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With the advent of progressive technologies like artificial intelligence and machine learning, the hiring process in organizations is witnessing a dramatic transformation. Artificial intelligence or AI in recruitment has given a new perception to talent acquisition and employee retention.
Artificial intelligence is considered to be one of the most innovative technologies of all times. It is different from all other software in three ways. How? Firstly it offers a high-speed computation, then it tackles the massive amount of quality data and finally it’s the possessor of advanced algorithms. That is the reason using AI in HR provide better accuracy, stability to everyday processing and connect quality data with fast computation.
Owing to several such benefits AI technologies are sure to provide a significant impact on HR functions. It will optimize the recruitment process. Needless to say, merging AI into HR will improve overall employee experience and provide the capacity to the HR for utilizing more time. It will also make resourceful use of using maximum budget and more accurate information for decisive man-management.
What is AI in Recruitment?
AI in recruitment is the practice of using artificial intelligence for screening capable candidates from a large pool of applicants.
The advent of AI technology is considered to be a boon for HR professionals as it can solve the pain points of recruiting, streamline the workflow as well as ease repetitive and high-volume tasks.
How AI is Changing The Game For Recruiting?
Hiring the right candidate is one of the toughest jobs for HR professionals today due to the change in perception of the organizations as well as the candidates.
Discovering and engaging the right talent is critical for business success and on the other hand recruiting the wrong person proves to be expensive. AI in HR activities significantly lowers such operational burden and encourages to make better decisions.
Here are the benefits of AI in Recruitment: Unraveling The Transformation On Hiring Process
1. AI Automates Tedious Tasks Involved in Screening and Saves Time
A present-day HR has several tasks from scheduling an interview, screening resumes and shortlisting candidates to recruiting the best talent ever. But talent acquisition is a tedious task. Needless to say, you will receive thousands of applications and identifying the right candidate from the vast pile of applications is like finding a needle in the haystack. There’s no denying that the whole process is extremely time-consuming, making the process excessively tedious.
Here, the use of artificial intelligence plays a significant role. AI acts as the HR manager’s assistant and compares the incoming resumes and applications. This will ensure that the recruitment process goes smoothly and HR managers won’t have to spend extra time from their busy schedule.
2. Using AI in Hiring Curbs Talent Waste & Helps In Suitable Talent Acquisition
Manually you might miss out on many things. As a recruiter, when you are going through several applications, there are chances that the best person does not get the job. Also interestingly, there might be cases wherein passive candidates and candidates who might have applied for other positions are a better fit for the post advertised.
But AI-powered assistance helps in scraping and finding the most suitable candidate. Artificial intelligence backed systems can ransack through the candidate database past and present and help you pay closer attention to potential candidates. In addition to that, AI will provide you with recommendations of applicants so that you can reach out to them and hire the best person.
3. Integrating HR Recruiting and AI is a Cost-Effective Option
It’s no secret that recruiting somebody new not only involves a lot of time, but also it is a costly affair. Starting from posting job applications, screening candidates, hosting interviews to finally hiring will require the organization to invest profusely.
When the recruitment process gets aligned with AI technology, there’s an effective hiring funnel which in turn has a positive impact on the organization’s ROI.
Besides reducing the cost involved in the hiring process, HR AI applications also ensure as a recruiter; you are putting the right person in the right place.
The bottom line is, by hiring the best employee; AI assists in reducing the turnover as it saves money on training and other expenses related to building and developing the new team members.
4. AI Offers Optimized and Advanced Data Analytics
The recruitment process involves the collection and maintenance of a whole lot of candidate data. There’s no denying that the entire function is detailed yet complex. So, to get an optimum result, it’s necessary to maintain a smooth flow of operation.
Use of artificial intelligence in recruiting makes the hiring procedure orderly. There’s no loss of data; there is timely communication between the HR professionals and the candidate.
AI serves both candidates and employers by handling all sorts of unmanageable data. As automation advances and with the development of highly relevant analytics, both employers and candidates get the proper opportunity to focus on what matters most. They choose the right person for the right post and this completes the entire cycle – best fit for one another.
5. AI in Recruitment Reduces Employee Turnover
Aren’t losing a vital employee quite often detrimental for your organization? You might not know why this happens- the most apparent reason could be the HR professionals have little or no insight into the employee job satisfaction or the employees are not being motivated effectively.
AI in this regard minimizes employee turnover. The technology leads to a better understanding of your employees and as a modern organization, you can match up with your employee’s experience to meet his or her specific needs.
AI tools provide HR teams with insights based on factual data and help them to motivate and retain the employees. Thus managers get the chance to create a personalized work experience getting together both the employee and organization’s overall goals.
AI can also identify common traits of employees who resign. It tracks the development of those trends further in your workforce and determines those who are at the verge of leaving. Naturally, once identified, you can proactively address concerns and retain the talents.
Here are some impressive AI recruiting statistics:
- Reports reveal 35% higher cost is involved when the recruitment process is not automated.
- 96% of HR personnel believe AI will enhance talent acquisition and retention.
- Today 75% of hiring managers use automated recruitment process either by applicant tracking or recruiting software to improve their hiring process.
Companies Using AI For Recruitment
LinkedIn provides a better insight into the talent landscape and tracking. The company lets the recruiters know what’s happening in the hiring process. LinkedIn has also recently announced that the AI feature would help the recruiter to hire diverse candidates.
While Unilever is known throughout the world for using a video interviewing platform, HireVue to digitally assess and rank the video interviews to determine candidate fit, Deloitte uses AI-enabled contract management solutions.
Planning for the Future
So, now we know how artificial intelligence is responsible for changing the recruitment industry. You have also seen how several companies using AI-driven applications been achieving mind-blowing success. Whether you are a startup or are in the business for quite a long time incorporating chatbots or planning for a digitized interview will help you reap the benefits. Why don’t you join the leagues of automated recruiting.
Thinking to use a competent recruiting platform for your recruitment process? Here’s Testofy an online evaluation medium that has been assisting hundreds of recruiters to find the best talent through tailor-made test and analysis structure filtering the best-performing candidates in minutes. Boost up your hiring process with Testofy today.