The SME AI Roadmap: A Cost-Saving Strategy in Response to the UK Budget
Tess Hilson-Greener
Turning HR Challenges into AI-Driven Success Stories | HR Transformation | Author of HR2035 | Writer & Speaker on AI in HR | Chief Executive Officer | BPS Board Member | Business Journalist | Advisory Board Member
The recent UK Labour government’s budget has introduced tax increases, notably a ￡25 billion rise in employer National Insurance contributions, which may strain small and medium-sized enterprises (SMEs). In this context, adopting artificial intelligence (AI) can be a strategic approach for SMEs to enhance efficiency and reduce operational costs.
Here’s a practical roadmap to help small businesses leverage AI for cost-effective HR operations, focusing on immediate tasks where AI can save both time and money. I’ve also included specific tools with links for easy access.
??Automate Recruitment and Candidate Screening
Immediate Savings: Reduce time and costs associated with manual CV screening, interviews, and candidate assessments.
AI Tools:
??HireVue (hirevue.com) - Uses AI to analyse candidate responses and behaviour in interviews.
??Harver (harver.com) - Automates hiring assessments for high-volume roles, matching candidates based on skill and fit.
??Implement Chatbots for HR FAQs and Employee Support
Immediate Savings: Offload repetitive questions from HR staff, reducing the time spent on answering FAQs.
AI Tools:
??Tidio (tidio.com) - Provides a chatbot solution that can answer employee questions on policies and leave.
??Zoho Desk (zoho.com/desk) - Has a chatbot function for handling routine employee support inquiries.
??Streamline Onboarding Processes
Immediate Savings: Automate parts of onboarding like document collection, policy acknowledgment, and training assignments, reducing HR workload.
AI Tools:
??Enboarder (enboarder.com) - An AI-driven platform that makes onboarding automated and interactive.
??BambooHR (bamboohr.com) - Automates onboarding workflows, allowing HR to manage tasks digitally and at scale.
??Manage Payroll and Attendance with AI
Immediate Savings: Reduces manual payroll processing errors and the time spent on tracking attendance.
AI Tools:
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??Gusto (gusto.com) - Automates payroll and tax filing, and integrates with time-tracking software.
??ADP Workforce Now (adp.com) - Uses AI to manage payroll, track attendance, and identify patterns of absenteeism.
??Leverage AI for Employee Engagement and Retention Insights
Immediate Savings: Proactively identifies disengaged employees, helping prevent costly turnover.
AI Tools:
??TINYpulse (tinypulse.com) - An employee engagement tool that gathers feedback and analyses sentiment.
??Qualtrics XM (qualtrics.com) - Uses AI to analyse feedback data, allowing HR to take action on employee sentiment trends.
??Use AI for Performance Tracking and Development
Immediate Savings: Automates tracking and reporting on employee performance, which can save on administrative costs.
AI Tools:
??15Five (15five.com) - Provides AI-driven performance tracking, helping managers set goals and review progress.
??Lattice (lattice.com) - Uses AI to gather continuous feedback, helping HR identify performance trends and developmental needs.
??Integrate AI for Compliance and Policy Management
Immediate Savings: Reduces the time spent on compliance checks and policy distribution, and avoids costly penalties.
AI Tools:
??Personio (personio.com) - Offers automated compliance checks and policy distribution.
??Zenefits (zenefits.com) - Uses AI for compliance tracking and alerts, ensuring policies are always up to date.
Conclusion
In light of the recent budgetary changes, SMEs can leverage AI to mitigate increased operational costs. By automating routine tasks, enhancing decision-making, and optimizing various business processes, AI offers a pathway for SMEs to maintain competitiveness and achieve cost savings.
Each of these steps can deliver immediate time and cost savings by reducing manual tasks and improving efficiency in critical HR functions. Integrating these AI tools thoughtfully will enable SMEs to streamline operations and reallocate resources to higher-value strategic initiatives. These are examples of what is available in the market please contact us if you would like advice on any of these tool from an independent expert here