New HR technologies emerge to incentivize talent and get the workforce future-ready.
Automation, robotics and artificial intelligence are shaping how we work, where we work and the skills we will require. This reengineering of the definition of work will, by many estimations, create as many as 58 million more jobs than it eliminates by 2022 – jobs that only a human can do. Intelligent Automation will therefore have a significant impact, not only on the nature and types of jobs in the future, but also on talent availability and how that talent is utilized, engaged, motivated and rewarded by the organization.
From a human resources perspective, the focus has to be on the redefinition of jobs and finding the necessary talent but critically, on how that talent is rewarded and retained through HR’s exploitation of AI and data analytics to provide individualized, customized and transparent reward programs for employees.
In an interview with Consulting Magazine, I explain how employers are using artificial intelligence and data analytics to understand the reasons employees voluntarily terminate and uncover the incentive measures most directly linked to value creation. Leading HR departments leverage this data to personalize compensation and reward programs, allowing employees to enjoy curated benefits based upon their individual preferences. To attract, retain, and stimulate millennial employees, for example, companies have created vertical career paths, which offer frequent performance reviews and raises, sometimes multiple times a year.
HR leaders are now embracing greater transparency in compensation and rewards. With the rise of workplace-sharing platforms such as Glassdoor, current and potential employees have compensation and benefits information more readily available than ever. To manage concerns over gender pay equality and new tax deduction limits for executives, transparency is paramount.
AI and data analytics provide an exciting future for HR in its continuing quest to add value to the business through delivering the best talent and ensuring that rewards and benefits are aligned to individuals and work groups to provide an engaged, motivated and productive workforce.
For more of insight on the evolution of the workforce with the integration of humans and intelligent automation, read KPMG’s insights series, “The future of work.”