As more and more companies are employing artificial intelligence (AI) to help their human resource department in sourcing and hiring the best candidates, it raises a crucial question: how will it affect the recruitment process?
Recent report conducted by PwC India has revealed that while the impact of AI on employment is expected to severe, the benefits it brings will outweigh its concerns, as this technology will lead to better efficiency and more cost-saving. According to the report entitled ‘Artificial Intelligence- Hype or Reality’, some 68 percent Indian business decision-makers believe that AI will be useful for their business in various ways. For example, AI-powered software could help boost productivity, generate growth, and even address societal issues that arise in the organisation, Times of India reports.
The report noted that more than half participants (65 percent) agreed that AI is likely to have a severe impact on the way people in India conduct employment, a majority believed the benefits will be greater than the concerns. Among the most cited reasons for this perception are because AI will open up opportunities for people to do more value-added work, apart from allowing greater flexibility, and creating better work-life balance.
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However, as integrating AI into the system requires significant time and investment, the report also suggests that organisations need to prioritise those areas that could be automate with relative ease and with ready availability of data. Additionally, Indian firms should also focus on areas which would provide the most tangible and immediate returns in terms of improved efficiency, cost savings, as well as customer reach.
Partner and Leader, Data & Analytics for PwC India, Sudipta Ghosh said that while AI holds the potential to transform our lives as individuals and enterprises, its growth and adoption remains wholly dependent on overcoming challenges related to reducing costs, securing the right talent and data, and addressing concerns around privacy and trust.
Mr Ghosh further said, “The market reality we exist in today demands that we not only work towards upskilling our people, but also produce the smartest machines that can work with us.”
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