AI innovation saves billions by boosting employee wellbeing

Artificial Intelligence is not just about increasing knowledge and easing the way things are done. AI can also be beneficial to mental health – utilising this aspect could potentially help companies to save billions.

In the workplace, the burden of employee health falls under the watchful eyes of the HR department. Employee wellbeing, especially in terms of mental health, is becoming an increasingly important part of running a successful HR department and business. According to a Deloitte report, over one in four people and one in six workers will suffer from a mental health condition in any given year. The report goes to point out that the cost of mental health problems can cost over $1,000 per employee – the total cost of problems for any given economy can rise up to billions of dollars.

To counter the problem, HR departments should turn into AI technology. AI innovation is currently moving in leaps and bounds to make mental health a more central part of employee management. Here are some of the ways AI innovation is helping to improve the wellbeing of employees and enhance the HR management experience.

Speed up communication

The use of chatbots is becoming an important way the HR team can manage and help employees. In small businesses, there often isn’t enough staff to respond to employee problems instantly – leaving questions unanswered can, however, cause stress and create problems. But with AI innovation, chatbots are becoming much better at responding to queries and still giving people a human-like experience during the conversation.

The benefit of speeding up the communication channels can save a lot of time. Not only will employees get a response instantly and thus limit the chances of having the problems become bigger, the HR personnel can avoid spending time on responding to mundane requests and instead focus on solving real issues within the workplace.

Boost transparency

AI has also played an important role in improving HR software and one of the key aspects has been transparency. Transparency is crucial for employee wellbeing because it guarantees people don’t have to hide problems or be stressed about the unknown. HR software can play a crucial part in increasing this kind of transparency.

In terms of AI innovation and employee wellbeing, one of the interesting areas is the reduction of bias. Hiring and employee management can easily be influenced by bias when a human is in charge of these tasks. This doesn’t have to be malicious or intentional but it still happens in many situations. But when an AI-powered HR software is in charge, the biases can be limited and eliminated.

The reduction of bias creates more transparency because it helps employees understand why decisions are made. They don’t have to worry about being judged on things that don’t matter (gender, ethnicity or even part mental health record) but rather on their merit and performance. The HR department removes biases it might have and creates a workplace that’s fairer and more transparent.

When are these kinds of things important? Reduction of bias is not just about hiring the right candidate but they also impact the management of an employee. For example, payroll management happens without bias and things like holiday requests are handled openly.

Improves accuracy

Aside from being more transparent, the HR department also has to be accurate. Employee wellbeing can suffer as a consequence of mistakes and errors. When employees can trust in the management, they will feel happier about the workplace.

AI plays an important role in improving Human Resource Management Software. This is down to machine learning and automation of processes. The software not only improves its understanding of the situation but it can also make decisions without the need for human supervision – improving the accuracy and effectiveness of the HR department.

Managing employees with the best Human Resource Management Software means that information is always accurate and updated. Payroll, insurance, holiday management and the like updated and assigned automatically and with accuracy. If there is an error in the system, it will be fixed and the AI learns from this mistake.

The right AI innovation can save billions

The bottom line is that with the right AI innovation and use of HR technology, companies are able to save billions. This isn’t just about making the HR department more efficient in managing employees but also about creating a workplace that understands the importance of employee wellbeing.

AI innovation doesn’t just look at cost-cutting but considers how to engage employees more. It looks at things like accuracy of information, transparency of the information, and the channels through which information is communicated and improves those. This, in turn, leads to happier employees that trust the HR department.

Saving money is often about improving structures rather than restricting things. By focusing on employee well-being, companies will be able to save billions without the need to cut and limit spending.