Artificial Intelligence, Talent Management, and the Future of Work
Where did Artificial Intelligence come from?
As modern as it may seem, a group of researchers coined the term “Artificial Intelligence” (AI) back in 1956. Its early iterations had nothing to do with killer robots or surrogate romantic partners . Instead, they used the term “Artificial Intelligence” as a catch-all phrase for recent advancements in computing theory that had rendered computers “human-like” in their ability to perform certain tasks, like English speech.
What does AI mean now?
Today, Artificial Intelligence has come to describe a broad range of functionalities that relate to a machine’s ability to mimic human intelligence . This can mean developing computers that think exactly like humans do – a rare capability called “strong Artificial Intelligence”. However, it can also mean simply building algorithms that model aspects of human thought. For example, modeling retroactive learning (the ability to learn from one’s mistakes) or recognizing faces. Finally, AI can be far more superior than humans in some tasks, in particular those that require quick processing of large volumes of data.
What are the technical applications of AI?
Artificial Intelligence has a wide range of targeted (and very lucrative) applications in numerous fields. The number of U.S. based startups developing AI-based technologies has increased over 14-fold since 2000. Everything from Siri to the self-driving car technically falls under the umbrella of AI. Also, new applications are popping up continuously.
One field where Artificial Intelligence is poised to shake up the industry? Talent Management.
How does Artificial Intelligence impact the Talent Management space?
- Search. AI can optimize the recruitment process by comparing employers’ hiring profiles and prospective employees’ skills, qualifications, and personality traits. LinkedIn has found that an Artificial Intelligence-assisted job search is at least 50% more efficient . Other studies have shown a similar positive effect.
- Recruitment. Chatbots streamline job recruitment. According to one study, around 81% of job-seekers would have like better communication with their employers. Chatbots are empirically proven to do that. These bots harness NLP (Natural Language Processing) and other AI tech to engage with customers and provide basic services efficiently and effectively.
- Hiring. Humans notoriously carry some degree of bias, whether conscious or unconscious. Black candidates , female candidates , and even older candidates all tend to fare worse on the job market than everyone else. Studies have found that algorithms designed to weed out qualified applicants from unqualified applicants are 1.5 times better at spotting high-performing employees than their human counterparts. Good hiring AI can also clean the process from typical biases.
- Promotion. Tracking job performance metrics helps take the subjectivity out of the promotion process, and that always leads to more diversity. AI uses this data as fuel to suggest promotion candidates and company execs are on board with this new strategy.
Here at Cangrade, we harness the latest in AI techniques to power different stages of your company’s Employee Success: hiring, development, engaging and promotion. To be able to positively impact all these processes we start by using our AI for building comprehensive Employee Success models. These models then help you find candidates with the highest potential, to conduct an effective job interview, to identify most important development needs, etc. Call us today and see how we can drive ROI at your company.