It may seem like a recent trend in popular media, but Artificial Intelligence has been around for longer than we think. From banking and legal to healthcare and e-commerce, the emergence of AI across sectors has been established to the point that enterprises are no longer adopting a wait-and-watch approach as the technology matures. They’re positioning themselves as avid early adopters. The objective is straightforward – AI can be deployed to scale up efficiency like never before.
A varying range of highly-specific artificial intelligence systems has been designed and deployed across enterprises – from recruitment tools to data management systems, to elevate business efficiency, both in terms of efforts and cost. The $400 billion global recruitment industry is a keen early adopter in this context, seeing one of the fastest AI adoption rates across any sector. More than half the sector is relying on AI (56% to be precise) for recruitment, with business leaders quick to recognize the potential of AI hiring software.
Diane Gherson, CHRO at IBM agrees. “AI and automation are becoming accessible to the HR profession. In my experience, it’s enabling us to solve pervasive talent issues such as knowing our skills, preventing unwanted employee turnover, reacting quickly to employee hot spots, matching employees and external candidates with career opportunities, and creating an irresistible platform for employees to learn on the go.”
What’s powering the exceedingly high amounts of interest and excitement for AI hiring software? Let’s take a closer look at what’s on offer:
One critical advantage of deploying AI is the automation of tasks that it brings to the table. From automated candidate sourcing and ranking to personalized messaging to retain prospective candidates in the pipeline, AI can automate it all. Enterprises benefit from the ability to:
- Sift through millions of social media profiles,
- Locate the best matches for a role,
- Dispatch personalized messages, and
- Even automate parts of interactions with the candidates.
Improved candidate quality
According to Monster’s 2019 Global State of the Recruiter Survey, 71% of recruiters indicated that filling a position was challenging due to candidate skills gaps. With AI, In addition to locating optimal matches, candidate rediscovery is simultaneously made elementary. AI tools can even keep a record of thousands of matches to rediscover candidates for different roles, a feat practically impossible to execute manually in a viable manner. As AI tools’ understanding of job requirements continue to evolve, screening candidates based on interest, cultural fit, values compatibility and more will become easier as well.
The SHRM 2017 Talent Acquisition Benchmarking Report states that the average time-to-fill a position is 36 days. With a large number of hiring tasks – like candidate sourcing, engagement, filtration, and interviewing- going the automated route, enterprises can perceive first hand how relying on AI brings a noticeable impact to this metric. When it comes to keeping up with multiple interview appointments, candidate profiles, and resumes, AI comes in making the entire process several times more efficient.
Intelligence Lowers Costs:
Recruiters struggling to fill positions with quality candidates, coupled with high costs per hire, culminates in a fairly inefficient recruitment process. With automation, cost savings typically follow close behind. From reducing dependency on large teams to improving candidate quality, all contribute to better costs and more efficient processes. Even when it comes to remote workers, a set of pre-candidate assessing tools can assist in recruiting remote workers without hassle.
Resume Harvesting is a fairly manual, tedious task. While a variety of AI tools have their approach to automating this process, perhaps the most effective method is the Natural Language Processing method, which is used to identify quality resumes using boolean keyword searches. Not only does this help in easy identification, but it also assists in extraction, classification, and automation in the hiring process.
With tons of new tools and methods coming into the picture, the case for enterprise adoption of AI in recruitment is a compelling one. 2020 should see significant advancements in AI hiring software technology, cementing the argument that they’re here to stay.
The AI bee is buzzing the entire recruitment sector…Wondering Why?
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