Where HR Should Invest in 2019
From the HR Technology Conference to UNLEASH Amsterdam, we’ve heard the HR trend predictions for 2019 from around the globe. The increasing digital sophistication of organizations and rise in new AI for HR solutions made every list.
The adoption of new technology is enhancing business processes and helping HR teams to improve key metrics. These are the 3 key areas HR should be investing in 2019 - and how AI can help:
Build a sustainable talent pipeline
The talent shortage isn’t letting up. With the unemployment rate at its lowest point in decades, the struggle to find talent is being experienced globally. Proactive, continuous recruiting has proven to be a successful strategy. AI provides an efficient way to engage passive candidates on an ongoing basis and refresh profiles with new information in your ATS or CRM in real-time resulting in better hires, faster. You could already have the perfect-fit candidate just waiting to be connected to the right role.
While your existing database can be a great source of hidden talent, enterprises consistently rank employee referrals as the top source for quality hires. Tapping into your employees’ networks expands your candidate pool, and those candidates are more likely to accept an offer with nearly double the average retention rate than those sourced via other channels like job boards, social media, etc. Leveraging technology to automate your referral acquisition process will substantially reduce time-to-hire while providing transparency for both the candidate and referrer.
Optimize the application process
Technology is an effective way to facilitate the recruitment process and maintain a seamless candidate experience, which is critical to attracting quality talent. Mobile-friendly hiring has become the norm, and more employers are leveraging text messaging in recruiting to engage applicants. Organizations are looking to raise the bar and elevate their employer brand using artificial intelligence to delight applicants with the added bonus of freeing up hiring teams to convert the most qualified candidates.
AI recruiting tools, like Mya, transform the traditional application process into an engaging conversation. Not only does this allow applicants to interact on multiple channels like web, SMS, and messaging apps like WhatsApp, candidates give the experience a satisfaction rating of 9.8 out of 10 with significantly higher completion rates than traditional methods. With the “resume black hole” still topping the list as the main candidate frustration, a virtual recruiting assistant that’s available anytime to answer questions and provide updates is a bonus for candidates and companies alike.
Blend the candidate and employee experience
Any candidate could be a future employee meaning your candidate experience can and will impact your employee retention strategy. How can you ensure a great experience from pre-hire to performance review time? AI enables a consistent, scalable process from end to end. The engaging, conversational interaction that got them through the recruitment funnel to initially join your organization is the same experience for internal mobility. This use of innovative technology across the candidate and employee experience has the potential to transform employees’ views of work and your employer brand.
With a 43% increase in the number of CEOs and business leaders prioritizing acquiring and retaining talent, executives will be looking to HR for answers. These areas of investment are pivotal to remaining competitive in today’s labor market and meeting the demands of the modern workforce with AI acting as a catalyst to achieve significant results at scale. Human resources taking the lead on digital transformation in the workplace provides the opportunity to take HR out of its silo and progress the business as a whole by increasing productivity, improving efficiency, and boosting the bottom line.