The pandemic accelerated digital transformation efforts across industries as the world evolved to meet the needs of hybrid living and working. Businesses were forced to adapt overnight, with HR and people leaders at the helm, as the human impact became apparent. Yet Covid-19 was a catalyst for an already evident need for human capital management transformation – not the spark. There had already been a clear need for organizations to adapt to thrive in today’s increasingly borderless, fluid, skills-based, and always-on world of work.
We live in a time when we have ever-increasing amounts of data about our companies and employees. Now is the time for organizations to harness their data and leverage emerging technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to provide insights so business leaders can make efficient and informed decisions. Emerging technologies also have tremendous potential to transform big data into predictive outcomes, and match people and work in more intelligent ways. We truly need to focus on having the data find the individual, not the individual finding the data. Our always-on environment drives that need.
The use of data has far-reaching effects across an Organization, including its ability to drive smarter recruiting, identify flight risks, and increase employee engagement. This has become increasingly important given today’s dynamic talent market. Companies are not only experiencing the Great Resignation, but also its domino effect which is further impacting HR and people teams worldwide.
Organizations continue to invest in their digital transformation strategies. This is reflected in findings from Gartner research that suggest despite one-third of HR leaders planning budget cuts this year, 90 percent are determined to either maintain or increase their investment in technology.1 That is a resounding vote for a tech revolution within HR departments.
This is driven by business need – and the clear benefits of bringing emerging technologies on board. The Gartner 2021 HR Leaders Agenda Poll found that 48 percent of chief human resources officers find their current HR technology solutions hinder, rather than improve, employee experience.2 Despite there being a very real need – a full understanding of how technologies like AI can assist HR teams has some way to go before it reaches maturity. To create the most impactful digital transformations, building awareness and fostering trust for emerging technologies is key.
Despite being in early stages of adoption within the workplace, AI solutions that enable fair hiring and build equitable workforces are critical. This is noteworthy as diversity, equity, and inclusion have never been more of a priority. Rules and regulations are quickly becoming established worldwide to help assure leaders that AI will not damage one’s right to privacy, reinforce bias or lead to discrimination.
AI is still in its infancy, and now’s the time to develop best practices for how AI and emerging technologies can be established with a focus on trust. Trustworthy AI requires not only having good data, but the right safeguards to access the data. It means that data is used to gather insights and find hidden patterns, but not to reinforce bad behaviors. The insights and drivers simplify decision-making, but they must be considerate of whether the actions will create new problems.
