Future of work
All you need to know about the future of work
Anagha Vallikat
April 2, 2024
7
mins
What is the future of work? When you automate HR processes at work, do you gain a competitive advantage in a strictly dynamic market? What helps you prepare your employees for the future of work? Why is it important to automate tasks at the workplace that allows your employees to go above and beyond their strengths?
Quite a lot of people have the concern that they will lose their jobs due to advancement in technology because everything is getting automated. Be it lead generation, hiring, employee engagement, you name it and it's automated! But don't worry, technology is not here to replace, it is here to up-skill.
Gig Economy
Gig Economy is something which we cannot keep aside while talking about the future of work. We discussed in one of our previous blogs are millennials are on the rise and would be the majority of the workforce. Well, that's another aspect of the future of work, which does not need further explanation. However, the patterns that these millennials follow, love and loathe are to be taken into consideration. They have a strong inclination towards the gig economy.
Gig economy is characterized by short term contracts, freelance works, temporary jobs and likewise. Data shows that 70% of firms used gig workers in 2018 and the numbers are bound to rise in 2020. This is not bad news for either employees or organizations, one just has to be bent on making the best out of the current situation at hand.
AI and Automation Tales
Artificial intelligence is reshaping the way businesses are functioning today. The past two decades have seen an unfaltering and inspiring evolution in information technology because of which we have seen significant changes in workplace functions, specifically HR. Companies are increasingly realizing that employee engagement is important for improving the overall performance of employees.
Hands down, employee engagement improves productivity and related programs boost company revenue by 26% – says Glassdoor. This means there’s so much that we can do to help the HR contribute more towards employee engagement.
Automate workplace tasks to empower the HR
Forbes shared an article where their team had an interaction with 9 notable members of Forbes Human Resources Council. The members share the following advantages each when AI integrates with HR-
Some more data from Glassdoor helps organizations realize that automating HR processes is beneficial. It would help give them more time to improve employee engagement and performance.
Moreover, the recent boom in AI technology has seen a complete explosion of innovation so much so that companies are looking for more ethical solutions. Therefore, the combination of AI and human intelligence will focus on optimizing human and machine work. In the end, every company wants to establish a process that is efficient and productive.
Therefore, we can work towards automating the following HR processes and contribute towards adding more value to the company. Something that we call today emotional intelligence and empathy. AI will enable HR to make more time for both.
Talent Acquisition and benefits
As mentioned in one of the points above, you can quickly eliminate 75% applicants by scanning, reading and evaluating them with the help of a talent acquisition software
This software comes handy to the management and leadership team since they already have so much on their plates but insufficient time. Technology will help you source the right candidate, screen their profile and bring you, well-prepared candidates. It will segregate the rest of the unsuitable 3/4th candidates.
This is a huge benefit for recruiters as well as the hiring team because-
- This way they can invest more time in personally interacting with the candidate and analyze them better
- They will only interact with a smaller group of candidates that is, in fact, interview-ready
- The process will improve the quality of hiring decisions
- Companies will save a substantial amount of money and time that they otherwise would have wrongly spent on a bad hire.
Onboarding new employees
Most companies don’t invest much time on the onboarding process of a candidate. They believe that the right candidate would fit into the company culture and understand the process without much effort from their end. Therefore, they let the candidate explore and know more about the company. However, before they realize, they already lose the connection with the new member by neglecting the much-needed onboarding process.
Selecting the right candidate isn’t the final step in recruitment. New employees would have expectations and demand some amount of time and attention to get comfortable in a new work environment. Of course, it’s difficult to make time for every new employee unless it’s the case of mass hiring, but an automated HR tool will help new employees understand the existing processes. Further, they will become familiar with the various functions and divisions to feel more confident.
Learning and training sessions
Learning and training are on-going processes for every employee. That’s how they grow and improve performance. However, it isn’t practically possible for the HR or the management to conduct live learning sessions for the existing or new employees. That’s what technology and AI in HR are for.
Automation will help conduct, organize, and review learning sessions so that employees are up-to-date with what’s latest in the market. Employees can attend these sessions in a virtual class as per their experience, knowledge, availability, and preferences. This is a great way to engage your employees and at the same time, each employee will feel valued with such a personalized experience.
Performance Analysis and Evaluation
You hire a group of professionals who will bring in sales and numbers but how do you measure whether the numbers are enough? Moreover, it’s great if your employees are meeting deadlines but how do you ensure that they meet their deadlines with quality work? This is where performance analysis and evaluation plays a key role.
Using AI tools, HR managers are able to follow and assess employee performance on a regular basis. Moreover, they get to measure the overall results on a regular basis as per their availability. So, team members and team leads will find time for each other to discuss work and performance. It will further improve employee engagement at work.
Retention to measure ROI
Employees stay when they feel like they belong. It isn’t always about the money and it isn’t always about the manager. It’s about the work they do and the value they add to your company. It’s how you treat them and their ideas to acknowledge, appreciate and reward them whenever they do a good job. They like Kudo Cards! The future of work has not changed much in this front. Employee satisfaction, employee engagement and employee retention will always remain as an essential element in sustaining an organization.
How will AI help? AI has the power to analyze and predict how your employees feel. It has the potential to collect and assess employee feedback and understand their needs. In fact, they need someone to talk to about their professional life and problems, if they’re facing any. AI can automate the entire process so that HR and management can do the talking part and make their employees feel better.
Conclusion
Bots are going to be supplanting HR. Humans aren’t facing any imminent nosedive with the rise in HR technology advancements. The World Economic Forum projects that 75 million current jobs will be displaced as artificial intelligence takes over more routine aspects of work and automate tasks. However, 133 million new jobs will be created, and skills in both emotional intelligence and technical intelligence, like technology design and programming, will be important. The future of work demands intelligence and smart work.
Therefore, AI is the way to go for the HR because it’s no longer a manual-work department but a team that builds people. Automate your work tasks and save time to do more meaningful work.
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