The Future of HR in Finance: Blending Technology and Expertise for Growth

The role of human resources (HR) is restructuring in many ways, especially in industries like finance. By embracing technological advancements, organizations are changing their HR processes to improve efficiency and cut costs. Companies like Poonawalla Fincorp are leading the way, integrating artificial intelligence (AI) into their HR practices, ultimately speeding up processes and improving accuracy. This shift is not just about automation; it’s about leveraging technology to amplify human potential.

The Rise of AI in HR



AI in human resources is reshaping the way organizations approach everything from recruitment to employee management. Generally, HR tasks take days to complete! But now with AI, all different tasks like resume matching, candidate verification can be done efficiently. This will allow HR to focus on other responsibilities. 

At Poonawalla Fincorp, for example, AI integration has reduced the time to finalize job offers from about ten days to under one. This is a 90% reduction in processing time, showcasing how AI can dramatically enhance HR efficiency.

AI-driven tools are increasingly being used for tasks such as quick candidate matching, real-time document verification, and instant screening of resumes. This allows HR teams to sift through large pools of candidates more effectively, ensuring the best talent is selected faster.

AI’s Impact on Candidate Experience

The use of AI has not only transformed the recruitment process but has also improved the candidate experience. With automated job postings, real-time candidate screening, and faster decision-making, potential hires receive a more efficient and seamless journey through the hiring process. 

AI will ensure that job descriptions are created and shared across multiple platforms quickly, allowing recruiters to reach a broader audience with minimal effort. Also, candidates benefit from faster responses as AI-driven systems can assess their qualifications in real-time, helping them know their status without waiting days or weeks.

Balancing Technology with Human Touch

Yes, AI is giving certain advantages, but it’s also important to remember HR is about the people! Poonawalla Fincorp has struck a balance between technology and human interaction, ensuring that AI takes care of repetitive tasks while allowing HR professionals to focus on the critical aspects of employee engagement. 

The AI-powered tools at Poonawalla Fincorp handle document checks, candidate matching, and resume assessments, all while enabling HR teams to spend more time fostering meaningful relationships with employees.

For example, AI can assess technical and cognitive skills more accurately than human recruiters, eliminating biases and improving the decision-making process. However, personal values, and team compatibility, human interaction remains irreplaceable.

The Power of AI-Powered Employee Support

One of the most innovative applications of AI in HR is the development of AI-powered bots. Poonawalla Fincorp has introduced a WhatsApp-powered AI bot system that allows employees to access information in real-time. 

Whether it's questions about leave policies, payroll, or benefits, the AI bot provides instant support, reducing the need for human intervention and ensuring employees receive timely answers to their queries.

This innovation not only enhances the employee experience but also reduces the workload on HR teams, allowing them to focus on more complex tasks. By automating common queries, the bot system ensures that employees are always informed and can access the support they need without delays.

Collaborating with Academia for Innovation

Poonawalla Fincorp’s partnership with IIT Bombay demonstrates the importance of collaboration between industry and academia. Together, they are developing advanced AI solutions to address real business challenges. By working with experts in computer science and engineering, Poonawalla Fincorp ensures that their AI implementation is cutting-edge and scalable, not just in HR but also across other departments like compliance, customer service, and business operations.

Embracing the Future

The fusion of AI in HR is just the beginning of a broader vision within businesses like Poonawalla Fincorp. As AI continues to develop, it will undoubtedly play an even larger role in shaping HR practices and business operations across industries. 

By embracing these technologies, companies can work on processes, reduce costs, and enhance both the candidate and employee experience. At the same time, they can free up HR teams to focus on the strategic aspects that truly make a difference, such as talent development and employee engagement.

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