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technological progress Archives - SourceMatch

Artificial Intelligence in Recruitment

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Artificial intelligence, known as AI, is progressing rapidly and we see it in many forms today.
Before thinking about implementing AI or machine learning in your organization’s processes, you have to make sure you understand completely the new technologies.

What is Artificial Intelligence (AI)?
As there are many definitions out there, we list 3 of them below.

1. According to Merriam Webster:
a: = a branch of computer science dealing with the simulation of intelligent behavior in computers
b: = the capability of a machine to imitate intelligent human behavior

2. According to Britannica:
= the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.

3. According to English Oxford Living Dictionary
= the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

How about machine learning?

SAS defines machine learning as “a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention”.

So how do these change the future of recruitment?

One of the greatest challenges businesses face today is recruiting in a market where suitable talent is scarce. It’s also critical for a business’ success to find and retain the best talent.

AI can make onboarding easier, and a first impression many times leads to a positive first impression of an organization’s processes. New hires are provided with helpful information in order to make their work lives easier right on the first day of work, and then timed based on the various stages of integrating into the work environment.
According to Jill Hauwiller (Leadership Refinery), AI will revolutionize how companies screen resumes and candidates in their databases; also, building and maintaining authentic, professional relationships will help people stand out and land the interview.
Korn Ferry Global Survey’s results on nearly 800 talent acquisition professionals, show us that 63 percent of respondents say AI has changed the way recruiting is done in their organization, with 69 percent saying using AI as a sourcing tool garners higher-quality candidates.
Machine learning technology can automate processes like programmatic advertising (the process of purchasing ad space through a software, and relying on complex algorithms to deliver advertisements contextually).

One question still remains: are organizations ready for AI and machine learning? Does the labor force have the right skill sets in order to use new technologies and tools?

Let us know your experience by leaving a comment below.

Sources:
https://www.kornferry.com/press/korn-ferry-global-survey-artificial-intelligence-reshaping-the-role-of-the-recruiter
https://harver.com/blog/machine-learning-in-recruitment/
https://grid.bullhorn.com/key-findings/na/

Future of jobs Infographic Series – Industry Profile – Global Health & Healthcare

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Industries are ready to take diverse routes in the adoption of new technologies, and the distinctive nature of the work performed within each sector will result in disruption to jobs and skills that will demand industry-specific adaptation.

However, if we are referring at the relative level of education in the financial services industry, displaced roles can be easily balanced by assigning workers with an alternative, higher value-added functions. In contrast, the two largest job roles in the consumer industry, Cashiers and Sales Associates, accounting for no less than 45% of total industry employment, have a comparatively small share of workers with advanced education.
The interindustry analysis of the roles experiencing falling and rising demand suggests the possibility of using these industry-specific differences of displaced workers by expanding the search for new opportunities across the industry.

Although the changes in the labor market described in this data, are not foregone conclusions, they are reasonable forecasts arising from the actions and investments decisions taken by companies in response to global trends today.
With the adoption of this new technology, companies feel competitive pressures similar to the way they felt compelled to create global supply chains in the 1990s and 2000s.

As a result, these trends affecting business leaders’ decision environments determine a wide range of company responses that collectively shape the future nature of jobs.

Let’s start with a look at the following infographic and see how Global Health & Healthcare is influenced by this new technology adoption. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

The following graphic underlines the major obstacles that were perceived by the survey participants as impediments to successful new technology adoption faced by their company.

Nonetheless, we would like to share this information about the expected impact of new technology adoption on the workforce. In this last graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

The expectation of this technological progress presents a real challenge to the existing business models and practices. At the same time, we hope for the next years that these dynamic changes, whether they are causing confusion or will be constructive will be the exact reason why new opportunities of growth appear.

Source: Report

Future of jobs Infographic Series – Industry Profile – Energy Utilities & Technologies

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Companies expect a good improvement by implementing the technologies below by changing the frontier between humans and machines when it comes to existing tasks between 2018 and 2022. Until last year, 2018, 71% of tasks were performed by humans, compared to 29%, by machines. By 2022, this standard is expected to change to 58% task hours for humans and 42% by machines. However, last year no work task was yet estimated to be performed, most of all by algorithms or machines. At the same time, the expectation for 2022 is different, by increasing the contribution of machines and algorithms to 57%.
For instance, by 2022, 62% of the organization’s information and data processing, searching reports and transmission tasks will be completed by machines, compared to 46% today. Even the ordinary tasks that are not so overwhelming for humans such as communicating and interacting (23%), developing, managing and advising (20%); likewise decision-making and reasoning (18%) will start to be automated ( 30%, 29%, and 27%).

So what do these numbers tell us?

The large firms in the global (non-agricultural) workforce indicate that 75 million jobs may be displaced by a shift in the division of activity between machines and humans, while 133 million new roles may arise that are suitable to the new division of work between humans, algorithms, and machines. At the same time, these estimates and hypothesis behind them should be treated with caution, because they represent a subdivision of employment globally, they are useful in highlighting the types of adaptation strategies that must be installed to assist the progress of the transition of the workforce to the new world.

Here are three aspects tackled for you. They will show you how Energy Utilities & Technologies are influenced by the adoption of new technologies, they will also illustrate the existing barriers created, and they will summarize the impact on the workforce.

Let’s start with a look at the following infographic. A huge share of analysis of the respondents from the industry indicated that, by 2022, their company was “likely” or “very likely” (on a 5-point scale) to have adopted new technology as part of its growth strategy.

Secondly, if we check out the barriers to adoption of new technologies, we can discover that the five biggest perceived barriers to the implementation of new technologies across the industry, as ranked by the share of survey respondents. The following graphic will inform you which were the major obstacles, that were chosen by the surveyed people, perceived as impediments to successful new technology adoption faced by their company.

Thirdly, we would like to share this information related to the expected impact of new technology adoption on the workforce. In this last graphic, you can see the percentages representing the share of survey respondents from the industry who expect their company to have adopted the stated measure(s) over the 2018–2022 period as part of their current growth strategy.

The expectation of this technological progress presents a real challenge to the existing business models and practices. At the same time, we hope for the next years that these dynamic changes, whether they are causing confusion or will be constructive will be the exact reason why new opportunities of growth appear.

Source: Report