By: James O’Malley, Managing Director, Executive Search Practice Leader, Felix Global
As we move into the era of Gen AI, understanding its potential impact on how companies hire and develop new talent becomes crucial for today’s leaders. By 2030, the potential contribution to the global economy could be as much as $15.7 trillion, “making it the biggest commercial opportunity in today’s fast-changing economy,” according to a recent report by PwC.
For leaders looking to grow their headcount or transform their business, the integration of AI raises important considerations in maintaining the delicate balance between technological efficiency and the irreplaceable human touch. At Felix, we strive to continue to humanize the hiring process while being efficient and forward-thinking. Here are our 6 considerations that we believe are critical for leaders to consider when leveraging AI for their human capital:
The Significance of Human Connection:
When recruiting new staff, connection is the linchpin that builds rapport and trust among clients, customers, and candidates. It is also how we understand each other’s values and culture. As AI systems aim to streamline workflows and enhance efficiency, talent development professionals must navigate the integration of AI tools without compromising the essential elements that contribute to a customized and valuable experience – connection and trust.
Human Oversight in AI Applications:
Recognizing that AI applications require human oversight is crucial. While AI tools, such as chatbots and video interview analysis, streamline certain aspects of talent acquisition, they may overlook human elements like emotional intelligence and creativity. Striking the right balance involves leveraging AI to augment tasks, such as candidate screening and market research while retaining the nuanced decision-making capabilities that only humans possess.
Embracing Gen AI:
Gen AI is already making its mark in various talent development tasks, including third-party research, candidate assessment, and communication. Recognizing the potential of AI tools such as ChatGPT can significantly expedite information retrieval, but it requires honing skills in prompt engineering for optimal results. Embracing Gen AI involves identifying goals, understanding its transformative potential, and ensuring that it complements human abilities rather than replacing them.
“A computer can never be accountable; therefore, a computer should never be able to make a management decision.”
IBM wisely stated in 1979
Changing Job Functions and Responsibilities:
As Gen AI reshapes job functions, leaders must proactively plan for implementation and a change in strategy. Identifying goals, maintaining control over how AI tools are used, and addressing legal and ethical implications are critical steps.
Getting Started with AI:
To successfully integrate AI into talent development, organizations must prioritize applications that positively impact their work while preserving the necessary touchpoints. Tools aiding candidate sourcing, resume parsing, and predictive analytics are gaining popularity. IBM’s predictive attrition program and T-Mobile’s use of Textio for inclusivity demonstrate how AI can be harnessed for better decision-making and diversity enhancement.
Putting People First:
In the people-centric business of Executive Search, incorporating AI should prioritize human interactions. This approach leads to strong relationships and lasting placements, ensuring that the integration of AI enhances productivity without sacrificing the invaluable human touch.
At Felix, we believe that while AI brings efficiency and data-driven insights, it is the understanding of human subtleties, relationship management, and the delivery of a personalized experience that ultimately drives toward a successful candidate placement. We put your people first.
