Artificial intelligence (AI) has revolutionized many areas
of business, and talent management and employee retention is no exceptions.
With the help of AI, organizations can better identify and attract the right
talent, develop their skills, and keep them engaged and motivated.
According to the 2019 Artificial Intelligence in the
Recruiting Industry benchmark report of CEIPAL, SaaS provider of staffing
companies - two-thirds of all staffing firms will adopt AI-driven ATS by the
end of 2020, while 79 % of enterprise staffing firms (firms with more than 100
recruiters) will have done the same. (Nidhi Negi Dixit, 2020)
This article will discuss some ways in which AI is transforming
talent management and employee retention:
What
is talent acquisition and talent management?
(Armstrong, 2014)
Talent acquisition refers to the process of identifying,
attracting, and hiring the best candidates for a job or position. AI supports
in the recruitment processes such as job posting, resume screening, candidate
short listing, and interview scheduling. AI-powered recruitment tools analyze
job descriptions, screen resumes, and match talented candidates with job
requirements. Talented employees are thus selected using the AI process. These
were discussed previously in my article titled ‘Adopting AI in Recruitment
Process’.
Talent management, on the other hand, refers to the ongoing
process of developing, retaining, and promoting talented employees within an
organization. This may involve providing training and development opportunities
that would create of a large talent pool, ensuring the quantitative and
qualitative low of employees through the organization, offering career
advancement paths, and ensuring that employees are engaged and motivated in
their work.
What is
employee retention?
Employee retention refers to an organization's ability to
retain its employees and prevent them from leaving their jobs. Retention is a
critical aspect of human resources management, as it directly affects an
organization's ability to maintain a skilled and experienced workforce.
Ways in
which AI supports talent management and employee retention
Skill
development - AI-powered learning management systems (LMS)
can
- provide personalized training to employees based on their individual needs and learning styles
- analyze employee performance data and identify knowledge gaps
- suggest training modules that are tailored to each employee's needs
- help employees to improve their skills and advance their careers within the organization
Employee
engagement: AI-powered chat bots and virtual assistants can
- provide employees with 24/7 support and assistance
- help employees to quickly find answers to their questions and resolve issues, improving their overall experience with the organization
- analyze employee engagement data to identify potential issues and suggest interventions to keep employees engaged and motivated
Performance
management: AI-powered performance management tools can
- help managers to provide more effective feedback to employees
- analyze employee performance data and identify areas for improvement and suggest specific actions that employees can take to improve their performance
- help to create a more transparent and objective performance management process, leading to more effective performance reviews and goal setting
Predictive
analytics: AI-powered predictive analytics can
- help organizations to identify which employees are most likely to leave the organization and why analyze employee data and identifying patterns and help organizations to develop targeted retention strategies that address the underlying causes of employee turnover
- help to reduce employee turnover and retain top talent within the organization
Conclusion
AI is transforming talent management and employee retention
by providing organizations with powerful tools to attract, develop, and retain
the best talent. By leveraging AI-powered solutions, organizations can create a
more efficient and effective talent management process, leading to improved
business outcomes and a more engaged and motivated workforce.
References
Christina Pavlou
(2022)
AI in HR : The
good, the bad and the ugly
Efront (Online)
Available at https://www.efrontlearning.com/blog/2022/05/ai-in-hr.html
Accessed on 12th
April 2023
Nidhi Negi Dixit (2020)
AI in HR : A
paradox
People Matters (Online)
Available at https://www.peoplemattersglobal.com/blog/strategic-hr/ai-in-hr-a-paradox-27832
Accessed on 12th
April 2023
Joseph
Htel. (no date)
Armstrong’s Essential Human Resource Management Practice - Michael Armstrong & Stephen Taylor.
Academia (Online)
Available at
https://www.academia.edu/19545696
Accessed on 12th April 2023
I agree with the article that AI is transforming talent management and employee retention, as it provides powerful tools to attract, develop, and retain the best talent. AI-powered solutions can create a more efficient and effective talent management process, leading to improved business outcomes and a more engaged and motivated workforce. The article highlights some of the ways in which AI is supporting talent management and employee retention, such as personalized training, 24/7 support, effective feedback, and predictive analytics. These are all important aspects of human resource management, as discussed in various sources, such as Marchington and Wilkinson's "Human Resource Management at Work," Lawler and Boudreau's "Global Trends in Human Resource Management," and Gilmore and Williams' "Human Resource Management." AI has the potential to reduce employee turnover and retain top talent within the organization, leading to better outcomes for both employees and the organization.
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