Understanding AI and How to Modernize the Compensation Process
Artificial Intelligence (AI) is a much hyped and often oversold solution to a variety of challenges facing HR professionals. While AI will be a driving force in the future of HR, the path to utilizing it effectively is unclear. AI can have a wonderful impact, but also create negative impacts like reinforcing organizational bias. More importantly, useful AI can only be built by leveraging digitized and automated processes and systems.
Many companies still plan and allocate compensation, including salary, bonus, and stock awards, using complex, insecure, and error-prone spreadsheets – creating administrative overhead and limiting the effectiveness of a compensation strategy. Managers are often ill-equipped to make and communicate compensation decisions, impacting employee engagement. Pay equality by gender and race is a legal and moral imperative, but the tools to drive real action make achieving equality elusive. Modernization and automation are critical to overcoming these challenges.
Join Boyd Davis, an industry veteran in the market for AI solutions, as he demystifies AI for HR and compensation professionals and shows how modernization of the compensation process is the right next step for most organizations. This tech demo will help you use compensation as a strategic tool to drive employee engagement and a high performing culture.
Key takeaways from this Tech Demo:
- Understand the use of AI for HR and compensation
- Understand the attributes and benefits of automation and modernization in compensation
- A practical and actionable approach to upgrade the compensation planning process
- How manager empowerment, to make and communicate compensation decisions, drives employee engagement
- How to turn pay equality aspirations into provable results