CXOToday has engaged in an exclusive interview with Prasad Rajappan, Founder and Managing Director, ZingHR
How do you use AI/ML/Blockchain to help start-ups find and hire the right talent for their specific needs and goals?
At ZingHR, we are proud to use AI/ML/Blockchain to assist start-ups in finding and hiring the right talent for their specific needs and goals. These technologies are not just tools, but strategic enablers that can transform the HR function and create a competitive advantage for our clients. Our approach involves using AI/ML-powered screening to filter and rank candidates based on their skills, experience, and fitment for the role. This approach helps us reduce the time and cost of hiring and improve the quality of talent pipeline. We also utilize Conversational AI and Document AI to automate and streamline the hiring process. Our chatbot, Captain Zingo, is an excellent example of how we implement conversational AI to engage with candidates, answer their queries, schedule interviews, and collect feedback. Additionally, our Document AI can extract and validate information from resumes, ID proofs, offer letters, and other documents.
Lastly, we use Blockchain to create a secure and transparent platform for verifying and sharing candidate credentials. This helps us eliminate fraud, enhance trust, and speed up the on boarding process. Through the use of these technologies, we assist start-ups in finding and hiring the right talent faster, easier, and smarter. We also help them build a culture of innovation, agility, and collaboration, which is essential for their growth and success.
What are some of the biggest shifts you’ve observed in human capital management in SMBs in the past year? How do you adapt to these changes and help your clients do the same?
At ZingHR, we have been closely monitoring the shifts in human capital management in both small and large enterprises over the past year, and we have identified some of the most significant changes.
One of the most prominent shifts observed is the rise of socially conscious business models. This requires enterprises to align their human capital strategies with their social and environmental goals and values. We have seen that companies that prioritize the impact of their actions on all stakeholders, not just shareholders, are more successful in attracting and retaining top talent. Another significant change is the increasing importance of individual branding. Workers today want to showcase their unique skills, talents, and passions. Therefore, enterprises must support their workers in developing and promoting their personal brands while creating a culture of recognition and appreciation.
We have also noticed a growing demand for flexible work options and remote work. This requires enterprises to adopt cloud-based and mobile-friendly human capital solutions that can facilitate collaboration, communication, and productivity across different locations and time zones.
At ZingHR, we adapt to these changes and help our clients do the same by leveraging our innovative and agile human capital solutions that are powered by AI/ML/Blockchain. Our solutions help our clients manage their human capital in a holistic and integrated way that covers the entire employee lifecycle from hire to rehire. We also engage their workers in meaningful and personalized ways that foster loyalty, motivation, and performance. Additionally, we empower their workers with coaching, mentoring, and upskilling opportunities that enhance their capabilities and career prospects. Our solutions allow our clients to measure and optimize their human capital outcomes using data-driven insights and analytics. By doing so, we help our clients transform their human capital management and create a competitive advantage in the boundary-less world.
How do you anticipate AI will impact the recruitment industry in the next five years, especially in light of the recent tech layoffs and appraisals across sectors? What are some of the opportunities and challenges that AI will bring to recruiters and candidates?
AI is set to revolutionize the recruitment industry in the next five years, especially in the wake of recent tech layoffs and appraisals across various sectors. The impact of AI is likely to be significant, with both opportunities and challenges for recruiters and candidates alike. One of the most significant benefits of AI in recruitment is its ability to improve efficiency and effectiveness. AI-based tools can help recruiters source, screen, and assess candidates more quickly and accurately. For example, AI-powered algorithms can scan resumes, analyze skills and abilities, and provide personalized feedback and recommendations to candidates. AI-based chatbots can also enhance the candidate experience by interacting with candidates, answering queries, and providing information about the company and the role. Moreover, AI can help recruiters predict and prevent employee turnover by identifying which candidates are likely to stay with the company long-term. Machine learning algorithms can analyze data from past hires and current employees to identify common characteristics among those who have stayed with the company for an extended period.
However, AI also poses some challenges for recruiters and candidates in the next five years. One of the most significant challenges is the risk of perpetuating existing biases and discrimination in recruitment processes. If the algorithms used in recruitment are trained on biased data or use unfair criteria, they may inadvertently exclude or favor certain groups of candidates based on their gender, race, age, or other factors. Another challenge of AI is the potential to dehumanize the recruitment process and reduce human interaction. Candidates may feel that they are interacting with a robot rather than a human, which could affect their perception of the company and the role.
In conclusion, AI is a game-changer for the recruitment industry that offers both opportunities and challenges for recruiters and candidates in the next five years. To leverage the benefits of AI and overcome its drawbacks, recruiters and candidates need to be aware of its impact, embrace its potential, and prepare for its implications.
How do you balance the use of AI in HR processes with human judgment and intuition? How do you ensure that AI does not introduce or amplify bias in HR decision-making?
Balancing the use of AI in HR processes with human judgment and intuition is crucial to ensure fair and ethical decision-making. At ZingHR, we believe that AI can enhance HR processes, but it should not replace human decision-makers. We use AI to provide data-driven insights and recommendations, but the final decision-making authority rests with human experts who can exercise their judgment and intuition. To prevent AI from introducing or amplifying bias in HR decision-making, we ensure that the data and algorithms used in AI are fair, transparent, and unbiased. We understand that AI can inherit or create bias from the data or criteria used to train or evaluate it. Therefore, we carefully select and audit the data and algorithms used in AI to ensure that they reflect our values and standards of diversity, equity, and inclusion.
Moreover, we continuously monitor and evaluate the impact of AI on HR outcomes such as employee satisfaction, retention, and performance. We understand that AI can have unintended consequences on these outcomes, and we make adjustments as needed. By following these principles, we aim to leverage the benefits of AI in HR processes while minimizing its drawbacks.
How do you define VTC (Value to Company) and how is it different from CTC (Cost to Company)? How do you help CHROs transform HR’s role from CTC to VTC using ZingHR’s solutions?
At ZingHR, we believe that a VTC approach to human capital management is essential for organizations to thrive and succeed in the long run. While CTC is an important metric for financial planning and budgeting, it does not capture the true value that employees bring to the organization. By focusing on VTC, CHROs can align HR strategies with business objectives and create a culture of high performance, innovation, and agility. To help CHROs transform HR’s role from CTC to VTC, we offer a comprehensive suite of human capital solutions that enable them to achieve the following:
- Align HR strategies with business objectives: Our solutions unify HR data and analytics to help CHROs prioritize talent acquisition, retention, and development that drive business outcomes.
- Engage employees: Our tools like social recognition, pulse surveys, and feedback loops create a personalized and engaging employee experience that fosters loyalty, motivation, and performance.
- Empower employees with learning and development: Our solutions offer employees access to learning and development opportunities that enhance their capabilities and advance their careers, creating a culture of continuous learning.
- Measure and optimize HR outcomes: Our data-driven insights and analytics enable CHROs to track progress against goals, identify areas of improvement, and make data-driven decisions that drive business outcomes.
By adopting a VTC approach to human capital management, CHROs can transform HR from a cost centre to a strategic partner that adds measurable value to the organization. At ZingHR, we are committed to helping our clients achieve this transformation and unlock the full potential of their human capital.