and monitoring employees more effectively, contributing in overall development and performance of organization performance.
Panel 11: Business Case for Investing in People
The current corporate scenario is something like this, we have the number of employees with high functioning and but there is low employment but the wages are increasing steadily, attracting and retaining the high-quality candidates can be extremely challenging. How can employees stand out and build loyalty in such a competitive condition. We can overcome this by implementing strategic investment in the lives of our employees by paying dividends that deliver real business results and we can reward them for their loyalty, productivity and keep them happy. But it is not easy nor instantaneous. Developing, maintaining, and improving corporate culture is an investment that required a substantial amount of time to truly make any difference, for example, we cover 100% of healthcare costs for our employees and their families. Offering these benefits to thousands of employees is expensive, which explains why the most forward-thinking executives can have difficulty deciding how much to invest in culture, but when we fully understand the comprehensive business case for why investing in your people is so important, now the decision is much easier to make.
The positive and productive culture isn't just great for our people but also great for our business as well and this culture influences every business decision. Even during the financial crisis, we should not stop paying our employees or giving benefits to them.
Panel 12: Should HR own Organizational effectiveness
One of the crucial aspects of effectiveness includes defining, attracting and developing the right mix of critical talent so that they can adapt to the market dynamics. Although leaders play a key role in creating a culture of employee engagement, sometimes they get clueless about finding the right people for the task. While most organisations try to look up to HR as a strategy partner for resolving this, it is difficult for them to break away from their traditional roles, chained by legal and administrative work. This also confuses the leaders about the availability of HR to be used as a useful resource for the problem at hand.
The breaking away of HR from these traditional roles and rising up to the occasion as a strategy partner is going to be one of the major game changer in HR 4.0