Top HR Trends & Predictions in IoT and AI for 2024
The Internet of Things (IoT) and Artificial Intelligence (AI) spearhead rapid disruptions across every industry, including human resources.
As have entered 2024, these technologies fundamentally alter how HR teams attract, develop, and retain talent.
HR professionals must recognize the revolutionary power of IoT and AI. Those who swiftly embrace these trends will gain a competitive edge in building responsive, data-driven, and employee-centric organizations of the future. On the other hand, those lagging behind face potential obsolescence in the coming years.
This article examines the top trends and groundbreaking predictions to redefine HR with IoT and AI in 2024.
The future is already here, from AI-powered recruitment to IoT-enabled sustainable HR practices. Read on to navigate the opportunities and challenges ahead.
Revolutionizing Recruitment with AI
Without a doubt, AI is transforming enterprise recruitment in 2024.
HR teams actively incorporate AI capabilities like machine learning, predictive analytics, virtual assistants, and natural language processing to enhance talent acquisition strategies significantly.
As per industry experts, companies leveraging AI-enabled recruitment tools witness a boost in candidate pipeline by as much as 30%, alongside massive improvements in efficiency, cost, and, most importantly, applicant quality. Recruit Bot and Ideal are stellar examples of startups offering such AI-powered solutions.
AI is predicted to be an indispensable aspect of recruitment, from sourcing and screening to reducing unconscious biases through anonymized resume reviews.
Its ability to parse data, ask clarifying questions, and rapidly learn applicant preferences will reshape how HR teams attract and evaluate talent globally.
IoT’s Impact on Employee Wellness and Safety
Cutting-edge IoT applications empower HR teams to promote employee wellness and significantly augment workplace safety.
Solutions like humidity sensors, wearables, indoor GPS systems, and vision detection technologies enable real-time monitoring of employees’ health status and hazardous environmental variables.
Per industry forecasts, 30% of new IoT deployments in organizations will be HR-related by 2024. Companies across manufacturing, construction, healthcare, and other high-risk industries are already seeing stellar results from adopting IoT.
For instance, wearables measuring vitals, fatigue levels, posture, and movement have reduced injuries and accidents for frontline workers.
Moreover, aggregated health metrics from smart devices allow HR to take targeted preventive and proactive measures to enhance employee well-being. Real-time air quality checks and environmental monitoring strengthen compliance and help avoid disastrous incidents.
AI in Performance Management: A New Paradigm
AI is poised to overhaul conventional performance evaluation processes, which heavily rely on human subjectivity and individual biases.
Sophisticated neural networks empower HR teams to objectively analyze employee contributions based on data-driven insights rather than mere perceptions or quality of interactions with managers.
By 2024, companies investing in AI performance management expect to lower turnover by 17% due to equitable evaluation frameworks.
AI also provides predictive recommendations regarding high-potential employees and guides strategic decision-making around learning interventions or career progression opportunities.
However, striking the right balance between AI algorithms and human judgment remains crucial when assessing talent.
As Gary Beckstrand, Vice President of Gartner, aptly says, “The key will be not to replace human observation and experience but to use AI to provide a consistently objective set of data for managers to use.”
Transforming Learning & Development with AI and IoT
AI and IoT also play a revolutionary role in advancing corporate learning and development programs. Immersive training simulations, virtual reality experiences, augmented reality, and even AI-driven chatbots deliver hyper-personalized and engaging skill-building opportunities, replacing traditional monotonous modules.
These technologies also allow continuous collection and analysis of real-time insight regarding learning effectiveness and retention rates.
Per projections, at least 60% of mid to large enterprises will adopt an AI-enabled learning experience platform by 2024.
IoT further bolsters skill enhancement and capability-building by creating connected systems and infrastructure supporting seamless information exchange and prompt feedback. Technology is closing skill gaps within organizations faster and more efficiently than ever.
Navigating the Challenges of AI and IoT in HR
While AI and IoT innovation support HR transformation across several dimensions, potentially complicating challenges exist.
Ensuring transparency in AI system workings, mitigating algorithmic bias risks, adhering to strict data privacy compliances, and avoiding technical outliers pose real hurdles.
As these technologies get embedded deeper within HR functions, addressing ethical concerns, securing connected systems and devices, and keeping constantly updated regarding evolving regulatory standards will be paramount.
Industry researchers strongly emphasize detailed planning around contingency protocols and fail-safe mechanisms as crucial steps companies must take.
Most importantly, HR teams should focus on striking the right balance between advanced technologies and human oversight. Keeping the end-user and employees first will be vital rather than getting overenthusiastic about AI and IoT capabilities alone.
AI-Enabled Remote Working Solutions
The pandemic fueled a meteoric rise in remote work, and hybrid work models are undoubtedly here to stay. As per projections, 72% of HR leaders plan to permanently incorporate remote work to some degree within their organizations by 2025.
AI is stellar in enabling responsive, engaging, and productive work-from-home experiences in such evolving work dynamics.
Right from using AI assistants to automate tasks to leveraging predictive analytics for capacity planning, the possibilities are immense for sustaining work flexibility.
Simultaneously, innovations in IoT connectivity, smart devices, virtual collaboration tools, and AR/VR technology are making professional life outside office premises easier.
For HR teams, these technologies are invaluable in the future of work, where maintaining an organizational culture, social capital, innovation, and accountability during distributed work will be crucial.
Leveraging IoT for Sustainable HR Practices
There is a growing emphasis on embedding ethical, eco-friendly, and sustainable practices within human resources now more than ever before. IoT solutions promise to enable HR teams to contribute towards these critical ESG goals and spearhead the net-zero transition.
From tracking carbon footprints to monitoring responsible consumption and raising green awareness amongst employees, connected sensors and automation tools are proving game-changing.
Expert projections reveal that sustainability-focused IoT applications will rise exponentially across HR functions by 2025.
McKinsey’s famous quote summarizes it best: “What gets monitored gets managed.” By harnessing IoT’s cutting-edge monitoring capacities, HR leaders can collectively mobilize and empower workforces to build a greener future.
How will AI improve recruitment results in 2024?
AI recruitment tools in 2024 can source higher quality talent faster by parsing countless data sources, reducing human limitations and unconscious biases. Predictive algorithms also boost candidate pipeline generation and retention significantly.
What are the benefits of introducing IoT for employee wellness?
IoT devices like health wearables allow HR to monitor employee wellness in real time. Accordingly, targeted and proactive interventions can be taken to reduce absences, improve engagement levels, and lower healthcare costs.
How will AI overhaul performance management processes?
AI provides in-depth data-backed insights regarding individual contributions rather than subjective human feedback. This brings equitability while evaluating employees and consistency across departments.
What’s the future of corporate training programs?
Immersive, hyper-personalized, and continuous skill development will become the norm due to AI and IoT innovations in learning. These technologies deliver better engagement, retention, and track capability building seamlessly.
As evident, AI and IoT will bring an epochal revolution within human resources. Their astounding capacities to automate, inform decisions, reveal patterns, and build connections usher in efficiencies at an unprecedented scale.
Simultaneously, optimizing these technologies by upholding ethics and human dignity will be equally vital.
HR leaders have an unprecedented opportunity to be at the forefront of leveraging AI and IoT to shape the future of work and create great employee experiences.
The horizon looks brighter than ever for those who understand that while the core purpose remains human-centric, the tools to achieve it can be enhanced manifold through technological innovation!