Transfigure HR with AI: Poonawalla Fincorp’s Collaboration with IIT Bombay

Poonawalla Fincorp has partnered with IIT Bombay to bring a wave of innovation to the human resources (HR) domain by integrating artificial intelligence (AI). This collaboration aims to enhance and streamline HR functions, particularly focusing on improving recruitment processes and creating a more positive employee experience. By combining AI with human expertise, Poonawalla Fincorp is set to establish a highly efficient, seamless, and accurate HR system.

How AI is Shaping HR Practices

Human resources teams have always played a crucial role in managing talent and employee satisfaction. However, as organizations grow, the complexity and volume of tasks can overwhelm HR departments. In recognition of this challenge, Poonawalla Fincorp is using AI as a solution to lighten the load on HR teams, ensuring that the essential human aspect of HR remains intact.

Revolutionizing the Traditional HR Workflow

The incorporation of AI enables HR professionals to redirect their focus toward more strategic activities, such as relationship building and decision-making. AI helps automate repetitive tasks, thus allowing HR teams to concentrate on high-value operations that drive organizational success. 

Tasks such as finalizing job offers, which traditionally took up to ten days, have been shortened to less than a day with AI tools managing candidate screening and document verification—cutting the process by 90%.

AI and Fair Hiring Practices

AI promotes fairness in the recruitment process by evaluating candidates solely on their qualifications and skills, without being influenced by irrelevant factors like gender or background. This approach fosters a more transparent and equitable hiring process.

Poonawalla Fincorp’s AI technology takes recruitment a step further by providing a more accurate evaluation of candidates' cognitive and technical abilities, leading to better-informed and more effective hiring decisions.

AI Streamlines Recruitment

Hiring candidates traditionally involves manually reviewing resumes, conducting interviews, and checking qualifications. AI has streamlined this by matching resumes with job descriptions faster and more accurately, ensuring only the most appropriate candidates are considered. It also automates document verification, reducing the chances of errors during the recruitment process.

Automated Job Postings for Greater Reach

Poonawalla Fincorp has also automated job posting procedures. AI ensures that job descriptions are shared across multiple platforms without requiring manual intervention. This automation increases the speed and accuracy of job postings, allowing HR teams to focus on other important tasks.

AI-driven tools also refine job descriptions, optimizing wording and structure to attract the best-fit candidates. By analyzing past hiring trends, these systems ensure that the language used resonates with potential applicants, increasing the quality of job postings.

Real-Time Candidate Evaluation for Swift Decision Making

The speed of hiring decisions is another area where AI plays a vital role. AI systems can evaluate candidates' skills and qualifications instantly, allowing HR teams to make quick, informed decisions. This ensures that only qualified candidates move forward in the recruitment process, saving valuable time.

WhatsApp Chatbots for Improving Employee Experience

In addition to enhancing recruitment, Poonawalla Fincorp is also focusing on improving the employee experience through AI. The company is working on a WhatsApp-powered AI bot that will provide real-time answers to employee queries, covering topics like leave, payroll, policies, and benefits. This system will reduce the need for human intervention, speeding up communication.

By enabling employees to get immediate answers, Poonawalla Fincorp is increasing satisfaction and engagement. The AI bots will also help reduce the administrative burden, allowing HR teams to focus on delivering more personalized support when required.

The Road Ahead for AI at Poonawalla Fincorp

The partnership between Poonawalla Fincorp and IIT Bombay is just the first step in a larger AI transformation. As the company continues to innovate, AI will likely be further integrated across various functions within the organization.

With a combination of AI efficiency and human judgment, Poonawalla Fincorp is not just automating processes but enhancing the overall quality of its HR operations. The appointment of Salil Hajarnis as Chief Technology Officer will further strengthen the company’s technological advancements, driving future innovation across departments.