BFC Bulletins Monthly News Digest
Tags Artificial Intelligence Blockchain Data HR
It’s a well-known fact that technology changes everything, even with human resources (HR) functions. At the same time, there are a number of myths and misconceptions out there. Here is a quick look at a few of the big buzzwords in HR-related technology and some clarification of each:
- Big Data– Big Data is more than just storing CV information in one big table. It is now used in two directions in HR: recruitment and talent management. Having access to the right data and in sufficient amounts leads to better results and helps avoid risks, especially as the world becomes more and more connected.
- Artificial intelligence (AI) – automation is one of the hottest trends in the business world right now, even within the HR sphere. AI can have a huge impact on HR, including personalization, document automation, more efficient recruitment and more accurate forecasting. But AI can’t just use any data to learn and make effective decisions. It must be given the right quality data from both inside and outside the company. Moreover, it is still up to a person to make sure that AI choices are the best for the company in an ever-changing business environment.
- Digital and online – preliminary recruitment processes are, for the most part, online endeavors. Moreover, online interviews can save time and other resources, especially for mass hiring dozens or even hundreds of people. This can (and should) be expanded as it can help attract more highly-qualified candidates with specialty skills.
- Social networks – people tend to be much more their true selves on social media than they are during an interview. The internet in general (and social media in particular) can be used to get to know the real candidate.
- Aggregate sites – sites that aggregate job postings and candidate information are becoming more commonplace. They should be utilized by HR departments to save time and make the recruitment process much more painless.
- Blockchain – blockchain can fundamentally change the hiring process once developed for HR. Once all relevant employment information about a person is in a block, recruiters will be able to quickly and easily find the right person. Blockchain will also serve as a guarantee by confirming professional competencies that cannot be forged.
