Human resources is used to describe both the people who work for a company or organization and the department responsible for managing resources related to employees. The sheer criticality of the HR in present day professional world has led to a new concept called Human resource management – which is a contemporary, umbrella term used to describe the management and development of employees in an organization. Recruitment is a core function of Human resource management. Recruitment process has changed in recent times and they defer from organisation to organization. The process from job analysis, sourcing to screening and selection has different paths that should be highlighted being a mandatory process for job seekers.
Human Resources (HR) continues to remain one of the complex functions in today’s world. Every individual react to situations in different way to an organization, team or individual. There is an evolution in technologies especially cognitive technology. It is an advanced technology with a high level of artificial intelligence (AI) that is designed to self-learn like human beings.
HR has been experiencing significant changes thanks to the evolution of information technologies in the last two decades. Today, Artificial Intelligence (AI) is reshaping the way that companies manage their workforce and make HR plans, which increases productivity and employee engagement in general. Artificial intelligence is giving HR professionals the information they need to source and hire higher-quality professionals, according to a new survey from Korn Ferry.
While the number of jobs continues to rise at a depressing rate, the recruiters put their hopes in creation of jobs through technologies like Artificial Intelligence (AI), big data intelligence, robotics, digital manufacturing, blockchain and machine learning.
According to Gurprriet Singh, Senior Client Partner, Korn Ferry Hay Group, as we head into a world dominated by technology and social change, there is much that HR needs to be mindful. “The impact of automation and technology across HR functions is certain in the coming years, right from hiring to influencing organisational design and culture. Though the impact will be multi-fold, I can see AI and Big Data having a paramount effect on HR functions going forward,” he shared.
HR all set to go from tech-enabled to AI -enabled. Companies are turning to Artificial Intelligence (AI) technologies for a multitude of tasks: data analysis, digital mapping and especially automating repetitive, high volume tasks. Singh is confident that AI will disrupt certain roles by taking over algorithmic analytics and decision-making; this will provide speed, accuracy and will enhance HR delivery. Adoption of such models will enable HR to demonstrate greater business relevance and accountability.
Big data and analytics on the other hand are predicted to become main-stream to HR much longer after they had an impact on SCM or Marketing. “HR Analytics and AI will work together to ensure greater predictive analytics; underpinning key decisions like talent sourcing, talent quality, selection and workforce planning,” Singh emphasised.
Businesses will demand greater rigour from HR and this will underpin its transition to data and analytics. This will also require HR professionals to be more numerate and statistically able. While AI has the potential to deeply transform recruiter productivity, it will not replace HR professionals. Organizations will still depend on HR leadership and capabilities that AI algorithms don’t provide.”
Devaashish S. Savant, Head – Marketing & Communications, India, The Adecco Group, believes revolutionizing the ecosystems of regulation technology (#RegTech), the applications of Blockchain in the world of HR will be a game changer in the next 2-5 years.
“With permanency of tenures now being notional, the gig economy has rapidly evolved as a way to work – Internationally as well as in India. Accounting for 50% of the globe’s freelancers in India alone, I foresee the authentication application of Blockchain enabling comprehensive background and employment verifications, beneficial both to an employer and a freelancer,” he opined.
Smart Contracts, according to Savant, will be another revolutionary advantage of Blockchain as it’ll dramatically transform working from across the globe by revolutionizing multi-country contracts (laws, policies, regulation, etc). “Cryptocurrencies for payrolls is the third and most significant application for remuneration as they make for more secure and quicker payment to gig workers,” concluded the industry leader.