How Does AI Tech Give Wings To The Recruiters?
July 27, 2023 by Aanchal Sharma
Hiring managers are under tremendous pressure to close the open jobs quickly. Resources are stretched to the maximum and the talent acquisition teams are always finding ways to save time, enhance efficiency, and streamline the hiring process. Automating with AI tools can be the change everyone needs!
Whilst I’ve been a part of the recruiting industry for almost a decade, a fact became quite evident- talent acquisition professionals invest a great time searching for ideal candidates. It’s, indeed, a tedious task scrutinizing hundreds of resumes only to find one perfect match. When going manually, it takes time and talent to pen down an enticing yet effective job description. All for one reason, capture the attention of talented candidates while keeping intact the company rules of salary disclosure and other facets.
Here’s another interesting aspect of the recruitment industry that I thought of. Imagine having an assistant who’s incredibly good at screening resumes, in fact accurately perusing hundreds of those in under just a minute, without a hint of bias. The only difference is that this assistant isn’t human. It’s an AI-powered tool.
Interestingly, this can be the future of the recruitment world- one where AI makes job applications, resume screening, scheduling interviews, and onboarding easy, effective, and qualified. Why else do I believe this? Well, lately, I heard a podcast by Matt Alder, a renowned British HR thought leader and the host of the Recruiting Future. He’s shared fascinating insights into how businesses, in the present scenario, implement AI in hiring and what seems to be the future of hiring professionals.
“We’ve got algorithms to match the right people to the right jobs; we’ve got some aspect of machine learning and forecasting, and we’ve also got elements of smart automation creeping in. Certainly, a lot of the automated and repetitive tasks that recruiters do will be able to be removed. [Many] recruiters think a machine can’t replace them because they have a gut instinct, superpowers, and experience, which means they’re better. But what we’re seeing is that humans are very biased when recruiting.”
Defining AI for Recruitment
AI for recruitment defines the strategic application of artificial intelligence technology within the hiring process to optimize and automate various recruitment tasks. This cutting-edge approach empowers recruiters with data-driven insights, enabling them to make well-informed decisions.
The integration of AI into the recruitment process yields several significant advantages.
As technology advances, AI will likely play an ever-expanding role in optimizing recruitment processes and contributing to the continued success of businesses in securing the right talent.
Why is AI Significant for Talent Acquisition?
Here are a few among many reasons why every talent acquisition manager needs to work in synergy with AI Tech tools:
Maximizing Recruitment Efficiency
The recruitment process often entails extensive manual work, resulting in significant time investments. On average, recruiters spend up to 30 hours per week on administrative tasks, such as candidate sourcing, resume screening, interview scheduling, and coordination with the hiring team.
Adopting AI-based solutions can instantly process thousands of applications and identify qualified candidates, substantially reducing HR teams' workload. By leveraging AI in this manner, organizations can redirect their efforts towards strenuous tasks, thereby enhancing overall productivity and yielding tangible results.
Mitigating Recruitment Bias
Human biases may inadvertently influence recruitment decisions, leading to misalignment within the company values and diversity priorities. A substantial number of HR managers (nearly 50%) acknowledge that unconscious bias affects their hiring decisions. These biases can result in suboptimal hires and impede the efforts to build a diverse workforce.
However, AI offers a solution by objectively screening candidates based on qualifications, experience, and skills. The hiring decision will hence be devoid of subjective factors such as age, gender, or race.
Integrating AI into hiring can help counteract biases, fostering a more equitable and inclusive recruitment approach.
Enhancing Candidate Experience
Inefficient and impersonal recruitment processes can dissuade potential job applicants and result in a negative candidate experience. In a survey, approximately 60% of candidates cited poor recruitment experience as a reason for declining job offers. This discourages future applications and negatively impacts an employer's brand.
AI-enabled recruitment tools streamline the application process and provide candidates with a more engaging and personalized experience. By leveraging AI, organizations can attract more qualified candidates and enhance the overall candidate experience.
Improving the Quality of Hires
The significance of recruiting top-quality talent must be valued, as one poor hire can have substantial repercussions on a company's productivity and financial performance. Research from the United States Department of Labor indicates that one bad hire may cost a company up to 30% of the employee's first-year salary. A few HR agencies have even estimated higher costs ranging from $240,000 to $850,000 per employee.
AI-powered recruiting solutions complement traditional methods by objectively assessing candidates using data and analytics, enabling managers to make well-informed hiring decisions and increasing the likelihood of selecting the most suitable candidates.
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An automation journey begins with a thorough assessment of your current operational landscape. Identify loopholes within your workflow, and then strategically introduce automated tools to alleviate the manual burden. While automating the hiring process may be enticing, a prudent approach involves focusing on one aspect at a time to ensure clear and measurable results.
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