AI & Incentives
"We are entering a new era in which the possibilities presented by advanced data analytics are only constrained by our imaginations. A significant and rapidly expanding body of research attests to the varied uses and potential of artificial intelligence (AI) in business, workforce management and, to a degree, rewards and recognition," states Allan Schweyer, chief academic advisor, Incentive Research Foundation (IRF), in "Predicative Analytics and Artificial Intelligence in People Management."
Some 86 percent of human resources organizations reported in a recent PwC survey that they plan to advance their people analytics capabilities in the coming years, showing the increasing pervasiveness of artificial intelligence in people management. This trend offers incentives, rewards and recognition professionals the opportunity to harness artificial intelligence to create more efficient, personalized and impactful programs, according to the study, which examines how companies are currently using artificial intelligence to identify, monitor and analyze talent.
"Reward program owners should look to firms like Google, WL Gore, Tesla and dozens of others that now use predictive analytics and artificial intelligence to recruit, retain, teach and engage their employees," said Melissa Van Dyke, IRF president. "We also see the tremendous opportunity to use artificial intelligence to more quickly identify top performers and deliver personalized rewards."
Most large organizations today have the data and processing power needed for advanced people analytics. Employee surveys, polls, peer recognition portals, e-mails, texts, data from employee badges—the sheer amount of workforce data available to be analyzed can provide powerful insights.
Current uses of artificial intelligence include:
- Attracting, hiring and providing customized onboarding of better talent.
- Predicting attrition and identifying employees likely to leave the company.
- Finding hidden talent across the organization and deploying it expertly.
- Delivering real-time feedback and recognition.
- Developing and delivering highly engaging, hyper-personalized instruction.
- Conducting real-time performance management.
Stay tuned for the second part of the study, "The Impact and Potential of Artificial Intelligence in Incentives, Rewards and Recognition," which will examine the tools and techniques that incentives, rewards and recognition professionals can use to incorporate artificial intelligence into their program design.
To learn more, visit www.theirf.org.