Machine Learning and how it can Enhance the Human Resources Function
Machine learning has been widely utilized by various industries such as oil and gas, retail, banking, and cybersecurity. However, the human resources sector has been slow to adopt this game-changing technology. Similar to Amazon’s Alexa transforming people’s lives at home, AI and machine learning have also evolved into an intelligent assistant to help the professionals […]READ MORE >>
Machine learning has been widely utilized by various industries such as oil and gas, retail, banking, and cybersecurity. However, the human resources sector has been slow to adopt this game-changing technology. Similar to Amazon’s Alexa transforming people’s lives at home, AI and machine learning have also evolved into an intelligent assistant to help the professionals work smarter. It has been evident that people have very high expectations out of new technologies, making it essential to keep up with the new trends and developments in respect to machine learning applications in human resources. Here are some of the possible application areas of machine learning that can assist the HR function.
The biggest nightmare facing the HR department is the mountain of resumes they have to scan through to not only shortlist the suitable candidates but also go through the grueling task of reviewing resumes individually to select the right candidates. Additionally, many candidates don’t turn out to be the right ones for them due to reasons such as performance issue, job-fitment issue, and behavioral issues. However, machine learning can improve this process by creating patterns from applicants resumes, social media activity, and interview responses. It should also be noted that patterns and tendencies could sometimes be a false-positive, but with machines learning constantly from their mistakes, the success rate of hiring decisions will increase.
Industries such as banking and hospitality have been troubled with high employee attrition rates with a turnover of around 20%. Companies not only lose their best talents but also have to spend a significant amount in the subsequent hiring process. Machine learning can be put to use in identifying early warning signs of employee attrition by monitoring employee satisfaction survey results, drops in efficiency, and absenteeism.
Although employee engagement seems like a human-to-human practice, smart use of machine learning can certainly help to identify trends that can drive employee satisfaction. Machine learning systems can assist the human resources department in analyzing each engagement campaigns and making them efficient in the future. This, in turn, ensures employee retention and satisfaction in the longer run.
To know more about how your organization can use machine learning to improve the human resources functions:
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