While seen as a relatively new phenomenon today with the likes of smart cars, watches, and even Alexa, artificial intelligence (AI), actually came into existence back in 1956. It’s taken decades for AI to evolve into the many applications for its use today, and this evolution of development just keeps getting faster. The definition for the term “artificial intelligence” is broad, but it boils down to any type of computer software that engages in human-like activity, or in other words, applications that can take care of certain tasks normally handled by humans.
How AI Helps HR
According to a PwC survey of 1,000 US business executives at companies that are already investigating or implementing AI, 20% said their organizations plan to implement AI throughout their organizations. Most executives surveyed stated that they know that artificial intelligence (AI) has the power to change almost everything about the way they do business. In fact, it is projected that the implementation of AI in businesses could contribute up to $15.7 trillion to the global economy by 2030.
AI is playing an increasingly important role in many aspects of business, including human resources and the management of employee benefits. Implementing AI has the potential to change how employees interact with their employee benefits by making products and services smarter and more engaging. An AI system uses a series of algorithms that can take a range of inputs, such as the employee’s objectives and attitude to risk, and then overlays this information with the benefit choices that are available to staff members to come up with personalized advice for all employees.
This saves time while cutting down on mistakes. For example, it would normally take around ten hours for a retirement specialist to collect resources, arrange a consultation session, and offer retirement advice. But by using AI, this same activity can be cut down to 60 to 90 minutes. The same holds true for managing health benefits for employees. Artificial intelligence-driven coaching is now being used to help employees make healthy lifestyle choices, and provide personalized health information. Because AI can be built on machine learning, collecting data from a range of sources, including the medical community, AI can be used to triage employees and provide them with medical information, and then suggest the most appropriate treatment.
Additionally, according to a recent Society for Human Resources Management (SHRM) article, AI’s biggest impact will be in the area of predictive analytics to forecast future costs of benefits. This offers a tremendous cost savings for businesses trying to find the right coverage for their employees without having to spend months of research to find the benefits company that will provide the right “fit.”
AI helps to augment and improve the way employee benefits are managed. However, if you are unable to effectively implement AI applications within your business, a great alternative is to outsource your business benefits to someone capable of managing it so you can focus on what you do best—run a successful business! A company like Worksite PAY can provide you the guidance for analyzing your liabilities and selecting the proper coverage you need. Worksite PAY provides an unmatched network of highly rated carriers and policies that can protect your business and employees while reducing your administrative costs.
As well as helping to improve decision-making, AI integration offers the potential for automated HR decision-making. For some, there is still an element of fear around AI because of suspicion from employees around how personal data is used, and the concern for ensuring that data sets are free of any biases. But with the ever-increasing AI technology and the successful implementation of AI in now thousands of companies, AI has proven its impact on business, particularly in the realm of employee benefits.