The pandemic has accelerated digital transformation efforts across all industries as the world evolves to meet the needs of hybrid living and working. Companies were forced to adapt overnight, with HR and people managers in the driver’s seat, as the human impact became apparent. Yet Covid-19 was a catalyst for an already evident need for transformation in human capital management – not the spark. There had already been a clear need for organizations to adapt in order to thrive in today’s increasingly borderless, fluid, skills-based and ever-active world of work.
We live in an age where we have more and more data about our companies and our employees. Now is the time for organizations to leverage their data and leverage emerging technologies such as artificial intelligence (AI) and machine learning (ML) to deliver insights for business leaders to make decisions. efficient and informed. Emerging technologies also have huge potential to turn big data into predictive results, match people, and work smarter. We really need to focus on the fact that the data finds the individual, not the individual who finds the data. Our permanent environment meets this need.
The use of data has far-reaching effects across an organization, including its ability to drive smarter hiring, identify leak risks, and increase employee engagement. This has become increasingly important given today’s dynamic talent market. Companies are not only experiencing the Great Resignation, but also its domino effect which has an additional impact on HR and human teams around the world.
The HR revolution
Organizations continue to invest in their digital transformation strategies. This is reflected in the findings of a Gartner study which suggests that despite a third of HR leaders forecasting budget cuts this year, 90% are determined to maintain or increase their investment in technology.1 C t is a resounding vote for a technological revolution within HR departments. .
This is driven by the needs of the business – and the clear benefits of integrating emerging technologies. The Gartner 2021 HR Leaders Agenda survey found that 48% of HR managers believe their current HR technology solutions are hampering the employee experience rather than improving it. HR teams have a long way to go before reaching maturity. To create the most impactful digital transformations, awareness and confidence in emerging technologies is essential.
Although in the early stages of workplace adoption, AI solutions that enable fair hiring and building a fair workforce are essential. This is remarkable because diversity, equity and inclusion have never been higher priorities. Rules and regulations are quickly being put in place around the world to help assure leaders that AI will not infringe on privacy, reinforce prejudice, or lead to discrimination.
AI is only in its infancy and now is the time to develop best practices on how AI and emerging technologies can be established with an emphasis on trust. Trustworthy AI requires not only good data, but the right guarantees to access the data. This means that data is used to gather information and find hidden patterns, but not to reinforce bad behavior. Information and drivers simplify decision-making, but they must take into account that actions will create new problems.
These guiding principles of accuracy and trust are essential as organizations seek to harness the power of data and AI to improve the entire employee lifecycle, from better recruiting to the selection process and development. ‘hiring. Further benefits are obtained through the effective onboarding of talents. In this case, the use of benefits intelligence helps new hires understand the best benefit options for themselves and their families. It also supports building stronger, more engaged teams, and works with leak risk models to keep top performers engaged and happy.
The Great Resignation forced employers to boost their recruitment process. AI can help support these efforts by screening, screening and identifying the best candidates. According to Ceridian’s recent Future of Work report, 46% of executives plan to use AI tools for recruiting and talent management, while 42% are already doing so.
Meanwhile, data-driven insight helps HR managers measure engagement and performance, make fair compensation decisions, support diversity, equity and inclusion, and plan of succession. Emerging technologies create value through increased efficiency, immediacy and more precise decision-making. They allow the personalization of services and the automation of daily processes.
The innovative advantages of emerging technologies
It’s important for HR managers to understand how benefits are achieved – so they can focus on setting meaningful and measurable goals to get the most out of their technology investments and engage the rest of the business. organization. This includes:
* Better financial decision making
AI and machine learning help leaders predict future values ââof their KPIs (e.g. sales, foot traffic, transactions, units, or other metrics) based on historical data and trends . This information can then be used by HR departments to create workforce deployment curves and optimize schedules with a clear cost-benefit ratio.
* Reduce the attractiveness of the Great Resignation
Big data and predictive analytics, powered by machine learning, can help employers uncover key factors related to leakage risk. Actionable insights can be identified for each employee to inform and predict risk of leakage so organizations can act on them. The more frequently this information is provided, the better teams can react in real time to maintain the engagement and satisfaction of top performers.
* Getting the most out of employee benefit plans
After payroll, corporate benefits can be the biggest expense for organizations. It is therefore essential to manage this well. Encouraging employees to use these benefits starts with choosing the plan that’s right for them. Intelligent AI-powered solutions help find the most suitable and economical packages for employees. They provide the ability to measure plan usage and distribution across an employee base and identify the strengths and weaknesses of offerings for employers to take action and improve.
* Return time to focus on human impact
Technology offers the possibility of improving efficiency, accuracy and saving time. AI, machine learning and analytics improve, once tedious administrative tasks. In HR, this means real-time, actionable insights and insights are available – and HR staff need to have the time to use that information to do what they do best: focus on people.
Major changes are on the horizon for organizations leveraging AI and data analytics. The advantages are clear. Employees are more likely to have engaging careers with appropriate progression, HR professionals and managers have time to nurture meaningful business relationships, and organizations have a more engaged and productive workforce. And then, fewer people have to resign themselves to resigning. Now that would be really great.
David Lloyd, Chief Data Officer, Ceridian