Leverage AI for onboarding and upskilling, and boost your bottom line

In an era where efficiency is critical and resources are limited, businesses are turning to innovative solutions to streamline onboarding and upskilling processes. According to SHRM, the average cost of recruitment is about $4,700 per hire (with other costs including things like sponsored job postings and background checks, not to mention the time spent by HR professionals and hiring managers).

Now, AI has emerged as a powerful tool in this regard, offering immersive training experiences that expedite learning and development while revolutionizing how employees are trained. By providing personalized learning experiences tailored to individual needs, AI is enabling organizations to find, train, and keep good people––all while operating at the speed of business.

Through sophisticated algorithms, AI can analyze employees’ skills, knowledge gaps, and learning styles, delivering targeted training materials that enable new hires to excel in their roles while allowing existing employees to continuously enhance their capabilities and adapt to evolving business demands.

Augmented and virtual reality (AR/VR) technologies are also playing a crucial role in transforming traditional training programs into interactive experiences. By simulating real-world scenarios, employees can practice their skills in a risk-free environment. For example, a new manufacturing technician can undergo virtual equipment training, allowing them to familiarize themselves with machinery and procedures before stepping onto the factory floor. Similarly, sales representatives can engage in virtual role-playing exercises to hone their skills.

While the benefits for AI-trained employees are vast, for CFOs and business leaders looking to set their teams up for success – without overextending capital and resources – the advantages become paramount:

• Reduced Training Costs: Traditional onboarding processes often involve training materials, instructor fees, and even travel expenses dependent on where a new hire is based. By leveraging AI-powered training platforms, organizations can significantly reduce these costs.
• Improved Efficiency and Productivity: AI’s ability to automate repetitive tasks and administrative functions can massively streamline the onboarding process. For example, AI chatbots can handle routine inquiries from new hires – providing instant answers to common questions – and automate tasks (i.e. the creation of employee handbooks and training schedules). This is especially important as 40% of new hires report that they receive very late responses to job-related queries – which directly leads to disengagement – while 30% of people leave within 90 days of starting a new position.
• Faster Time-to-Proficiency: AI can dramatically minimize the learning curve for new hires, enabling them to quickly reach proficiency in their roles. By leveraging personalized learning algorithms and immersive training experiences, AI ensures that employees receive targeted guidance and support, tailored to their individual needs. As a result, new hires can onboard faster, ramp up their productivity sooner, and swiftly begin contributing to the organization’s success, saving time and resources while minimizing the potential for costly errors.
• Reduced Turnover Costs: Effective onboarding plays a crucial role in employee retention. By providing new hires with a positive and engaging experience, organizations can reduce turnover rates and the costs associated. Moreover, AI’s ability to provide personalized ongoing education ensures that employees can adapt to evolving business demands, all while achieving their own professional goals. By investing in AI-powered onboarding and upskilling solutions, leaders can increase employee satisfaction, mitigate turnover, and ultimately save money.

As CFOs and business leaders turn to AI for onboarding, there are a few tips to keep top of mind:

• Identify Specific Needs and Objectives: Before implementing AI solutions, companies should conduct a thorough assessment of their needs. Consider identifying the specific skills and knowledge gaps within your workforce, as well as the desired outcomes of the training programs. By clarifying objectives upfront, organizations can select AI technologies that align with their strategic goals and deliver measurable results.
• Invest in Scalable and Flexible Solutions: Companies should prioritize solutions that can easily scale and adapt to evolving needs. Look for AI technologies that can accommodate varying learning styles, skill levels, and organizational structures. Flexibility is key to ensuring that AI-driven training programs remain effective and relevant in the long term.
• Promote Engagement and Feedback: To maximize the effectiveness of AI-powered onboarding systems, companies should actively engage employees throughout the learning process. Encourage participation through interactive content and solicit feedback to identify areas for improvement, fine-tuning algorithms along the way.

AI is revolutionizing the way businesses approach onboarding, upskilling, and organizational management overall. By harnessing the capabilities of AI and  fostering a culture of continuous learning and collaboration, organizations can enhance employee satisfaction and drive performance gains.

Whether through augmented and virtual reality applications, personalized coaching algorithms, or data-driven insights, AI enables organizations to operate at the pace of business. Through AI, leaders have the ability to drive productivity and competitiveness in the digital age–all while freeing up resources to achieve business growth and sustainable cost savings over time.

About the author:

David Ly is the visionary founder of Iveda, having served as CEO and Chairman of the Board of Directors since the company’s inception in 2003. With over 20 years of experience in wireless data, cellular, IT, and cloud video surveillance, David has built a pioneering cloud video hosting and real-time surveillance infrastructure with use cases across the globe.