We know workforce planning can be, and often is, imprecise.
To do it properly you need different types of information from both your Finance and HR department. Some of that data needs to be historical performance data of individuals and departments, but the problem here is the different measurement styles and metrics.
Up-to-date information on the current job market, plus solid knowledge of the current talent within the company is also necessary. Company plans are also one of the key things to consider, and those can span more than 5 years in the future.
However, in recent years, AI has taken to helping workforce management.
Firstly, AI has the ability to look at multiple factors simultaneously when recruiting
Until now workforce planning was a joint venture between the HR and Finance departments, where both had to set valuable time and energy aside, in order to plan ahead.
AI is capable of delving into specific roles and looking at them as separate skills and areas of expertise. This means that a broader range of candidates that fit the desired position can be found, rather than ones that specifically claim to have the experience for the desired role. This can lead to vast savings in the long term, as less resource is spent looking for, or paying for, top talent in a certain field, when an even better fit can be found just outside the company’s parameters.
AI can translate large databases full of different job titles and company names, and segment them into skills, industries, or experience and expertise. It is also capable of implementing financial information into the hiring needs of the company, thus providing an even more accurate algorithm.
AI also saves time by screening applicants, maintaining databases, planning interviews, and answering questions. All of this enables the HR department to spend more time on valuable tasks.
Secondly, AI helps with ensuring employee engagement
Employees need to feel valued and supported. It’s good for them, and the business in the long run.
In fact, 25% of employees that feel unsupported will quit their jobs in the first two years. On top of that, employees that are actively engaged in the business are proven to be 44% more productive and increase revenue by 20%.
AI and ML are great at enabling a more accurate work allocation schedule. They also provide a certain level of self-sufficiency, by eliminating the need for senior staff to allocate and delegate work to those lower in the hierarchy in a company.
AI does this by looking at unique metrics of each employee, as well as analysing their preferences. Then, it auto-assigns work. The best part is – AI is constantly improving, and monitoring changes in employee preferences. So, if an employee seeks a change in their day-to-day tasks, or submits a change in work availability, AI will provide a quick and effective solution by rescheduling.
Due to the adaptiveness of the technology, the needs of the business and of the employees can be met simultaneously. The monitoring of historical data on fairness, availability, rule adhering, and needs keeps the allocation balanced.
Finally, AI provides a more proficient assessment of employees
Some employees have very versatile skill sets. With the help of AI, the best use of their time can be determined, and their full potential can be used.
To add to this, one of the harder challenges of a business is determining the number of full-time equivalent workers needed to meet objectives. Without AI, a business usually assumes that all members of a team have the same skillset and preferences, and when a calculation on the time needed for a task is made, it is usually quite off the mark, resulting in loss for the company – by either over- or underestimating the resources needed.
However, AI excels in calculating the manpower needed to handle an objective, thus ensuring optimal allocation of staff.
AI and ML ensure that you have the right team-member in the right place and time. This ensures better results for your customers, and thus your company.
The potential for optimizing recruitment is also boundless, as costs are greatly reduced, while great talent, that would otherwise go unnoticed, is capitalized on. Skillsets are not always black and white, and AI gives your HR department far more time, which is better spent on various other activities.
The bottom line is, that your business is able to hire better people, provide them with work they enjoy doing and are passionate about, and retain them for longer. The cost saved by allowing AI to handle staff planning and allocation is astounding.
The key to taking advantage of this is precise implementation and ongoing support. Cosmos Thrace can seamlessly integrate AI into various aspects of your business, while providing concurrent support with minimal involvement from our clients. Get in touch to discuss the benefits of AI for your business.