Hello, everyone, and welcome to this lesson.
In this lesson.
Let's go ahead and cover a couple of success stories.
If you guys recall in the previous lesson, we covered A.W. as Sage Maker Canvas, and then we learned
about all the various features that we can build, train and test a machine learning model without writing
a single line of code.
Okay.
So what I wanted to do right now is I wanted to show you guys a couple of success stories.
So hiring and retraining employees is a really expensive process that requires a lot of time and a lot
of capital as well.
Average companies lose between 1% to 2.5% of their total revenue on the time it takes to bring a new
hire up to speed.
And that's why it's really important to make sure that we wanted to retain good employees.
We wanted to make sure that we are empowering those employees.
And we want to see if, for example, we are missing something.
If you wanted to maybe give them more training, maybe allow them to work remotely, for example.
There are so many strategies and techniques to try to listen to employees and improve their retention
rate.
So companies could spend 15% to 20% of the employee's salary to recruit a new candidate.
And I've included a link here for you guys.
Essentially, it covers seven ways AEI has been reinventing kind of it's kind of a little a little bit
of a revolution when it comes to human resources.
So let's go ahead and actually click on that link.
And that is going to open here.
You can go.
Okay.
So this article covers seven ways.
Artificial intelligence is reinventing human resources, and it's actually a good article by Dom Nicastro
and he has called here too.
You will see that there are many different applications, for example, H reporting confidence in A.I.
integration.
And if you scroll to the bottom, it will tell you that these are the various applications or areas
where A.I. has been revolutionizing the human resources department.
One of them is candidate resumes on smart digital forms.
For example, one of the key issues whenever you, let's say, apply for any job is that you upload
your resume and then you have to fill in another form, right where you have to insert your name and
your position, your education.
And it's really tedious process and it's kind of like I've included all that information already on
my resume, right?
And that's where I could be used to essentially kind of streamline that process so candidates can go
ahead, upload the resume, and that's it.
I will take care of that, will fill in pretty much all the key information and you can just go ahead
and review it.
And a lot of companies are doing that right now.
And please note that this is actually based on the AI.
It's not like just the basic like I'm like an if else condition.
Basically, it's it's more it's a little bit more advanced in a way that I can actually perform topic
modeling and you can actually select the different fields in the right places.
And that's where I could be used to basically streamline the process of applications and here to study
you that this repetitive, tedious tasks can leave them with good impression, for example, about the
company.
And to alleviate that, essentially, I could be used to help transfer information from the resumes
into smart these the forms and more efficiently complete their applications.
Another example is understanding employees referrals.
For example, I can use A.I. to essentially analyze performance data from previous referrals.
So if someone referred another, let's say, candidate, I can then go back and analyze these referrals.
They can see what are they good or not?
Were they kind of, you know, maybe cheating on the resume, for example, or not?
I can gain all that information and then I can use A.I. to essentially perform that understanding or
analysis as well.
Another area, which is why call it data backed resources and insights.
So again, I hear could be used to gain valuable insights in general.
Also, we have a chat bots.
So essentially I can human resources can try to engage with employees by trying to kind of use AI chat
bots so you can listen to employees more, you can listen to their concerns, and you can perform as
well as sentiment analysis by trying to understand are they happy or not putting them out of the mat
or not?
And if they are not happy about something, what is it?
And you can gain a lot of that insights again using these chatbots.
So chatbots can provide natural human like an always on communication tool that engages the user in
a personalized conversations.
Also, you can use it to boost learning and development programs.
Essentially, you can use the AI to personalize specific programs for to educate and train new employees
and existing employees, of course.
Also, there are another application here that is powering workforce for workforce and analytics.
That's one area as well.
So AI in each hour empowers managers to solve problems and can lead to more informed decisions that
affect employees and organizational success as well.
And this is, again, a really good article.
It's actually go back to our slides here.
So these again of seven ways AI has been reinventing human resources and I've included the summary for
you guys here.
So again, as I mentioned, extract information from candidate resume using it to assess employees referrals.
We also have we also could be able to gain key data insights.
We can also do improved engagement using AI power chatbots.
We can create customized learning journey for employees.
We can also predict employees retention potential and fatigue.
For example, if employees are again, they are maybe like burnt out, for example, from a lot of work
or then it's maybe fatigue.
I can gain valuable insights about that, about my employees using AI and then enhanced workplace analytics
as well.
Okay.
So what we have right now is we have a time for reading material and for quiz as well.
So I've included a link to an article here entitled Employee Attrition How the AI Is Transforming Human
Resources.
And I would say this reading material would take around 10 minutes approximately, and then followed
by a quiz, and that will take around 5 minutes.
So this article here is by a by Bebo Ranjan and by the basis my partner, I hope I'm pronouncing it
right again.
I highly recommend that you guys go ahead, check it out, read it.
And of course, please go ahead and read this article, too, and then you can go ahead and finish the
quiz coming up next.
And that's about it.
That's all I have for this lecture.
I hope you guys enjoyed it in the next lecture.
Let's go ahead.
Jump into Amazon.
Stage maker Canvas will learn how to set up our canvas and get started with our project.
Please stay tuned.
Best of luck and I'll see you guys in the next lesson.