Artificial intelligence (AI) is disrupting a number of different industries around the world. The technology has made leaps and bounds in the past few years, and business leaders are eagerly adopting it to improve their companies.
The HR department may not be where you'd expect to find AI, but the technology has arrived here as well. Here are seven facts and stats you need to know about the AI transformation in HR.
1. Almost Half of Canadian Companies Have Adopted AI
AI has already arrived in many businesses and HR departments across Canada. In fact, Deloitte reported nearly half of Canadian companies had already incorporated AI technology into their business operations, particularly in HR. If you're part of the percentage who hasn’t yet adopted AI, you'll need to prepare to adopt it soon to remain competitive.
2. AI Can Help with Manual Tasks
The HRPA reports that recruiters currently spend the great majority of their day on sourcing candidates manually. This is a task that can be regulated to AI and automated. Doing so streamlines the process and frees up the recruiters' time to work on other tasks AI technology can't handle.
In the recruiting example, using AI streamlines the candidate sourcing process and frees up three to five hours per day for recruiters.
3. AI Chatbots Deliver Answers Fast
How much time do your HR staff members spend answering questions from your other employees? While this is one of HR's functions, it's probably eating up more time than you expect. Your employees want fast answers. How can you balance the two groups' needs?
AI is the answer here. Chatbots, powered by improved AI technology, can deliver the answers to your employees' most routine questions in short order. In turn, your HR staff can be freed from answering questions and get back to other tasks on their to-do lists.
4. Many Jobs Are at Risk
The Brookfield Institute for Innovation and Entrepreneurship reports that many Canadian jobs are at high risk of automation. As AI technology improves in the coming years, many jobs will be re-envisioned and restructured.
AI will eventually move into more complex, cognitive tasks that currently require a human touch. Of course, new technology also means new opportunities. New jobs will no doubt arise in tandem with the increasing use of AI.
5. It's Not about Worker Replacement
Despite the Brookfield Institute's report, the adoption of AI ultimately isn't about worker replacement. Instead, it's about streamlining and making jobs more efficient. Your HR team no doubt feels overloaded by many of the tasks they need to complete. They may feel they spend too much time dealing with manual or routine tasks. They may not have enough time for the strategic work that truly matters.
Adding AI to the mix helps your employees get their time back so they can focus on these vital tasks, so HR can become a strategic partner. With stress and burnout at an all-time high, AI could relieve the burden from your overtaxed team.
6. The Impact Will Be in the Trillions
The McKinsey Institute estimates that, by 2025, the global economic impact of AI will be somewhere between $7 and $13 trillion dollars. Companies that invest now will reap the benefits of the disruption, while those who opt to stay the course could risk falling behind.
If you haven't adopted AI in your HR department yet, now's the time to consider its implementation.
7. It Will Be Used to Address Challenges
In an HRPA survey, nearly half of HR leaders who responded said they would be using AI to address challenges in HR in the future. They expect this change to come into play in the next five years.
Now's the time to prepare for and adopt AI in your business. The technology has improved immensely in the last few years. Discover just what it can do for your business.