4 Surprising Ways AI Will Change Human Capital Management

4 Surprising Ways AI Will Change Human Capital Management
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Whether we notice it or not, almost every aspect of work will be affected by AI (Artificial Intelligence), including Human Capital Management.

We can expect everything to change, from the hiring process to the way we evaluate, train, assign projects, and assess capabilities.

I went to an expert for help in understanding the possibilities, and Dr. Amrinder Arora, CEO and co-founder of BizMerlin and an adjunct professor at George Washington University, was gracious enough to share information about the future of the AI-informed workplace.

Shari Medini: Thank you so much for your time, Dr. Arora. What inspired BizMerlin?

Dr. Arora: My education and experience has focused on algorithms, machine learning, and data analytics for decades. BizMerlin is a natural extension of that work. Academics and science are focused on discovery and knowledge. The opportunity to put my passion to work – to step outside the lab and create tangible value capable of revolutionizing the business world - is rare and exhilarating.

Shari Medini: It’s always great when we can let passion drive career opportunities! Let's explore the possibilities... How will AI affect hiring?

Dr. Arora: BizMerlin has the capability of analyzing data to streamline the entire process. Instead of plowing through reams of applications and weeks of interviews, BizMerlin analyzes data to find candidates who will make rockstar team members. Using data from multiple sources, AI can narrow the choices down to those candidates who not only have the qualifications for the position, but also are likely to be a great fit for your company culture.

Shari Medini: I’m sure businesses would be happy to save some extra time and money throughout the hiring process, but how will AI influence work after the hiring process?

Dr. Arora: AI offers benefits far beyond the hiring process. Better informed management can ensure new hires are onboarded properly, with training matched to their abilities and learning speed, and then assigned to the right projects with a compatible team, where their strengths add value to the team. In the right environment, team members are supported in every way.

Shari Medini: It sounds like the goal of AI is to also produce a more efficient work environment. Will that affect how people work together?

Dr. Arora: Absolutely! The workplace, and how we fit in it, are changing rapidly. Businesses are staffed by every generation, from Millennials to Baby Boomers, and working across such diverse generations can be challenging. The goals and incentives are different for younger workers, and they have far different expectations than older generations, whose ambitions centered on longevity, working their way up through company ranks over decades.

The fundamental values shift between generations is is coupled with new work requirements, a changing environment driven by creativity and measured in quality results.

New rules must be forged to maximize investments in human capital and facilitate the exchange of ideas, creative input, and experience each generation brings to the table. Since labor costs are still a primary financial outlay for most companies, assignments guided by AI to employ and evaluate talent can significantly impact productivity.

Most companies have similar issues with creating a coherent company culture. HR finds, hires, and onboards new people, but fails to follow up by enforcing a company culture that fosters a friendly work environment. BizMerlin is designed to help HR keep an open company ecosystem, making it easy to monitor employee performance, offer feedback and advice, and fill out quarterly reviews, all while fulfilling the many additional responsibilities of the position.

Shari Medini: Can AI help increase retention rates?

Dr. Arora: As I mentioned, different generations have different incentives and different goals. AI can inform goal setting and facilitate accurate performance reviews, which helps management steer employee growth and incentivize productivity based on achievable skills and personal preferences.

By directly addressing the individual needs, wants and career ambitions of each worker, companies can give employees powerful incentives to stay and grow with the company. And as every HR professional knows, reduction in churn increases productivity for the entire team and saves the company a huge amount of money in hiring and onboarding replacements.

We called the software BizMerlin for a reason. With its continually updating intelligence, it has the capacity to change the fundamental process of a company from the ground up, starting with hiring new employees, and working through maximizing productivity by tapping the undiscovered potential of employees fresh out of school or nearing retirement.

It's more that just a great investment for the future of your company. It's a must-have tool for Human Capital Management that will add value, raise productivity, and maximize the skills and talents of your greatest asset – your people.

Shari Medini: Dr. Arora, thank you so much for your time. Talking about technological advances that can truly enhance people’s lives is always exciting and fascinating!

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