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6 ways to use AI (ChatGPT) to solve the labor shortage in 2024

6 ways to use AI (ChatGPT) to solve the labor shortage in 2024

 


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Royce Investment Partners

(This article is part of a series on artificial intelligence for board members and senior executives.)

The global economic landscape remains unpredictable, and every industry, from technology to manufacturing to healthcare, faces labor shortages that threaten to disrupt operations. Companies are struggling to find the talent they need. Artificial intelligence (AI) is emerging not just as a technological innovation, but also as a strategic tool to help solve hiring and recruitment challenges.

Here are six ways AI is changing the way you approach hiring and recruitment.

Widespread adoption of generative AI to reduce demand for new jobs

The biggest impact is using Generative AI to get more work done with fewer people. (See “Workforce shortages are crushing American manufacturing. How AI can revive manufacturing.”) Areas with the greatest impact on productivity growth include: These include:

Customer service: AI chatbots and virtual assistants improve the customer experience and reduce the workload of human agents. Marketing and Sales: Tools like Salesforce Einstein GPT and HubSpot AI automate personalized communications for sales and marketing campaigns. Project management and operations: Tools like Wrike and monday.com help with task generation, risk prediction, and document management. Legal: Automate the creation and review of legal documents such as contracts, agreements, and legal briefs, significantly reducing the time lawyers spend creating and reviewing documents. Finance and Accounting: Save time and resources by automating report generation, financial analysis, and risk assessment. Product Design and Development: Assists with the ideation and prototyping stages of product design, using algorithms to suggest new product designs and enhancements. Supply chain optimization: Analyze and predict supply chain disruptions and help companies proactively adjust logistics and inventory management.

Introducing generative AI tools into the workforce may require fewer human resources.

Transforming staff turnover with predictive analytics

Predictive analytics is at the forefront of digital transformation and is an aspect of AI that is proving to be transformative in workforce management. Consider the case of an employee orchestration network (EON). Employee Orchestration Network (EON) applies AI predictive analytics to improve employee experience, productivity, and engagement, including tackling absenteeism. Research shows that 8.7% of labor costs are related to absenteeism. By developing hypotheses and testing them against employee behavior patterns using predictive analytics, EON was able to recommend strategies to reduce absenteeism, such as strengthening paid time off rules.

Xerox Corporation strategically implemented AI in recruiting and reduced employee turnover by 20% in just six months. Xerox demonstrated how AI can be used to leverage personality assessment data to make hiring decisions and retain top talent.

Revolutionize recruitment with AI tools

Integrating AI into the hiring process is rewriting talent acquisition strategies. AI has proven particularly valuable in content creation for recruitment. For example, tools like ChatGPT automate the creation of job descriptions and emails to candidates. Using AI to streamline candidate acquisition speeds up the hiring process and ensures consistency and quality of communication. For example, companies like Textio offer AI-powered services that help you write better job descriptions using AI to eliminate bias.

AI also enhances candidate communication using chatbots and AI-powered video interviewing platforms to provide more engaging and responsive interactions. Paradox is just one of his companies using AI to improve communication between recruiters and candidates. These tools are efficient and provide valuable insight into candidate compatibility.

AI-enabled candidate sourcing is another area where technology is having a big impact. Companies like XOR and Entelo are using AI to automate candidate acquisition, using AI to scan online job sites and match jobs with high-potential candidates. By automating candidate search and screening, AI allows recruiters to tap into a broader talent pool and ensure they shortlist the best candidates. This approach saves time and introduces a new level of precision in candidate selection.

Find the perfect candidate

Resume screening is where the operational efficiency of AI really shines. AI algorithms can process and analyze resumes at a scale and speed that human recruiters cannot achieve. AI analytics not only streamlines the early stages of the hiring process, but also ensures that you don't miss out on potential candidates. Applying natural language processing (NLP) to the creation of job descriptions can also help organizations attract more diverse candidates.

AI predictive analytics has also proven invaluable in candidate evaluation. By analyzing data from past hiring decisions, AI can help recruiters make more informed predictions about which candidates are likely to succeed in a particular role, eliminating bias. (see how to eliminate bias using AI), improve hiring quality, and increase headcount. Retention. For example, companies like Knockri use AI and NLP to eliminate bias from candidate screening and automate candidate interviews and evaluations.

Improve employee retention using AI

AI also plays a key role in employee retention. AI can analyze employee behavior and engagement patterns and predict employee turnover. By identifying who is likely to leave, companies can proactively address concerns and improve employee retention.

AI can also customize the work experience for individual employees. By analyzing data about preferences, learning styles, and career aspirations, AI can create personalized development plans, training programs, and careers that help employees feel valued and invested in their roles. Suggest his path. For example, Audo is a new tool that uses AI and machine learning to assess a person's skills, interests, and abilities and recommend strategies to improve or change their career. AI can also help employees advance their careers within the company by analyzing their skill sets and performance data, suggesting roles and projects that align with their career goals, and helping them see a clear future within the organization. It also helps you plan your progress.

Managers can also use AI to optimize workloads and prevent burnout. AI can be used to monitor work patterns and suggest adjustments to schedules and tasks. Analytics can help you structure your workload to promote a healthier work-life balance and reduce stress-related demotivation.

AI systems can also be used to identify and highlight employee performance and create a culture of recognition and appreciation. Such recognition boosts morale, reinforces positive behavior, and contributes to improved retention rates.

Empower hiring managers and HR with generative AI

Generative AI is reimagining HR and recruiting by automating and enhancing many aspects of the recruitment process. Tools like Salesforce Einstein GPT and HubSpot AI are at the forefront of this employment transformation. Salesforce Einstein GPT automates personalized communications with candidates and streamlines your recruiting funnel without sacrificing the personal touch. This frees hiring managers to focus on the strategic aspects of hiring, such as interviews and decision-making, rather than manual response and follow-up processes.

HubSpot AI gives you the ability to generate relevant outreach emails based on minimal input from your users. This feature significantly reduces the time HR professionals spend creating individual emails to communicate with potential candidates more efficiently. By automating routine communications, HR teams can more effectively manage large numbers of applicants, ensuring no candidates fall through the cracks and improving the overall candidate experience.

conclusion

When it comes to recruitment and retention, AI is not just a technology tool, but a strategic asset that can help companies overcome labor shortages. Applications of AI in predictive staffing, retention, recruitment, and operational efficiency are reshaping the way organizations approach talent acquisition and management. As we move further into this AI-driven era, we must continue to focus on leveraging these technologies responsibly so that the pursuit of efficiency and innovation does not overshadow ethical considerations.

If you are interested in learning more about how AI is determining business winners and losers, how you can leverage AI for your organization's benefit, and how you can manage AI risks, please contact glenn@glengow Please contact us at .com. I write and speak about how senior executives, board members, and other business leaders can use AI effectively. You can read past articles and receive notifications of new articles by clicking the follow button here.

Follow us on LinkedIn. Please check out my website.

I am a CEO coach, AI keynote speaker, and board member (glenngow.com). Get AI-powered CEO coaching at glenngow.com/AI-CEO-Coach

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1/ https://Google.com/

2/ https://www.forbes.com/sites/glenngow/2024/02/25/six-ways-to-use-ai-including-chatgpt-to-solve-the-labor-shortage-in-2024/amp/

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