Data-driven recruiting uses facts, stats to make better hiring decisions. AI tools can schedule interviews, and can also ease, sometimes even automate video interview process. It increases efficiency, saves time and costs. Finding high-quality candidates also becomes easier. Big Data coupled with AI can enhance customer acquisition, job hoards, candidate engagement, experience etc. Large data sets enable quality-testing of recruiting channels.
Traditionally, attracting, hiring the right talent required manual filtering of large data i.e. resumes which was a time-consuming process. Plus, deserving candidates were often left out due to biases or human exhaustion. Now, AI algorithms skill-filter resumes giving chances to the right candidates as per requirement. Also, AI notifies existing employees if there’s a job that they can do, avoiding unnecessary recruitments. Thus, it increases HR efficiency.
Mastercard has invested in digital HR tools to ease virtual hiring and joining of the candidates. HR is using Artificial Intelligence to screen candidates, experienced ML algorithms for employee progress reports, and data analytics for performance review, feedback, training. HR and CIO together are enabling HR functioning with digital tools. ‘Live Well’, a cloud platform is ensuring employee wellbeing, both mental and physical, by providing the right information.
The coronavirus outbreak has fast-tracked digitalisation in HR management like never before. Experts claimed a 30% rise in demand for HR-related tech during the last 40 days alone. Demand for productivity-related platforms is an all-time high. Digital tools to check employee’s sanitation and health protocols, live sessions or pre-recorded training sessions and AI-enabled chatbots for pandemic-related queries to reminding employees of deadlines are in demand.