How Poonawalla Fincorp Uses AI to Enhance HR Processes

Poonawalla Fincorp, a non-banking financial services company promoted by the Cyrus Poonawalla Group, is taking a bold step toward improving its Human Resources (HR) practices by incorporating Artificial Intelligence (AI). This innovative approach aims to improve efficiency, reduce costs, and free up time for HR personnel to focus on more strategic activities. 

AI Helps Streamline HR Functions

By introducing AI, Poonawalla Fincorp has managed to reduce the time required to complete certain HR tasks. A process that traditionally took about 10 days—finalizing job offers—is now completed in less than one day, thanks to AI tools. These tools automate document verification, candidate screening, and other tasks that once required manual effort. This shift has not only sped up the hiring process but also lowered operational costs, allowing the HR department to operate with greater efficiency.

AI Enables Faster Candidate Matching

AI’s role in recruitment has proved invaluable at Poonawalla Fincorp. The company uses AI to quickly match candidates’ resumes with job descriptions, which accelerates the hiring process. AI helps recruiters identify top candidates based on qualifications, experience, and skills more accurately than manual processes ever could. With AI, the HR team can now focus on engaging with the best candidates rather than sifting through piles of resumes.

Automating Document Verification to Save Time

Document verification has traditionally been a tedious process, requiring HR personnel to manually check each candidate's documents. With AI in place, Poonawalla Fincorp has automated this step. The AI system instantly verifies candidate documents, making the process faster and reducing the risk of errors. 

Streamlining Candidate Processing with AI

AI has also made a big impact on the way Poonawalla Fincorp processes candidates. Before AI, this was a time-consuming process involving multiple steps. Today, much of this is handled automatically by AI systems, allowing HR teams to focus on personal interactions with candidates when necessary. 

Real-Time Candidate Screening for Quick Decisions

AI has also introduced real-time candidate screening at Poonawalla Fincorp. As soon as a candidate applies for a job, the AI system reviews their qualifications and suitability for the role. This allows HR professionals to make faster decisions, which is especially important in a competitive job market. By acting quickly, Poonawalla Fincorp can engage with top candidates before they are snapped up by other companies.

Maintaining the Human Element in HR

While AI offers numerous benefits, Poonawalla Fincorp is committed to keeping human interaction at the core of its HR practices. AI is used to handle repetitive tasks, allowing HR professionals to focus on more meaningful activities such as conducting interviews and providing career development support. This ensures that employees and candidates continue to have positive, personal experiences with the HR team.

AI-Powered WhatsApp Bots for Employee Engagement

Poonawalla Fincorp is also using AI to improve employee engagement through the introduction of WhatsApp-powered bots. These bots provide instant support to employees by answering common queries related to leave, payroll, benefits, and policies. With AI handling these requests, employees can get immediate answers, reducing reliance on HR personnel for routine questions. This helps streamline internal processes and improve employee satisfaction.

AI Enhances Fairness in Recruitment

AI is also helping Poonawalla Fincorp ensure that its recruitment process is fair and unbiased. The AI system evaluates candidates based on their qualifications, experience, and skills, ensuring that every candidate is assessed on the same criteria. This eliminates potential biases that may affect hiring decisions, leading to a more objective and inclusive recruitment process.

Poonawalla Fincorp’s Vision for the Future of HR

Poonawalla Fincorp’s strategy for integrating AI into its HR operations strikes a thoughtful balance between automation and human interaction. By using AI to streamline processes, improve efficiency, and reduce errors, the company has created a more effective HR framework. However, human involvement is preserved in critical areas such as candidate engagement and decision-making, ensuring that AI-driven improvements enhance the overall employee experience. Salil Hajarnis as the Chief Technology Officer will lead the company’s technology strategy, with a focus on driving digital transformation and AI-based customer solutions.