Table of Content
Introduction
In today's BANI age and world, leveraging GenAI is often designed to mimic human cognitive functions and assist in enhancing various aspects of their operations. One such area profoundly influenced by GenAI is employee retention. If you’re an HR professional, read the post ahead to know how GenAI impacting employee retention is taking place in the realm of talent management and engagement.
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Understanding GenAI
GenAI refers to a subset of AI technologies that possess the ability to learn, reason, and make decisions autonomously, akin to human intelligence.
In the context of human resources (HR) and employee management, GenAI finds its application in streamlining processes, optimising workflows, and providing data-driven insights to improve decision-making.
How Do We See GenAI Impacting Employee Retention?
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Improved Hiring Process:
The latest GenAI technology enabled within tools like AI Suggest, CV Parser, and Ask uKnowva chatbot helps to close the talent gap on time. Hiring managers have enough time and tools to select the right talent without bias.
These tools help to generate job descriptions within seconds. It means a recruiting manager does not have to waste time on the internet for drafting a complex job description.
Other than that, CV Parser like the one we offer, helps to skim through the current pool of resumes at a rapid rate. Talent acquisition managers filter the talent pool with the desired keywords and key phrases.
They have a better chance to lock a more suitable candidate this way for the culture they want to build and promote.
Similarly, talent acquisition specialists turn to the chatbot in our HRMS as a 24/7 available assistant. The chatbot helps to navigate the ATS and CV Parser smoothly. New hiring managers can learn how to be more tech-savvy on the job with this chatbot.
They hire the right talent fast. Negotiations get better and the profiling of resumes is also on time without having to involve any kind of bias.
So, when we hire the best people for our jobs, the retention rate automatically improves. People love the culture, shape it accordingly, and focus on growth when they match the organisational goals to scale up exponentially.
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Personalised Employee Experiences:
GenAI tools help you at a greater length. These are known for delivering personalised experiences even to the HR professionals. That means HR professionals feel that they are being heard and valued.
The GenAI tools, like AI Suggest by uKnowva, understands what kind of job description a role would demand, for example. It helps to create the best possible KRA template, job description, and probation questions to confirm the candidate of a new hire.
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Enhanced Training and Development:
GenAI HR tools like personalised eLMS and chatbots help HR navigate to get better at their jobs. Personalised eLMS recommends courses based on historical data.
It reads into the courses and training an employee would require according to their projects, tasks, and skill sets.
Similarly, chatbots help HR execute their daily HR transactions and processes with clarity. It’s like having an assistant at your fingertips at all times. HR would have less dependency on the DevOps team.
They become tech-savvy fast and automate their redundant tasks with the help of chatbot assistance. Afterwards, they have time to focus on employee training and creating a rapport with their colleagues and seniors with:
- Training sessions,
- Daily check-ins, and
- Regular events.
In the long run, when employees and HR staff get to skill up, they build an advanced portfolio. They become experts in their fields.
A staff member would always stay longer in the firm as long as they get to have that authority, visibility, and agile career path.
Challenges and Ethical Considerations
We understand that GenAI helps HR managers in saving their emotional and manual labour.
The byproduct of this advantage is that employees get more exposure to the HR or talent manager. This improves their chances of getting the right direction and training to carve a more successful career path.
However, we must also take the challenges of GenAI application into consideration. Ethical practices must be put into focus with the lens of challenges, limitations, or disadvantages for an average employee.
Such challenges include data breaches, data privacy issues, bias, and reliability issues.
GenAI tools are not always accurate. HR managers must not trust these tools blindly. These tools assist the HR manager in generating faster results to make the best use of their time. However, these results might not always be up to the mark or 100% accurate.
At times, HR managers must have to go back to the original source and cross-check the facts.
Similarly, there might be plagiarism issues when you’re using GenAI tools to create content. Therefore, HR managers must be careful by crafting policies and bylaws of the company.
Strategies for Utilising GenAI for Retention
To maximise the benefits of GenAI while mitigating potential risks, organisations must adopt the following strategies:
- Transparency and Communication:
Establish transparent communication channels to educate employees about the role of GenAI in HR processes and address any concerns or misconceptions.
- Training and Upskilling:
Invest in training programs with an eLMS to upskill your talent and familiarise them with AI tools for continuous learning capabilities and faster adaptability.
- Continuous Monitoring and Feedback:
Implement feedback systems for monitoring AI apps and tools' performance, identifying and rectifying any biases or errors.
Conclusion
GenAI impacting employee retention is not a feat anymore. It is very much possible. When the workload is too much to handle for a lean team, they need external support or help.
Tools like AI Suggest and CV Parser come to the rescue of an HR manager. These tools save enough time for a manager to focus on critically impacting tasks oriented towards nurturing employees, both new and existing.
By leveraging the current GenAI tools offered by uKnowva, the road to operational HR efficiency smoothens and streamlines.
This has a ripple effect on the processes that impact the mindset of a deployed human who is on the brink of deciding whether to stay back or make a move to the next best opportunity in line.
If your organisation is ready to switch to a better employee management system with AI superpowers, we are there for you.
FAQs
- How can organisations ensure that GenAI algorithms are free from biases that may affect employee retention decisions?
Organisations should implement bias detection and mitigation techniques, such as diverse training data sets, algorithmic audits, and oversight by multidisciplinary teams.
- What measures can HR departments take to address employee concerns about privacy and data security when implementing GenAI solutions?
HR departments should communicate transparently about data collection, usage, and storage practices, obtain informed consent from employees, and implement robust cybersecurity measures to safeguard sensitive information.
