Finding the right talent and onboarding that talent with optimum efficiency can be a challenge in today’s competitive recruiting environment.
Speaking at Oracle OpenWorld 2018, Oracle CEO Mark Hurd stated, “Thirty-five percent of a recruiter’s day is spent on sourcing and processing candidates.” Automation and artificial intelligence (AI) can introduce efficiency into the entire recruiting process and eliminate costly manual processes. According to the Dice 2018 Recruitment Automation Report, more than half of all recruiters surveyed said they “see the automation of tedious, manual tasks as the top benefit” of AI technology.
One example of technology automation is the use of AI-powered chatbots. Many companies use chatbots to interact with visitors to their website, but companies can also use chatbots to reduce talent acquisition activities, including the time needed to screen and hire candidates. Powered by machine learning and natural language processing, chatbots can facilitate the application process, provide candidates with timely updates, help recruiters handle scheduling, and compile applicant information into a central database. According to Emily He, senior vice president, Human Capital Management Cloud Business Group at Oracle, “that’s the beauty of AI and chatbots with natural language interfaces. They allow workers to have a more human experience and engage with technology in a conversational way.”
In order for AI to make accurate predictions, it needs to be trained on a large volume of data. Traditionally, the amount of data generated would present challenges for businesses. Discussing this issue at Oracle OpenWorld 2018, Mark Hurd stated, “It’s very difficult to harness all of that data information. Not true when AI is applied.” Oracle’s AI Platform uses AI and machine learning to store and process data at scale at rapid speeds. Further, the more data a system processes, the more intelligent the system becomes. AI models are trained by big data, just as human brains are trained by the data accumulated and processed through multiple experiences.
Today, AI is improving and expediting the recruitment process from start to finish. One of the chief items on many HR’s managers’ wish lists is full transparency of skills and personality traits for employees. Nowadays, they can manage this complex data through cloud computing.
Use of the cloud doesn’t stop at the recruitment or the onboarding phases. HR managers can continuously monitor their employees’ mood and attitude, performance, and development with Oracle HCM Cloud’s intelligent Human Capital Management system. Managers can use this data to make more informed decisions about their workforce. This can ultimately reduce turnover and allow companies to onboard more qualified candidates, whose skill sets more closely align with job requirements. Chris Leone, senior vice president of Oracle applications development, recently stated, “Expectations will continue to change faster than most organizations are able to evolve or invent experiences for and this constant flux requires HR teams to constantly innovate and adapt. By continuing to integrate the latest in artificial intelligence and machine learning within Oracle HCM Cloud, we are helping our customers simplify the complex and deliver the best possible employee experience.”
With all of these modern tools at their disposal, recruiters will need to develop technology and analytic skills to thrive in a new AI-integrated environment. Speaking at Oracle OpenWorld 2018, Hurd predicted that AI integration is inevitable, stating, “this is going to free up people to work on higher-level tasks.” HR should no longer be viewed as a cost center; it’s a value generator that is evolving and leveraging technology to improve efficiency and shed light on an organization’s most valuable sources of productivity—its people.
Today’s talent economy is rapidly changing, and HR professionals have to re-evaluate established practices in order to take a holistic approach to supporting their people’s skills, experience, and career aspirations. By using HCM systems to gather and synthesize data, organizations can use information and turn it into real operational results, ultimately affecting business performance. Through AI-powered predictive analytics, HR leaders can manage expectations more effectively and ultimately drive value within their organizations.
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