Poonawalla Fincorp to implement artificial intelligence in human resource processes
Poonawalla Fincorp is implementing Artificial Intelligence (AI) in human resource (HR) processes, including managing potential risks and ensuring accuracy in AI-driven hiring.
The company, which saw a top management rejig earlier this year including appointment of new MD and CEO Arvind Kapil who took charge in June, has undertaken an AI led transformation of talent acquisition.
“AI is a critical development and one of the big bets for a managing director,” said Kapil. “We thought the first project that we would implement should be in the realm of HR.” “We will slowly step by step work towards different departments. For example, customer service business departments, compliance, credit and others,” he said. The company has also partnered with IIT Bombay for AI implementation.
Use of AI will enable quicker response time to candidates as AI tools will conduct the various checks including resume parsing. It will also enable better fitment and significantly reduce the cost of hiring, said Kapil.
“The whole process has been engineered in such a way that we already know what type of offer we can play around with, what is the possibility including reading, let's say salary slip and ascertaining what is the current compensation.
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