CXOToday participated in an exclusive interview with Prasad Rajapan, Founder and Managing Director, ZingHR
How do you use AI/ML/Blockchain to help startups find and hire the right talent for their specific needs and goals?
At ZingHR, we are proud to use AI/ML/Blockchain to help startups find and hire 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 competitive advantage for our clients. Our approach involves using AI/ML-powered screening to filter and rank candidates based on their skills, experience and fit for the role. This approach helps us reduce the time and cost of hiring and improve the quality of our talent pool. We also use AI for conversations and AI for documents to automate and streamline the hiring process. Our chatbot, Captain Zingo, is a prime example of how we deploy 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, IDs, offer letters and other documents.
Finally, we use Blockchain to create a secure and transparent platform for verifying and sharing applicant credentials. This helps us eliminate fraud, improve trust and speed up the upload process. By leveraging these technologies, we help startups find and hire the right talent faster, easier and smarter. We also help them build a culture of innovation, agility and collaboration that is essential to their growth and success.
What are some of the biggest changes you’ve seen in human capital management in small and medium-sized businesses over the past year? How do you adapt to these changes and how do you help your customers do the same?
At ZingHR, we’ve been closely watching the changes in human capital management in both small and large businesses over the past year, and we’ve identified some of the most significant changes.
One of the most prominent changes observed is the rise of socially conscious business models. This requires businesses to align their human capital strategies with their social and environmental goals and values. We’ve 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 growing importance of individual branding. Workers today want to showcase their unique skills, talents and passions. Therefore, businesses need to support their workers in developing and promoting their personal brands while creating a culture of recognition and appreciation.
We have also seen a growing demand for flexible work options and telecommuting. This requires enterprises to adopt cloud-based and mobile-friendly human capital solutions that can facilitate collaboration, communication and productivity across locations and time zones.
At ZingHR, we adapt to these changes and help our clients do the same by leveraging our innovative and flexible human capital solutions powered by AI/ML/Blockchain. Our solutions help our clients manage their human capital in a holistic and integrated way that spans the entire employee lifecycle from hire to re-hire. We also engage their workers in meaningful and personalized ways that promote loyalty, motivation and performance. Additionally, we empower their employees with training, mentoring and upskilling opportunities that enhance their capabilities and career prospects. Our solutions enable our clients to measure and optimize their human capital outcomes using data-driven insights and analytics. In doing so, we help our clients transform their human capital management and create competitive advantage in a borderless world.
How do you expect artificial intelligence to impact the recruitment industry over the next five years, especially in light of recent staff cuts and sector assessments? What are some of the opportunities and challenges that AI will bring to employees and candidates?
Artificial intelligence is set to revolutionize the recruitment industry over the next five years, especially after recent staff cuts and assessments across sectors. The impact of artificial intelligence is likely to be significant, with opportunities and challenges for both recruiters and candidates. One of the most significant benefits of AI in recruiting is its ability to improve efficiency and effectiveness. AI-based tools can help recruiters find, screen and evaluate candidates more quickly and accurately. For example, AI-based algorithms can scan resumes, analyze skills and abilities, and provide personalized feedback and recommendations to applicants. AI-based chatbots can also enhance the candidate experience by interacting with candidates, answering queries and providing information about the company and the role. Additionally, AI can help recruiters predict and prevent employee turnover by identifying which candidates are likely to stay with the company for the long term. Machine learning algorithms can analyze data from past and current employees to identify common characteristics among those who have stayed with the company for an extended period of time.
However, AI also poses some challenges for employees and candidates in the next five years. One of the most significant challenges is the risk of continuing existing biases and discrimination in recruitment processes. If the algorithms used in recruiting are trained on biased data or use unfair criteria, they may inadvertently exclude or favor certain groups of applicants 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 like they are interacting with a robot rather than a human, which can affect their perception of the company and the role.
In conclusion, AI is a game-changer for the recruitment industry that presents both opportunities and challenges for recruiters and candidates over the next five years. To take advantage of AI and overcome its drawbacks, recruiters and candidates must 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 reinforce bias in HR decision-making?
Balancing the use of AI in HR processes with human judgment and intuition is critical to ensuring fair and ethical decision-making. At ZingHR, we believe that AI can improve HR processes, but it should not replace human decision makers. We use artificial intelligence 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 reinforcing bias in HR decision-making, we ensure that the data and algorithms used in AI are honest, transparent and unbiased. We understand that AI may inherit or create biases from the data or criteria used to train or evaluate it. That’s why we carefully select and vet the data and algorithms used in AI to ensure they reflect our values and standards for diversity, equity and inclusion.
In addition, we continuously monitor and evaluate the impact of AI on HR outcomes such as employee satisfaction, retention and performance. We understand that artificial intelligence can have unintended consequences on these results, and we make adjustments as necessary. By following these principles, we aim to leverage the benefits of AI in HR processes while minimizing its drawbacks.
How do you determine VTC (Value to the Company) and how does it differ from CTC (Cost to the Company)? How are you helping CHROs transform the role of HR from CTC to VTC using ZingHR solutions?
At ZingHR, we believe that a VTC approach to human capital management is essential for organizations to thrive and succeed in the long term. 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 goals and create a culture of high performance, innovation and agility. To help CHROs transform the role of HR 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 bring together HR data and analytics to help CHROs prioritize the acquisition, retention and development of talent that drives business results.
- Engage employees: Our tools like social recognition, pulse surveys and feedback loops create a personalized and engaging employee experience that promotes loyalty, motivation and performance.
- Empowering 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 results: Our data-driven insights and analytics enable CHROs to track progress against goals, identify areas for improvement, and make data-driven decisions that drive business results.
By adopting a VTC approach to human capital management, CHROs can transform HR from a cost center 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.