Machine learning: What it is and its impact on HR processes
How does it impact HR processes? Recruitment Companies can use ML to attract top talent by narrowing down search and finding the most relevant candidates. It helps HR teams to find the best matches for open jobs using algorithms and data. ML also makes recruitment faster as human intervention is minimized. Personal bias is also eliminated while hiring candidates. It also aids in applicant tracking and assessment. Performance management ML helps with better performance management by doing capacity predictions based on data. Performance of employees can be predicted using ML. Another way in which ML helps with managing performance is by helping in an objective setting for the team. Businesses benefit a lot from these predictions, as they can plan better for the future. Risk management HR people use ML in risk management by predicting retention rates, accidents, employee absence, frauds, etc. This helps them to be better prepared for the future risks they can face with the human capital of the company, considering it one of the most essential assets and factors in the growth of business. Employee and candidate support ML saves time and effort for HR teams by personalizing messages for candidates and employees. It also enables live chatbots for 24/7 support to answer any queries of applicants and employees. Employee engagement ML detects employee engagement rate which HR managers can use to improve productivity and turnover rates for employees. Calculating engagement rate tells HR managers how much the employees are engaged in the work. It is important to note this and take action accordingly to boost results for the company. These were just a few processes to name that have a huge ML impact on them. There are more. The bottom line is that use of ML in HR processes gives companies a huge competitive edge as compared to companies who still aren’t using it. The HR world will flourish as technology is used to make better human resources solutions.
Machine Learning is mainstreamed for us now. It is revolutionizing business functions and our daily life on a big level. How many times have you clicked on a Netflix recommendation because it matched your preferences? Well, many.
ML has also set its foot in the HR processes because of the many benefits it has. Keep on reading to know more about ML and its impact on HR.
What is Machine Learning?
Machine Learning is a subset of AI and computer science which uses algorithms and statistical models to gradually learn and adapt without explicit human interference. It reflects the way humans learn and develop accuracy by analyzing and drawing inferences from patterns in data. It uses experience and data to improve automatically.
This invention has been around since the 1940s and it has been used in various fields till now. Machine Learning is so intertwined with our lives in today’s age that we use it in our routine activities without even realizing. Google assistant, google maps, Alexa, Siri are some examples to get the idea. Speech recognition, image recognition, self-driving cars, product recommendations, etc. are other ML technologies that are being mainstreamed.
The field of Human Resources is no exception for ML. It is changing the way HR processes are conducted. Let’s look at ML’s impact on HR functions.
Alok Nidhi Gupta has built this high tech company from scratch as Co-creator of the organization and lead the organization that filed patents in Smart Metering fields. He has been instrumental in the entire design & development of TalentRecruit’s software offerings, it is under his leadership that recruiters across industries have come to rely on TalentRecruit’s robust solutions.
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