Artificial Intelligence’s (AI) meteoric rise and impact on society seems to grow greater daily. Indeed, London was recently dubbed the “capital of AI”, due to the sheer growth of companies developing AI technologies in the UK.
From the personal to the professional, AI is rapidly becoming an everyday occurrence. Home devices such as Amazon’s Echo and its Alexa system have made AI accessible to the masses. With PwC reporting that global GDP will rise by 14% by 2030, businesses today are scrambling to adopt AI technology and seize first-mover advantage.
Compounding this, the 2018 Harvey Nash HR Survey revealed more than one in four (26%) of HR professionals are utilising AI in their workforce plans. That’s a nine percent jump in just 12 months.
AI in Action
Clearly, the potential for AI in HR is great. Both Forbes and People Matters has explored how AI could effectively deal with low-value, administrative tasks, cut unconscious bias and streamline the recruitment process, freeing up HR professionals time to focus on more strategic and creative tasks.
Indeed, Kapil Gupta, CEO of Shella Consultants writing for CXO Today, identified how the biggest challenge in recruitment today was the acquisition of good talent for clients, as well as the lengthy tasks of screening resumes and other resources. The introduction of AI into the recruitment process is clearly as a positive move, which will lead to a more efficient recruitment process for organisations.
But it’s not just capable of menial tasks. As reported by Business Standard, the case study of IBM’s AI tool “Watson” portrays how AI can help to identify likes and dislikes of potential and current employees, as well as their own personal skillsets, ensuring that they will be placed in the best suited role. The expectation is that that will translate into greater productivity, as reported by the McKinsey Global Institute.
While many examples exist, JPMorgan’s use of AI sums up just how effective AI can be. It’s AI machine recently reviewed a year’s worth of legal contracts – a task that would traditionally require roughly 360,000 professional hours – in just 2.85 second. A phenomenal time saving by all accounts.
Rise of the Machine
Whilst the potential of AI is clearly great, studies conducted by both USA-based Oracle and Young Enterprise UK portray how employees are fearful for the negative consequences that may result in companies not adopting the technology efficiently. In June Personnel Today reported that survey participants feared they would not receive appropriate training, to ensure they were up-to-date with AI in their own profession.
Crucially, both studies alsofound that people would willingly work for and take orders from AI robots. This Terminator-esque vision of the future boils down to a lack of understanding of AI technology and the apparent need to develop AI with a strict set of ethics in mind, such as the Hippocratic oath in AI proposed by Microsoft’s Harry Shum and Brad Smith.
Considering the extensively reported talent retention challenges in Vietnam, it is apparent that HR and recruitment services could benefit greatly from the adoption of AI technologies, such as those mentioned above, within their recruitment processes.
Clearly, there is much room for improvement regarding the use of AI technology in all sectors. However, in HR, the opportunities available, as a result of developing AI, are plentiful. From the increase in productivity within recruitment, through to better talent acquisition, AI is an important development in the world of HR.
HR professionals and leaders must consider the benefits of AI technology, and how they can successfully adopt the technology to enhance the success of their function.
On Tuesday 31st July, HarveyNash in Ho Chi Minh City and Thursday 2nd August in Hanoi, Harvey Nash Vietnam will be hosting their annual HR Leadership event, the exclusive cross-industry gathering of leading HR professionals, focusing on the topic of “How Robotics & AI are shaping the future of HR”.
To join an evening of discussing and networking to explore why and how Robotics & AI are crucial to the success of your HR transformation roadmap; please contact: Tu.KieuLamNgoc@nashtechglobal.com