What is The Great Resignation?
According to the Dept of U.S Labor, in May 3.6 million Americans left their job, rising to 4 million within a month. The trend of employees voluntarily leaving their jobs during the pandemic has been phrased “The Great Resignation.”
Remote work has left employees with burnout, stress, and a sense of unproductiveness. Employees also had the opportunity to reconsider their current working situations. As a result, employee turnover is on the rise, resulting in a costly challenge for employers, recruiters and talent retention teams. Retaining employees has become a priority because hiring new talent and filling available positions can cost companies $4129 on average.
How can employers retain their workforce?
Research suggests employees don’t necessarily leave their jobs, they leave their bosses. To make employees feel valued and appreciated at work, professional as well as personal growth should be prioritized. This includes development training, mental health sessions, recognition programs, among others. The goal is to support skill enhancement journeys and make employees feel valued and acknowledged.
Some companies are already investing in retaining their workforces through creative, perks-based retention programs. Zendesk, for example, provides mental health packages to employees offering therapy and coaching sessions. Money is no longer a sufficient incentive. Workers leaving existing roles have an equally higher number of enticing and varied job choices.
AI to the rescue
AI-enabled technologies help HR and talent management teams introduce and maintain work-life balance. 81% of employees believe AI improves their overall performance at work. AI tools have been helping employees be productive by streamlining and automating labor-intensive processes.
AI-powered tool Aider is one such tool. It schedules, delegates, and automates mundane tasks. It also keeps a record of job performance and analyzes their growth, optimizing the evaluation process.
AI can also facilitate personalized employee training programs providing more effective skill advancement opportunities. IBM and eBay use AI-based technology to parse various sources to collect candidate data. IBM claims that its AI-based system can predict which employees will leave a job with 95% accuracy, enabling the company to facilitate employee retention actions beforehand.
How AI Helps Recruiters
AI can assist recruiters in tackling a variety of processes more efficiently. Take resume screening, for instance. Going through resumes can take hours. A well-trained AI tool gets it done in no time. AI can identify new candidate pools and analyze skill, knowledge, and experience and match with the job requirements. AI isn’t limited to shortlisting candidates. It can also assist in setting up interviews, providing post-interview updates, conducting follow-ups, and notifying recruitment decisions.
AI-powered chatbots can answer employees’ general job queries, leave requests and approvals, employee policies, and more.
How AI Can Help Candidates
AI is equally valuable for candidates. For example, fetcher.ai helps job seekers optimize their resumes and connect to companies with similar requirements. AI also helps candidates prepare for interviews and provides feedback. Linkedin’s AI-powered Virtual Interview Preparation tool, helps analyze the candidate’s speech content and pattern, averts filler words and sensitive phrases, and provides tips on improving responses.
AI’s value to HR is evolving. Gartner suggests the use of AI-based solutions in HR is expected to increase to 30% by 2022. If organizations tap into AI’s potential, there is a great value of AI in HR, from cost savings to eliminating biases, increasing productivity, and more. Witnessing the benefit of AI in HR, especially during the great resignation, we can conclude that this is the perfect time for companies to adopt AI in HR.
To learn more about how Fusemachines is assisting enterprises in leveraging AI in HR, visit https://fusemachines.com/success-stories/.