odern technologies are constantly evolving, and artificial intelligence (AI) is no exception. AI technology has come a long way since its inception. It is now widely used in various industries such as Retail, E-commerce, Manufacturing, Automotive and continues to exceed customer expectations with frequent updates. Similarly, AI technology is used in the recruitment industry to streamline the hiring process and find the right match for the job requirement. 96% of hiring managers and recruiters believe AI can significantly enhance talent acquisition and retention.
Key Challenges in the Recruitment industry
Placing the right person in your firm for the right job is critical to the success of your business. However, finding a skilled and qualified candidate for your organization is a big challenge whether you are a small business or a well-established enterprise.
Recruiter’s goal is to find the ideal match for a requirement by providing a great candidate experience and fulfilling the customer’s expectations. Let’s outline the key challenges one encounters during this hiring process:
- Attracting Qualified candidates
- Screening the candidates
- Building a stronger Employer brand
- Hiring faster
- Overcoming hiring bias
- Poor candidate experience
- Avoiding bad hires
Artificial Intelligence (AI) ‘s role in Recruitment
Generally, HR functions include recruitment, onboarding, compensation, benefits, and payroll. However, implementing automation in the recruiting hiring process is very much needed, and here’s why:
- AI reduces manual efforts and the workload of hiring managers and recruiters by automating the entire process.
- When recruiters fill an open position in a stipulated period, the standard, the manual recruiting process, may not help.
- 67% of hiring managers and recruiters surveyed by LinkedIn said AI was saving them time.
- Job posting/advertising may attract a pool of candidates. Screening and finding suitable candidates have their share of complexities. During this process, recruiters tend to lose qualified candidates to competition. To avoid such situations circumvent such mishaps, AI would be a reliable option to select the ideal match for the requirement.
Significant Areas of Recruitment where AI plays a has its significant role
- Job Posting – Helps recruiters reduce cost-per-applicant by over 30% of candidates
- Candidate sourcing – 58% of Recruiters using AI found it to be most useful, while with Sourcing candidates
- Candidate assessment (Comparative scorecard) – 78% of employers using ATS (Applicant Tracking System) find it easier to recruit great talent.
- Candidate screening – 56% of Recruiters using AI found it to be most helpful while Screening candidates.
- Interview Scheduling – Improves the candidate experience by scheduling an interview at their optimal time’s convenience.
- Onboarding – With AI, employers have experienced a 30% reduction in cost-per-hire
Benefits of AI in recruiting
- Improves Quality of hire
At the initial phase of the recruiting hiring process, AI can formulate clear and distinct job descriptions that elucidate what you expect from your candidate. AI can also be used in job advertising to leverage job promotions to reach the targeted audience based on their demographics, interests, and behavior.
- Automates the tedious manual tasks
Manually screening resumes and selecting the candidates is the most time-consuming part of recruiting, especially when 60 to 70 % of resumes are not qualified. Screening and shortlisting the qualified candidate’s consumer constitute a substantial amount of the recruiter’s time for a single hire.
AI reduces manual efforts and minimizes the time spent on repetitive tasks by automating the screening process, shortlisting qualified potential candidates, scheduling interviews, and sending notifications and alerts to candidates throughout the hiring process.
- Usage of Natural Language Processing in Hiring
The main usage of AI in recruiting hiring is Natural language processing, an advanced form of text analysis that goes beyond the simple Boolean Keyword search. NLP analyses the complex interactions between candidates and employers from resume screening to employee engagement and accelerates the hiring process.
- Improves Diversity in Hiring
At times, recruiters and hiring managers might not realize that their subconscious bias impacts the hiring decisions. Using AI for hiring is a great way to ensure that the candidates with the proper credentials can attend the interviews regardless of any subconscious bias discrimination in recruiting. 56% believe AI may be less biased than human recruiters. Executives can set a goal for diverse hiring using AI tools.
- Enhances Candidate Experience: AI enhances candidate experience by
- Instantly hiring through automation
- Streamlining interactions with candidates
- Reducing human error and incorporating high reliability throughout the hiring process.
At 3i People, we are introducing an automation software LeapTiger to source the right talent. LeapTiger facilitates the automation of tasks by optimizing the end-to-end hiring process. The ATS tool of LeapTiger is accountable for Resume parsing, Job postings, candidate resume upload, Comparative Candidate scorecard, and much more. In addition, LeapTiger can help you bring in top talent by analyzing the candidate’s skill set, experience, and qualifications.
However, while AI accelerates the hiring process, it can never totally replace an alternative to the manual hiring process. AI helps recruiters improve their manual efforts, and human intervention is still required to assess the candidate profile and bring the best out of it.