Page 55 - Banking Finance April 2023

ARTICLE

their career along with the organization and hence, assists relieve the HR managers to focus on strategic and
in employee retention, which is a pain of late for so many innovative processes, furthering efficiency. Chatbots for
organizations.Major human resource and cost consuming employees to resolve their queries instantly and periodic
processes of HR involved in recruitment, employee surveys with AI based assessments add to the employees'
engagement are hence simplified by the AI assisted data job satisfaction and their loyalty towards organization.
analytics.
Employees can be reassigned between job roles by
Skill Gap Closure for Career Develop- analyzing, using AI, the employee headcounts to the
activities based on the past datasets. It will effectively
ment
allocate employees across the departments in organization
Aligning skills of employees with the business needs as per so that overstaffed/ understaffed issues do not arise.
organization strategy by analyzing their data yields better
results for an organization. There is a need for employees Besides helping the organization in establishing and
too to continuously upgrade their knowledge level and skills improving relationships with the existing workforce, it
which becomes cardinal to reach to senior managerial roles reduces inherent human perception and emotional bias as
handling diverse teams. The gap in the current skillsets of the decision making is assisted by dependable data in lieu
employees vis-a-vis required skillsets need to be assessed of humans. From eliminating bias in hiring to performance
regularly which require long manhours from HR. appraisal, AI augment HR processes considerably.

This can be minimized to a larger extent by putting AI in
Proper Feed for Accurate Insights
analyzing employees' learning datasets for personalized
Intelligence developed in any AI models are based on the
module creation, enrollment, completion rates, and post
data which is fed to train the algorithms and hence the AI
course measurement of learning outcome in productivity.
assisted HR analytics is not free of intrinsic bias in connection
Inclusive learning for all the employees who differs
with the data used. Moreover, the personality traits and
individually based on their academic background, age and
characteristics of employees cannot be completely
other interwoven factors warrants AI integrated analytics.
measured using data models available at present. It is a
It provides candid information on the learning curve of
limitation which has to be corrected by human
employees and positively skew it towards employee driven
interventions. Real time working of the models and AI
career development in the long run
technologies need to be consistently monitored and rectified
to achieve highly effect analytical solutions for the
Better, Unbiased Resource Management
organizations.
Administrative works which are repetitive in nature and are
less significant can be automated using algorithms which
Truly an Enabler
Harnessing the huge potential of data resting with
organizations with the AI based HR analytics will be
symbiotically beneficial for organizations and employees.
Data driven decision making, free from human biases helps
organizations to work in smooth, efficient ways. By
leveraging the data derived from AI based HR analytics,
performance improvement occurs by properly aligning its
human resources with the organizational strategies.

From reducing attrition rates in organization to increasing
its productivity through enhanced employee engagement,
the artificial intelligence technologies and models are truly
an enabler for human resource analytics to create dynamic
workplaces of tomorrow.

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