Over the last few years, there has been some upheaval in the workplace. The labor shortage (popularly known as The Great Resignation) happened when a whopping million+ professionals quit their occupation, with a sizable number dropping out entirely. More than 4.3 million people left their jobs last year, a 24 percent increase from pre-pandemic peaks. However, while stats indicate an increasing labor shortfall, the Great Resignation also brings a huge potential. Employees with in-demand skill sets now can command a better salary, and it's an opportunity for businesses to incorporate AI and robotic process automation (RPA) into their operations in order to stay competitive notwithstanding the labor shortage.
Exploring The Latest and Better Talent Pools
To cope with the labor shortage, unorthodox strategies for recruiting and maintaining talent will be required. Some businesses are even lowering their hiring practices in an attempt to discover the workforce they require. JPMorgan Chase, for example, has discarded discussing applicants' criminal pasts on preliminary job applications. The primary objective is to tap into talent pools that have previously been overlooked. Those that have previously been detained have struggled to find work, but the evolving employment situation has introduced new possibilities for both them and employers.
Empowering Customers to Help Themselves
Some businesses are implementing new inventive strategies to meet customer requirements even if they're unable to fill job openings. Domino's, for example, encourages users to DIY by offering a $3 tip if they buy their pizza digitally and to choose takeaway food over delivering food. The tip can be applied to any future order while using a tech-driven ordering app diminishes any need for workers to answer calls to capture and fill orders. In the aftermath of an unparalleled rise in food prices, the program is also assisting in cost reduction.
Leveraging Intelligent Artificial Intelligence to Automate Human Processes
While the labor shortage movement and process has caused a lot of trouble and pain to the businesses, it's also providing a window of opportunity for them. Businesses can deploy technological innovations like AI and ML to automate and boost the operations process which is generally performed by humans. Cutting-edge AI technologies span various key segments that enable businesses to produce more output with less input:
● Predictive Call Routing: It plays a prominent role in gauging the behavioral profile of a customer to gain better insights into their persona and buying pattern or habits. AI could then complement call center clients with a suitable service representative to control a problem, providing them with a highly personalized experience.
● Interactive Voice Response (IVR): Interactive voice response (IVR) which is AI-empowered asks recorded questions such as a customer's name, account number, language spoken, and some other insightful specifics. Such data is used to get responses to regular, pre-service queries such as hours, eligibility, copays, and statement information - everything which does not necessitate the time of a human representative.
● Conversational AI: Conversational AI, popularly referred to as chatbots, has risen in importance as a stream for customer inquiries and issues. Customers easily participate in the service encounter and then leverage live self-service to rectify their requests without the need for human intervention. Chatbots are extremely useful in ways like call volume reduction and handling simple questions to enable human agents to focus more on complicated and serious queries.
● Emotional Intelligence AI: Emotional intelligence AI could recognize if a client has been thwarted, for instance, by perusing a raised voice or an awkward pause in the conversation. It detects a caller's mood by analyzing voice tone, enunciation, and even linguistic and cultural nuances.
Maximizing Workflow Improvement: Leveraging RPA
Robotic process automation, or RPA, is another important field that's also filling the void left by the Great Resignation. RPA can efficaciously supplement employee skills and increase efficiency levels. In the human resource department, for example, RPA could easily filter through hundreds and thousands of candidate resumes, submit communications, and streamline new hire onboarding. When working with customer service groups, RPA can support various tickets at once and rectify customer inquiries faster than humans. RPA speeds up email marketing, evaluation, and routine selling activities in marketing and sales. The additional benefit is that it reduces employee burden and makes the job more enjoyable.
Upskilling: Go-to Solution to Solve the Tech Talent Gap
Though some businesses are experimenting with novel methods of attracting new candidates for employment (such as paying people to interview), the much more viable solution is to boost the skills and capabilities of existing staff to fill necessary competencies. The market for AI, and RPA, has never been greater, and the inputs to upskill keep improving.
Final Words
While we have come to the concluding part of the article, AI and RPA have contributed much more than what can be covered in an article. Their applications have led to a huge decrease in business costs and mundane tasks, and increased business growth and better employment opportunities.
To summarize what we've discussed today, we understood the current tech talent pool and its condition, followed by how to help customers help themselves through cutting-edge technologies, and finally, the role of AI and RPA in coping with the labor shortage (The Great Resignation).
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