Artificial Intelligence and Its Impact on Contingent Workforce Management

  • 2018-04-19
  • Forbes

One of the most important undertakings an enterprise has to deal with is finding and hiring an amazing candidate. But the fierce competition for talent, lackluster recruiting and sourcing processes and uncoordinated evaluation criteria make it an arduous task.

Astoundingly, 74% of employers claim they’ve hired the wrong person for a position. These hires come at a cost, with organizations losing an average of nearly $15,000 on every bad hire.

It's enticing to tap into artificial intelligence to help with hiring, managing and optimizing contingent workers. Machine learning, predictive analytics and augmented reality offer tantalizing possibilities to increase efficiency, reduce operational costs, grow revenue and improve talent quality.

Business leaders have taken notice, with nearly three in four considering AI a “business advantage” that will be fundamental to their future operations. Adoption remains in the early stages, with only 20% of executives reportingusing one or more AI technologies at scale or in a core part of their business.