HR TRENDS 2023: Artificial intelligence (AI) is fast becoming a key strategic tool for HR professionals, particularly when it comes to delivering more efficient recruitment and administrative processes, as well as personnel training and employee retention initiatives.
Chief of Staff Asia's latest report on HR Trends for 2023 shows experts' optimism that the use of AI will be one of the emerging trends that the HR community will see this year as companies aim to simplify recruitment, monitor employee productivity, assess performance, and improve learning and development strategies.
AI is being used by businesses to help recruit new employees. By analysing resumes, job applications, and social media profiles, AI can help businesses find the best candidates for the job. This can save businesses time and money by only interviewing candidates who are a good fit for the job. AI also helps companies create and provide learning and development opportunities for employees. This is done by identifying areas where employees need additional training or development and then creating a custom learning programme that is tailored specifically to their needs. While AI can unlock various improvement opportunities for businesses, it is pertinent to first identify what are the needs and pain points of each business, only then can AI be used to its full potential. And as with any new technology, businesses should be aware that there are associated risks with implementing AI such as data privacy and security. Therefore, businesses should take steps to mitigate these risks before implementing AI. They should ensure that their data is properly secured and that algorithms are tested for accuracy. Additionally, businesses should have contingency plans in case the AI makes incorrect decisions. Another finding in the HR Trends 2023 report is that workplace stress will continue to be detrimental to employee engagement and productivity. This means companies must come up with solutions to prevent staff from leaving. Moreover, businesses will keep on transforming their workforce to become multigenerational and leverage the different skill sets, knowledge, and business know-how of each generation. These will help them improve and future-proof their business. Click this link to access the full report.