Over the past few years, Artificial Intelligence (AI) has slowly and steadily made its way into functions and industries that were earlier considered solely human-driven. In fact, the chances of an industry/function being untouched by AI is rare. You will find AI being applied and successfully adopted in some form in every function and industry – from finance, manufacturing, logistics and sales to healthcare, advertising and among others. And HR is no exception.
The practical use cases : Talent acquisition
Attracting and hiring the right talent is critical to organisational growth. As per one estimate, the cost of a bad hire is USD 240,000 that is broken down into costs of hiring, pay and retention. Comparing the costs against the value of their contribution to the organisation – USD 126,000, the total ROI from a bad hire is – 298%! The higher the position of the bad hire in the organisation, the higher the costs and lower the ROI.
Further, from sourcing resumes to initial screening to final interviews, the talent...