In the life of every small business, there comes a time when it has to get bigger. But staffing-up isn't just about adding bodies to your organization – you need to build systems that will drive performance, create a culture of purpose and of course, find the most-talented people out there. Check out the videos below to learn how other entrepreneurs approach staffing, and get inspired for your own business. Filling your business with top talent will create a culture of performance that replicates itself. Talent development starts with your hiring process.
As businesses look to the future, they should turn their eyes toward intelligent automation as a key component of their technology infrastructure to significantly improve the efficiency and effectiveness of business. Confronted with challenges like managing an ever-increasing volume of data without hiring additional human workers, organizations that don't incorporate automation into their long-term strategies may fall behind. A company that has developed a digital workforce has the potential to not only fill the hiring gap and space left by retiring employees and business growth, but to also augment the skills of an existing workforce. Working in the robotic process automation (RPA) industry myself, over the past several years, I've seen plenty of fear around the possibility of artificial intelligence (AI) replacing human workers. I do expect some of that apprehension to continue into 2020.
Lost productivity costs United States businesses nearly $11,000 per second--or about $335 billion per year. One root cause of that productivity drain is the time employees devote to performing routine, manual administrative processes, particularly in accounting and HR. But there's good news for business leaders: emerging automation and artificial intelligence (AI) technologies promise to relieve the burden--and the lost productivity--these admin duties create. And employees, freed from time-consuming admin responsibilities, will gain more opportunities to do their best work and become true experts in their roles. I had the honor of addressing these topics with global leaders on a 2018 HOPE Global Forum panel, moderated by Forbes editor Loren Feldman.
In the last decade, the workforce has changed in ways many business professionals never could have imagined. The ubiquity of smart devices and internet connectivity means that more companies than ever are hiring from a national, and even global, talent pool, as people can do their jobs from anywhere in the world. Rapidly-changing technologies have also revolutionized certain outdated hiring processes and HR functions, leading to a workforce that's simultaneously distributed and constantly connected.
Continuous advancements in the development of AI technology are encouraging more and more companies to introduce artificial intelligence into the workplace. Businesses which were early-adopters of AI have already seen huge successes across multiple KPIs and are now running highly effective business strategies. But the introduction of AI can be a worrying prospect for employees, and it is natural to be wary of things we don't fully understand. Therefore, it's important that companies which do look to harness the power of AI, effectively convey the benefits that it will bring to the current workforce. Here are just some of the ways which artificial intelligence can create a better working environment for your employees.