The pandemic not only changed the way people work but it’s challenged employers to be more innovative when it comes to providing their workers with the right benefits and incentive programs.
Existing employees and those entering the workforce are not only seeking better wages as the cost of living keeps swinging upward, but many are considering the employee-based recognition programs and incentives offered by their employers.
Research suggests that companies with a formal recognition program will have 31% less voluntary turnover compared to those organizations that don’t have any program at all. What’s more, these programs strongly contribute to better business outcomes, and help to drive motivation which in turn improves overall productivity.
Today, however, keeping track and monitoring employee performance, and assigning incentive bonuses through the use of human intervention has become obsolete, as the rise of Artificial Intelligence (AI), deep machine learning and smart applications are now capable of managing these arbitrary tasks.
Using data and analyzing metrics has helped to create a more objective playing field, eliminating bias.
“AI helps to improve employee performance across the entire team,” shares Murphy. She continues by saying, “these applications help employers identify crucial points in their value chain that require an additional human and financial investment.”
Today, big data collection is widespread, and household names in the field have turned their attention toward companies and businesses that seek to innovate and digitize their operations even further.
AI In The Workplace
It’s no secret that over the last several years, AI and its high-profile applications have become a catalyst for organizations across the world.
These systems are more than computerized software applications that can automate certain functions and operations of a business.
In a short span of time, AI has allowed companies to completely automate mundane tasks, helping to relieve employees from unnecessary workloads, and further streamlining existing operations.
Even more, through powerful autonomous systems, companies are now able to include several AI properties including robotics, virtual assistants, and digital payroll and account management.
On the other end, AI has become a lucrative selling point for some manufacturers that produce, distribute, and sell hardware, software applications, or consulting services to companies that have technological needs.
For now, companies can operate without mass adoption across the business level. But in due time, as technology progresses and takes a forefront stance, those that are left behind will become increasingly obsolete in the coming years.
The new, and more advanced systems help to power an array of functions, with a more primal focus on delivering advantageous outcomes for employee-based recognition and benefits programs.
Murphy says that these tools make it easier and more convenient for employers to track progress and performance, and measure equitable outcomes based on employees’ work and function within the business.
AI Companies Providing Business Solutions
By now, it’s clear that technology and software will become a common feature in the office, and we already see this with companies that have completely transitioned to remote-only or hybrid working models.
Providing expertise, and enhancing the way businesses can improve their operations, are some of the forward-thinking AI companies that are helping organizations catapult themselves into the next generation of technology.
The software conglomerate, Microsoft (NASDAQ:MSFT) is a household name among the big contenders in the field of Artificial Intelligence development. The company invested more than $1 billion in OpenAI in 2019, a partnership that made Microsoft Azure OpenAI’s primary cloud service provider.
In more recent months, Microsoft has announced that it’s seeking a fresh perspective on its Bing search engine. The combination of OpenAI tech models and the Promotehues Mode, developed by Microsoft, will help improve its search capabilities through algorithmic and user-centered metrics.
Aside from the headline developments the company has done in recent years, a more recent feature that Microsoft has been working on is with Workhuman Cloud and Social Recognition tools, which can now be directly linked to Microsoft Teams. This will enable integrated employee recognition capabilities and notifications.
International Business Machines (IBM)
The legacy technology developer, IBM (NYSE:IBM) has been experimenting with augmented human intelligence systems in recent years to help companies and organizations improve efficiency levels while scaling back on expenses at the same time.
IBM systems are nothing new to some of the biggest industries in the world, including healthcare. The AI tech developed and distributed by the company has seen major advances in healthcare and medicine, providing more autonomous processes such as creating personalized care plans, and helping to fast-track the development of new drugs.
What’s more, back in 2016, IBM acquired Promontory Financial Group, this gave them a leg up in the finance and regulatory field and promoted the expansion of its AI capabilities. Fast adoption and innovation, while developing systems that cater to the needs of organizations have helped them scoop up a sizable market share of the global AI industry.
Google's parent company, Alphabet (NASDAQ:GOOGL) is another name that is helping develop more innovative systems that businesses are leveraging to streamline their operations and integrate with existing software applications.
It comes as no surprise that as one of the biggest software companies in the world, Google has some notable systems that can be found in nearly every facet of modern-day business.
With near-endless access to data sources, and its DeepMind Technologies subsidiary, the team at Google is constantly innovating, and providing new application software for businesses to help catapult their business operations even further.
While the software giant is still working on its own primary recognition software application, several well-known programs, including WebHR, Bucketlist, and Profit.co, Lattice, and StaffCricle, among others, can be integrated with Google Workspace.
Nearly all of Amazon’s primary services utilize AI, including its voice-activated assistant, Alexa, cashier-less grocery stores, Amazon Go, and its cloud infrastructure software, Amazon Web Services Sagemaker.
For the business side of things, Amazon Business and Awardco have blended different facets of their business to deliver a more effective team-centered administration application. What Amazon and Awardco are trying to deliver here, is a powerful employee reward and benefit recognition system, that allows more choices for employees, and less human intervention.
American car rental company Hertz (NASDAQ:HTZ) is one of the few big names that use Awardco for its employee benefits and rewards programs, showing just the scale at which these systems can be applied across a business.
Although employee recognition doesn’t necessarily take up a big part of what Artificial Intelligence (AI) and machine learning can do for businesses and organizations, it once again proves to deliver actionable results that help to improve overall performance and help to streamline operations.
From small startups to global conglomerates, AI is becoming the technological solution that is helping companies build better services, and enhance their customer experience, but more importantly, develop and implement the right tools that can help eliminate bias within organizational structures and deliver measurable results based on performance and engagement.