The HR domain is ensnarled with a slew of mundane and repetitive tasks, preventing them from focusing their capabilities towards more high-yielding areas. The advent of new technologies has resulted in the dawn of disruptions that have transformed the way the 21st-century business functions. The older workplace dynamic has given way to the rise of Intelligent enterprise where technology drives the business through actionable insights across all lines of business. A conversational chatbot is one such example of technological advancement which through its cognitive abilities and NLP is driving personalized and precise dialogues, catering to numerous employee-related processes.
The employees nowadays want everything at the click of a button or via a provision of a live and conversational chat. The time is of the essence for any engagement and any lack of it is detrimental to the overall image of an organization. Conversational chatbots allow uninterrupted and personalized dialogue from the very first engagement with the employee.
The predictive recruitment analytics have been around for some time now but the growing volumes of data, cheaper and faster computers, cheap storage facilities and above all fast and competitive environment has made organizations turn their attention to it now in a big way. It analyses candidate data from sourcing channels, social media, ATS Tracking Software, and assists recruiters optimize their hiring strategies and improve future talent pool.
The predictive analytics tool reduces the recruitment lifecycle by automating the initial redundant and long-drawn process of attracting talent (posting ads), sourcing and Automated Resume Screening. The reduction in time to hire generates a far higher response rate and helps in better candidate experience.
The predictive analytics is used to qualify the leads and ascertain the effectiveness of the marketing campaigns. This would provide a clear picture of the resource allocation requirement based on the lead’s response.
So many corporate stories of a bad hire are bandied about nowadays. Apart from the monetary loss, productivity lags due to a bad hire rub the wrong way on the remaining employees, resulting in demotivation and lack of commitment towards the company’s goal and vision. Machine learning and AI are changing the way “BIG DATA” is now dealt with, with the single aim of providing a glimpse into the future. Predictive recruitment analytics can reduce attrition rates and bad hire scenario by matching the job description to the candidates’ profile to the “T”, churning out a fit index which showcases how to fit the candidate is on every level.
Learning and Development arm of the HR is also enjoying the benefits of the predictive analytics capabilities of algorithms to customize the training activities in sync with the demand for the latest technologies, making the employees relevant and ready for future projects. This forges a long-lasting customer engagement and maximizes the return on investment.
Predictive analytics has the power to provide insight into the future, based on factual data sets. It optimizes operations and increases value, positioning a company at a vantage point in a competitive landscape. The usual caveat to using the predictive recruitment tools is the manner in which it’s used, as drowning in meaningless data will result in convoluted data sets and patterns.
