Employees are a company’s biggest asset; however, managing them has always been a complex and tricky process. Managing workforce via an automated HR management tool will help employers to cut operational costs, make informed business decisions in shorten time span, do a predictive analysis and many more such tasks
The rise in use of virtual assistants, such as Apple’s Siri, Amazon’s Alexa, Google’s Assistant, and Microsoft’s Cortana has made AI ubiquitous today and it has become a part of our personal and professional lives more than we are even aware of. AI based software recommends where to invest, what to buy, how to manage our playlist, what is trending in online shopping, etc.
AI has increasingly gained importance across all verticals of organizations such as Marketing, IT, Sales and HR. Since HR is a strategic business function, there is a vast scope to adapt to newer technologies. Oracle HCM Cloud has successfully embedded AI functionalities into its core processing engine and has proved to be a game changer.
“Oracle sees AI not as a solution, but as a powerful tool embedded in its technology” – According to Oracle CEO Mark Hurd
AI in Oracle HCM Cloud has the potential to recuperate many of the ad hoc decisions taken on a day-to-day basis. Let me touch upon some of the examples where Oracle HCM Cloud software can be used:
- Identifying right talent / Recruiting
An organisation has to balance between evaluating good fit candidate & hiring at right time, along with keeping the business running. With tools such as requisition management, application tracking & interview management, recruiters can streamline the process. A global organisation hiring 100 candidates might be getting thousands of resume floating. Managing this task manually & processing the right profile that matches the skillset, is cumbersome. Oracle HCM Cloud, an industry leading cloud service, helps organisation to find, engage & hire talent internally & externally by giving candidates a personalized experience, decisions support with chat boats in a natural language and introducing different career options that candidates might not have considered before. AI helps organisation to identify the right talent in 2 different ways, best fit as per role/skills & intelligently matching candidates against the characteristics of a particular company by suggesting who can stay longer with your organisation.
- Retaining top talent
Retaining top performers is always a challenge in any organisation. Retention is only possible if employers take predictive actions before employee’s resignation and give Job satisfaction, which might increase the employee’s retention rate. Oracle AI gives you a real time analysis of relevant transaction at the point of your decision, with advanced modelling capabilities. Managers can analyse workforce performance & identify the risk of talent leaving the organization & take corrective actions. Oracle is using pre-built Predictive analysis from last 7 years which can help executives to understand the top performers in the company along with the employees who can leave organisation. Oracle AI predicts the voluntary termination, as you can see the most contributing factor for leaving eg. Salary, promotion, etc. managers can see the reason behind the prediction & their relative strength. Also, you can select a worker using “what-if analysis” tab which displays the factors in descending importance to voluntary termination; you can use combination of changes to see the result without making actual changes.
- Developing future leaders
HR is not only responsible to boost employee morale and collaboration through change but also constantly upskilling employees. Internally evaluating top performers is important in an organisation to build the future pillars. The rising employee turnover rate, recruiters are facing tough challenges to enhance employee engagement and make them stay for long in the organization. According to research – “Over 52% HR people have a serious concern over building next generation organizational leaders”. Oracle HCM Cloud can intelligently assess characteristics of high-performing leaders based on various defined parameters evaluation. Managers can view dashboards comparing their team effectiveness against their peers. Workforce prediction provides accurate system predictions of who can leave & who can be your future leader. Oracle HCM Cloud predictions attributes are already tried & tested advanced analytics.
- Workforce Learning
The skills and capabilities we need at work are constantly changing. Many employees leave their job due to lack of development opportunities. According to research, “Around 26% professionals have indicated this as a problem and major factor for increased attrition rate”. Oracle LMS enable employees to take eLearning courses. AI in HCM Cloud intelligently recommends videos or learning programs based on your job role, experience, interest, videos watched by similar professionals and peers. Online training can take place at home, on the weekends, or even on a mobile. This overall helps manager to cultivate & retain top talent in the organisation.
- Career Advancement Opportunities
Oracle HCM Cloud provides a personalized career advancement opportunity, help you to give a targeted career recommendation. Employees can look at current skills & system has an in-built intelligence to map the skills required at next level, can see colleagues who possess this skills / work in similar roles & employees can easily reach out and receive help from them. Intelligence succession planning tools help Manager to ensure their team stays successful & gather more insight while connecting personally with the team in review meetings. Oracle AI helps you to recommend roles based on your performance, your background, and many more.
Based on such analysis it becomes easy for employers to make a vital decision. AI removes lot of noise from system & gives employers the direction where the actual action needs to be taken. Oracle AI helps you to build your workforce for tomorrow by developing your own talent. If you would like to share your experience on how AI is making a difference to your employees, please feel free to contact us / write to us at firstname.lastname@example.org.
Business Development Manager