Artificial Intelligence Poised to be a Game Changer for HR: EdGE Networks CEO
Ask any HR manager worth their salt and they’ll tell you how difficult it is to hire great talent. It is even more difficult to identify the perfect roles for new starry-eyed employees and train them quickly so they can start executing as their role demands. And maybe the toughest job of them all is to retain the best! …or at least forecast attrition. The $14 billion HR Technology industry is changing all that.
The HR tech industry itself is witnessing huge disruption fueled by mobile apps, Artificial Intelligence (AI), analytics, social hiring and an increased focus on people-centric practices being adopted by organisations. These trends are visible in India as well.
To better understand how Artificial Intelligence is poised to be a game changer for HR organizations in India, I interviewed Arjun Pratap, Founder and CEO of EdGE Networks, an HR tech startup harnessing Artificial Intelligence and Data Science to solve the toughest talent acquisition and workforce optimization challenges faced by organizations.
The company caters to a wide array of clients including Wipro, HCL, and Virtusa. Their Talent Acquisition product enables the search, rank and recruitment of talent with ease and accuracy, while their Talent Analytics suite helps in predicting attrition and forecasting resource demand. The company’s Talent Transformation offering uses artificial intelligence and data science to read and understand employee profiles, recommend relevant career path and open internal jobs based on skills and past experience. The platform determines any gap between aspired career and current profile and also suggests appropriate learning path to bridge the skills gap.
Artificial Intelligence coupled with analytics has been gaining ground within the HR domain and the time is ripe to build HR solutions for enterprises looking to take their workforce to the next level, according to Pratap.
Pratap claims that EdGE Networks’ products have helped companies’ HR teams realize significant benefits such as 36% increase in allocation via Project Manager, 51% reduction in allocation failures, 33% improvement in fulfilling external requisition with internal people, and 28% conversion rate from recommendation to actual joinees.
The company recently raised $4.5 Million in Series A funding from Kalaari Capital and Ventureast, and has grown 228% in the last 3 years.
HR’s Weather Man
In the talent acquisition and recruitment spaces, AI is bringing about a sea change in the speed, accuracy and timeliness of delivery. Auto-sourcing, just-in-time hiring, and self-serve hiring are expected to improve utilization and drive revenue growth.
AI driven applications can act as HR’s “weather man” helping them analyze the engagement level of employees, determine flight risk, uncover great talent in the front-line, and more. AI can also help build loyalty by acting as a career guide to employees. With AI, HR managers can realize their goal of being a strategic business enabler.
How CHROs and HR Leaders will use Artificial Intelligence in the Future
AI is poised to be a game-changer not only for areas such as recruitment and engagement but in solving workflow problems too. In the not too distant future we can expect to see tools and software that handle processes such as interview scheduling, employee onboarding, and even the answering of basic HR questions. This will free up HR practitioners’ time and help them focus on more strategic and impactful areas. It will also ensure the human judgement comes back as automation will never be able to do what a human interaction can.
In the future, we will see CHROs harnessing AI and data science driven technology to study and understand their workforce and take effective as well as timely decisions. Not only can this put a check on the attrition rate but predicting attrition tendencies in employees but help them module retaining measure.
Moreover, workforce transformation, which is indeed the call of the day can be ensured by deploying analytics and artificial intelligence to prepare the existing employees for upcoming projects or positions by training them and upskilling them. Artificial intelligence, data science and analytics together can be used to identify the skill gaps in the employees and train them accordingly.
AI Assistant or Replacement?
On being asked if Artificial Intelligence will actually help or replace HR personnel in the future, Pratap reflected: “Advances in technology such as what we are seeing now will create new jobs and sectors – even as they displace some of the older ones. This will lead to development of future skills and redundancy of many traditional skills, but that has been the case with the arrival of every disruptive technology. I believe that the future will not be dictated by technology alone; our governments and business leaders will have crucial roles to play in how we harness it to move forward.”