CXOTi day has engaged in an exclusive interview with Prasad Rajappan, Founder and CEO, 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 pride ourselves on using AI/ML/Blockchain to help start-ups 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 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 fit for the role. This approach helps us reduce the time and cost of hiring and improve the quality of our talent pipeline. We also use 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 communicate with candidates, answer their questions, schedule interviews and collect feedback. In addition, our Document AI can extract and validate information from CVs, ID proofs, offer letters and other documents.
Finally, we use Blockchain to create a secure and transparent platform for verifying and sharing candidate credentials. This helps us eliminate fraud, increase trust and speed up the onboarding process. Through the use of these technologies, we help start-ups find and hire the right talent faster, easier and smarter. We also help them build a culture of innovation, agility and collaboration, which is critical to their growth and success.
What are some of the biggest changes you’ve observed in human capital management in SMEs over the past year? How do you adapt to these changes and help your customers do the same?
At ZingHR, we have been closely following the changes in human capital management in both small and large companies over the past year, and we have identified some of the most important changes.
One of the most prominent changes observed is the emergence of socially conscious business models. This requires companies 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, companies must support their workers in developing and marketing their personal brands while creating a culture of recognition and appreciation.
We have also noticed an increasing demand for flexible work opportunities and remote work. This requires companies 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 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 life cycle from recruitment to re-employment. We also engage your people in meaningful and personal ways that promote loyalty, motivation and performance. In addition, we empower your employees with opportunities for coaching, mentoring and upgrading that improve their abilities and career opportunities. Our solutions allow our customers to measure and optimize their human capital outcomes using data-driven insights and analyses. In doing so, we help our clients transform their human capital management and create a competitive advantage in the borderless world.
How do you expect artificial intelligence to impact the recruitment industry over the next five years, especially in light of the recent technology redundancies and cross-sector assessments? What are some of the opportunities and challenges AI will bring to recruiters and candidates?
AI is set to revolutionize the recruitment industry over the next five years, particularly in the wake of recent redundancies and reviews across various sectors. The impact of AI is likely to be significant, with both opportunities and challenges for recruiters and candidates. One of the key benefits of AI in recruitment is its ability to improve efficiency and effectiveness. AI-based tools can help recruiters find, screen and assess candidates faster and more accurately. For example, AI-powered algorithms can scan CVs, analyze skills and abilities and provide personalized feedback and recommendations to candidates. AI-based chatbots can also improve the candidate experience by interacting with candidates, answering questions and providing information about the company and the role. Also, 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 former and current employees to identify common characteristics among those who have been with the company for a longer period of time.
However, AI also presents some challenges for recruiters and candidates over the next five years. One of the most important challenges is the risk of maintaining 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 candidates based on their gender, race, age or other factors. Another challenge with AI is the potential to dehumanize the recruitment process and reduce human interaction. Candidates may feel like they are interacting with a robot instead of a human, which can affect their perception of the company and the role.
The conclusion is that 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 harness the benefits 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 decisions?
Balancing the use of AI in HR processes with human judgment and intuition is essential to ensure 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 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 reinforcing bias in HR decisions, we ensure that the data and algorithms used in AI are fair, transparent and objective. We understand that AI can inherit or create biases from the data or criteria used to train or evaluate it. That’s why we carefully select and audit the data and algorithms used in AI to ensure they reflect our values and standards of 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 AI may have unintended consequences for these results, and we make adjustments as necessary. By following these principles, we aim to exploit the advantages of AI in HR processes while minimizing the disadvantages.
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. Although 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 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 goals: Our solutions unify HR data and analytics to help CHROs prioritize the acquisition, retention and development of talent that drives business results.
- Engage employees: Our tools such as social recognition, pulse surveys and feedback loops create a personalized and engaging employee experience that promotes loyalty, motivation and performance.
- Empower employees with learning and development: Our solutions provide employees with 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 toward 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.
