An Eye For An AI: Powering Future Of Work Through Big Tech & Human Intelligence

The convergence of innovation platforms is not just transforming organisations and their markets; it is also impacting workplace cultures.

By Yeshasvini Ramaswamy

  

The world is on the cusp of a transformative era. According to the NASSCOM report, Artificial Intelligence (AI) is rapidly expanding, with the global market projected to reach a staggering compound annual growth rate (CAGR) of 25-35 per cent by 2027. This surge isn't happening in isolation. AI is converging with other powerful technologies like blockchain, genomics, and robotics, accelerating innovation at an exponential pace. This confluence is reshaping everything from how we work to how we interact with the world around us.

India is at the forefront of this revolution. With over $4 billion in AI investments in 2022-23, the country is poised to be a major player, backed by a growing demand for AI talent expected to reach a staggering 1.25-1.35 million by 2027. But AI isn't just about replacing human workers. A key trend is the integration of AI with human intelligence, particularly within the Human Resources (HR) domain.

HR in the Age of AI

Leaders are increasingly recognising the potential of AI and Machine Learning (ML) to enhance HR operations. This technology offers strategic advantages, focusing on enriching employee development and fostering a positive organisational culture alongside technological advancements.

AI acts as an enabler for core HR functions like talent management and operational efficiency. More importantly, it will be about integrating technology in a way that supports human expertise, not replaces it, but strengthens the human aspects of HR practices.

Boosting Innovation with AI

The convergence of innovation platforms is not just transforming organisations and their markets; it is also impacting workplace cultures. A crucial metric in this context is the "Innovation Velocity Ratio" that Great Place To Work, India, tracks. This measure reflects the proportion of employees who feel empowered to innovate at work. A higher ratio thereby then signifies an organisation's ability to adapt and thrive in a rapidly changing environment.

Imagine a company has 12 employees. The Innovation Velocity Ratio asks how many of those 12 feel like they can innovate. If 10 say yes and only 2 say no, then that company has a high Innovation Velocity Ratio, like 10:2. This means a lot of people feel like they can contribute new ideas, which is good for the company.

This ratio is important because companies that encourage innovation are more likely to succeed in today's fast-paced world. Some industries, like education and training, trading, and manufacturing production, are already doing well with this. 

Organisations fostering a culture that celebrates experimentation and embraces new approaches witness a range of benefits:

• Employees are 5x more likely to believe their workplace is exceptional.


• They are 3x more likely to perceive better career opportunities within the company.


• Employee retention also sees a significant 3x boost.

The Power of Human-Centered AI in HR

AI can unlock immense potential within HR through various use cases:

• Automating Routine Tasks: Repetitive tasks like resume screening and interview scheduling can be streamlined by AI, freeing up HR professionals for more strategic work.


• Personalised Employee Experiences: AI can tailor employee experiences by offering customised onboarding and development programmes, leading to higher satisfaction and retention.


• Data-Driven Decision Making: HR can leverage AI for analytics, enabling strategic decisions based on workforce trends, needs, and even turnover predictions.


• Enhancing Recruitment Processes: AI can refine recruitment by accurately matching candidates to roles and minimising bias, ultimately improving the quality of hires.


• Improving Employee Well-being and Engagement: Analyzing data through AI can help HR proactively monitor employee well-being and engagement, allowing for targeted support and engagement strategies.

Navigating the Challenges

While AI holds immense promise, integrating it into HR functions comes with its own set of challenges:

• Ethical Considerations and Bias Mitigation: AI systems are trained on historical data, which can perpetuate existing biases. We must actively address this by employing tools designed to recognise and mitigate these biases, ensuring fairness and inclusivity in HR practices.


• Integration with Existing Systems and Workflow Adaptation: Implementing AI in HR requires more than just deploying new technology. Existing workflows and systems need to be adapted to accommodate this change. This necessitates additional training for HR professionals and a clear understanding of the technology's limitations.


• Data Privacy and Security: As AI handles increasingly sensitive employee data, secure data storage, transfer protocols, and access controls are paramount. Regular security audits are essential to prevent data breaches and ensure the privacy and protection of employee information.

The Future of Work: A Collaboration Between Humans and AI

The path forward involves integrating AI into HR strategically, with a focus on respecting human values, safeguarding data, and ultimately enhancing the human element of HR work. By harnessing the power of both AI and human intelligence, we can create a future of work that fosters innovation, employee well-being, and true organisational success that is sustainable.

(The author is a serial entrepreneur and CEO at Great Place To Work® India)

Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP Network Pvt. Ltd.