Artificial Intelligence (AI) is proving to be a powerful tool in reshaping how businesses approach their HR functions. At Poonawalla Fincorp AI is revolutionizing recruitment and employee support services. By incorporating AI into its HR processes, the company has dramatically sped up recruitment timelines, reduced operational costs, and improved the overall candidate experience.
Speeding Up Recruitment with AI
Poonawalla Fincorp is leveraging AI to significantly improve its HR operations. The company has successfully integrated AI into its recruitment processes, allowing them to reduce the time it takes to finalize job offers from ten days to under one day. This dramatic reduction in time, a 90% improvement, is driven by AI tools that automate the key stages of recruitment, such as resume screening and document verification. These tools ensure a faster, more efficient hiring process while reducing human errors.
Lowering Operational Costs
The integration of AI into HR processes has not only sped up recruitment but also contributed to a notable reduction in operational costs. AI automates many of the administrative tasks that were previously handled manually by HR teams, allowing employees to focus on more complex and value-added tasks. This shift to automation has made the recruitment process more cost-effective while improving efficiency in processing candidates and generating job postings.
AI-Powered Employee Support
Beyond recruitment, Poonawalla Fincorp has also introduced AI-driven solutions to enhance the employee experience. One of the most innovative solutions is a WhatsApp-powered AI bot that responds to employee queries related to payroll, leave, policies, and benefits. This tool streamlines communication, offering employees real-time answers and reducing the need for traditional HR support.
Promoting Fair and Informed Hiring
AI at Poonawalla Fincorp is also helping to eliminate biases in hiring decisions. The AI-driven recruitment system ensures that all candidates are evaluated based on their skills and qualifications, not subjective human judgments. This helps create a more diverse and inclusive workforce, as candidates are judged solely on their professional capabilities and fit for the role, leading to a fairer selection process.
Partnerships to Drive Innovation
Poonawalla Fincorp’s AI strategy is bolstered by its collaboration with IIT Bombay. This partnership aims to bring academic research into practical use, allowing the company to stay ahead of the curve with cutting-edge AI technologies. The collaboration focuses on creating innovative solutions that improve business processes and tackle complex HR challenges.
Human and AI Collaboration
Despite the advanced use of AI, Poonawalla Fincorp emphasizes the importance of maintaining human engagement in recruitment. AI handles the administrative and repetitive tasks, but HR professionals remain actively involved in the hiring process, ensuring personal connections with candidates and making well-informed decisions.
Shaping the Future of HR with AI
Poonawalla Fincorp’s use of AI is still in its early stages, and the company is focused on expanding its digital initiatives across the business. Arvind Kapil, the company’s CEO, stresses the importance of continuing to improve its team's capabilities to maintain a competitive edge. The appointment of Salil Hajarnis as Chief Technology Officer signals the company’s ongoing commitment to digital transformation, ensuring that AI continues to play a crucial role in the company’s future growth.
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