Leveraging AI for Efficiency in HR at Poonawalla Fincorp

Poonawalla Fincorp has taken significant steps toward improving its Human Resources (HR) functions by integrating Artificial Intelligence (AI). This move aims to streamline HR processes, enhancing efficiency and reducing operational costs while maintaining the personal touch that is essential in HR activities. By introducing AI tools, Poonawalla Fincorp is setting new benchmarks for how technology can support HR practices in the finance industry.

AI’s Role in Improving HR Operations

The introduction of AI into HR operations at Poonawalla Fincorp is an important milestone in the company’s journey toward more efficient and modern processes. AI systems are being used to automate routine tasks such as document verification, candidate screening, and job postings. This has led to a significant reduction in the time taken to finalize job offers—from around 10 days to just under one. 

Streamlining Document Verification

Another key improvement AI has brought to Poonawalla Fincorp’s HR operations is the automation of document verification. AI is now handling the task of checking the authenticity of candidate documents, eliminating the potential for human error. This process, which once took several hours, can now be completed instantly. Not only does this save time, but it also ensures that the documents are verified accurately, which helps avoid delays in the recruitment cycle.

Automated Job Listings

Creating and posting job listings across multiple platforms used to be a tedious manual task for HR teams. Thanks to AI, Poonawalla Fincorp now automates the job posting process. AI tools ensure that job descriptions are accurate, compelling, and reach the right candidates. The automation of job postings means that the HR team spends less time on administrative work and more time engaging with potential hires.

Real-Time Screening for Faster Decisions

One of the most significant improvements brought by AI is the real-time candidate screening system. As soon as a candidate applies, the AI system evaluates their qualifications, experience, and fit for the role. This instant assessment enables HR to make decisions faster, ensuring that top candidates are contacted sooner. In a competitive job market, this speed is crucial for staying ahead and securing the best talent before others can.

Bias-Free Recruitment Decisions

AI plays an important role in ensuring fairness and objectivity in the hiring process. By analyzing candidates based on their technical and cognitive skills, AI helps HR teams make unbiased decisions. This is particularly important in avoiding unconscious biases that might influence hiring choices. With AI, Poonawalla Fincorp ensures that all candidates are evaluated based on their qualifications, rather than subjective factors, making the recruitment process more inclusive and fair.

Maintaining the Human Touch in HR

Despite the many efficiencies AI brings to the table, Poonawalla Fincorp has made it a priority to preserve the human element in HR. AI is used primarily for repetitive tasks, allowing HR professionals to focus on more meaningful interactions with candidates and employees.

 Human connections, such as conducting interviews and discussing career growth, remain at the core of Poonawalla Fincorp’s approach to HR. AI doesn’t replace these vital interactions; rather, it frees up time for HR professionals to engage with employees on a personal level.

WhatsApp Bots for Real-Time Employee Support

Further enhancing the employee experience, Poonawalla Fincorp is also introducing WhatsApp-powered AI bots. These bots will provide real-time support for employees, answering queries related to leave, payroll, policies, and benefits. The introduction of AI-driven bots reduces the reliance on manual intervention, ensuring that employees receive quick responses and can resolve their issues efficiently. 

Final Thoughts on AI and HR at Poonawalla Fincorp

The integration of AI into Poonawalla Fincorp’s HR processes marks a major step forward in enhancing operational efficiency without sacrificing the human touch that is so important in HR. By automating routine tasks, Poonawalla Fincorp has freed up its HR team to focus on strategic decision-making and building strong relationships with employees and candidates. 

In line with its forward-thinking approach, Poonawalla Fincorp Ltd, a non-banking finance company promoted by the Cyrus Poonawalla Group, has appointed Salil Hajarnis as its new Chief Technology Officer (CTO).