Automation is the new norm today. The automation of business processes and functions becomes possible due to Artificial Intelligence (AI), a rising technology that can analyze big data fast and smartly estimate the available options. AI technologies are widely being used not just in IT but also in research and development and marketing. It’s of no surprise that enterprises have started using AI technology and solutions in HR processes; especially recruitment, in an attempt to automate the recruitment process and explore new means of hiring the best talent. AI is emerging as one of the most useful recruitment technology solutions that today’s HR managers and recruiters must not miss.
Artificial Intelligence (AI) is the emerging class of HR technology developed to reduce or even eliminate the redundant and tiring recruitment activities such as manual screening of resumes. Screening resumes smartly and efficiently is still one of the biggest challenges in the field of talent acquisition. As indicated in the research conducted by Ideal; an advocate of HR technology and solutions, 52% of the talent acquisition leaders reported identification of the right candidates out of a huge applicant pool, as the hardest part of the process. As per the survey of recruiters and talent acquisition leaders, 56% state that their hiring volume increases every year, but 66% of the teams either remain of the same size or shrink.
Since recruitment is the function that is constantly under pressure to reduce cost, deliver value and acquire the best talent, Artificial Intelligence (AI) can prove to be a boon to address these challenges and focus on acquiring the right talent time-efficiently.
Artificial Intelligence (AI) is the science of developing intelligence machines, especially the software programs and tools. This technology enables these machines to mimic human abilities and think like a human. AI integrates the ability to learn, think and decide, within software systems and machines so that they work smartly in diverse situations.
The traditional recruitment process is based on identifying the right candidates out of hundreds, or even thousands of applications. This might take several weeks, leaving both the HR teams and candidates frustrated and uncertain. This is where the AI technology, in the form of AI recruiting software or tool, helps the recruiters to lessen the burden. The AI software thrives on huge volumes of data, integrating analytics and virtual assistants to analyze the information and track the trial of all proceedings of an interaction that a potential candidate experienced with the company. The AI software processes the resumes and analyzes them on various parameters to decide if the applicant is the right fit for the position and the company. The software is also savvy in offering algorithms that can test the ability of the applicants in terms of emotional stability, work ethics and many other intangible factors by providing them with the real tasks that they might be asked to do so once hired. In terms of job posting also, AI makes the job posting more qualitative, implying that there is no need for manual effort to constantly update the job postings, as the same can be executed by AI. The features also ensure that only the right candidates become the part of the talent pool. Moreover, the passive candidates who might be a right fit for the company, can be sent messages, thereby encouraging them to apply for a specific job.
The best AI-powered solution or software not only automates the part of recruitment workflows but also gets integrated smoothly within existing recruitment systems, so it doesn’t affect the current workflows. In addition, speeding up these areas of recruitment via automation also reduces time-to-hire, implying that recruiters are less likely to lose the right fit to the competitors. As revealed in the Korn Ferry Global survey, considering responses of almost 800 HR professionals, 63% recruiters consider AI as a technology that is radically changing the way recruiting is done today.
The quality of hire has been a recruitment KPI black box because of the inability to close data loop, i.e., losing the interaction with the applicant once he or she is hired. As HR data is now easier to gather, access and analyze, the quality of hire is recruitment’s top KPI. The AI promises to improve quality of hire through its ability to use data for standardizing the matching between job requirements and the candidate’s knowledge, skills and experience. According to one of the studies published on a blog, the early adopter organizations using the AI-based recruitment software had their screening cost reduced by 75%, revenue per employee increased by 4% and turn over decreased by 35%.
By creating the valuable candidates’ insights, the AI software helps recruiters and HR teams to determine new hires based on their skills and put them on the right position to make the most of their talent. This approach not just boosts productivity but also enhances candidate’s skills. AI software gives more accurate results via big data analytics, helping you make more informed decisions.
AI software could post targeted ads that are seen only by the right people at the right time, based on their online activity history. AI-based software can also analyze the browsing history of applicants to use it for decision making. Systems of data management processing let you define a target and look for applicants matching your objectives.
Chat bots are indeed one of the most promising features of AI technology. Chat bots bring more information to the process and interact with candidates, answering basic queries. Advanced chat bots not just interact with candidates but also scrutinize their responses using Natural Language Processing, which let them evaluate if a candidate demonstrates required skill sets.
Though the AI technology is discovering almost all business spheres, the recruiters are still uncertain, thinking whether the machines are perfect for this job. Others are concerned of AI replacing their jobs. Somehow, the latter are right to certain extent as machines demonstrate better abilities for doing repetitive tasks, than humans. On the other hand, it is the key reason behind the adoption of AI in recruitment process. Nonetheless, it is important to recognize that the AI in recruitment is going to be seen more in near future. It is one of the most advanced tech trends in HR sphere that have completely re-defined the recruitment in 2018. HR Managers and recruiters must learn new AI opportunities and adapt swiftly to the new market situations.
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