Artificial intelligence (AI) has infiltrated our lives already. Spam filters, optimal traffic routes and mobile check deposits all use AI. However, the way it will impact our work lives this year (and into the future) is notable, especially in the human resources (HR) and finance sectors.
Employees are often afraid that new technologies will replace humans, but it typically just reshapes how people do their jobs. AI will be able to complete routine and repetitive tasks, which will allow humans to focus on higher-level roles and tasks that require increased flexibility, judgment, negotiation, persuasion, leadership, empathy, creativity, credibility and relationship-building (to name a few).
Read on to learn how Glassdoor’s “What’s Ahead for Jobs? Five Disruptions to Watch in 2018” reports AI will affect HR and finance.
Human Resources (HR)
In HR (specifically, talent acquisition), AI will complement people’s skills. It already helps recruitment professionals discover hard-to-find talent by making predictive matches between candidates and open role requirements using data. Moreover, it is leveraged to screen resumes and cover letters and cull through the mass of applicants so that recruiters can focus on relationship-building with qualified candidates. These technologies are affordable, and companies may already use a platform (like an applicant tracking system) that will incorporate AI. An aspect of AI that may not entirely be as broadly adopted is its ability to correct subtle bias in job descriptions. Especially for technology companies, a gendered language in job descriptions can contribute to the lack of diversity. AI can identify this language and adjust it. Scheduling software is another AI-powered technology that is being widely adopted to free up recruitment professionals from this potentially robotic task.
In the finance sector, there are two areas jobs are expected to grow as AI penetrates the industry. Higher-level financial advisory and sales roles require a human touch and therefore more roles in these segments will be available as AI takes over lower-level activities. Additionally, there will be more technology roles available in finance, such as software engineer, data scientist and solutions architect. In regards to how AI will impact the space, machine learning (ML) software will take care of routine tasks like executing trades, suggesting financial bets and developing hedges. Additionally, there is already widespread access to software to conduct a credit analysis when a customer or business prospect is being evaluated for its ability to uphold financial obligations. Therefore, AI programs are increasingly being implemented to assist fund managers to run their portfolios (but it is debatable about how successful it is thus far).
Time will only tell how AI will drive the business forward. However, for now, we see it become a big part of the HR and finance industries.