With the intelligence it offers, AI is in vogue in recent times. Many companies are looking to leverage AI to improve their business operations. Some companies have already been using AI for recruiting new employees.
AI in recruitment has gained popularity because of its ability to perform tasks that are time-consuming for humans or redundant.
AI in recruitment is used for screening through hundreds of resumes, recommending the best fit, conducting preliminary screening, and hiring the right candidates faster.
Artificial Intelligence uses predictive analytics to underline the positions which are hard to fill and the process gaps that may hamper the TAT or the candidate experience. IT giants using AI for recruitment, such as Amazon, Google, Facebook, IBM, and Microsoft invest in AI.
In this article, we will study how AI technology has been successful in bringing a change in the recruiting process.
AI and the Hiring Process
Businesses today have increased the adoption of artificial intelligence technology by 270%. By 2027, it is estimated to reach $266.92 billion. With resumes entering in large numbers due to digital trends, the most tedious phase of the recruitment process is identifying the right candidate. Here AI helps Talent Acquisition Managers (TAs) automate recruitment tasks by improving the job-matching process and propelling the time taken for screening, hiring, and onboarding new candidates.
1. Resume Screening
The first step in hiring is screening. It involves reviewing resumes and other documents submitted by applicants and identifying the resume’s keywords that match the posted job description.
Resumes must include candidates’ information such as education, work experience, and certifications. Resume screening is done with AI, it can analyze these elements and let you find qualified applicants.
In the absence of AI, recruiters hardly go through 30% of a job application that comes to them as a response to job promotions on LinkedIn or their website.
Interviewing with AI is the next step in hiring, where it is evaluated whether the applicant meets the requirements. Here is the process with an AI recruiting software can help:
- Conduct a basic hygiene check in terms of experience and education
- Determine the candidate’s performance through tests
- Evaluate the candidate’s behavior or temperament
Candidate selection is the final step of hiring, as it determines the best candidate to meet your requirement is. You can use AI to assist this part of the process by performing the following tasks:
- Identifying the strengths and weaknesses of every candidate
- Determine the quality of the application
Artificial intelligence helps in shaping recruitment strategies. It gives real-time data that shows where the bottlenecks are. It also gives a data-driven insight and helps teams get the answers to these critical questions.
- Where is the conversion dropping?
- Which are the demographics – geolocation, experience range, skill sets, age, gender- where you can find good talent?
- Which interviewers are finding the best fit for you?
- Which positions can be closed sooner than others?
- What kind of remuneration can be given in for particular skill sets?
4. Candidate Experience and Queries
Chatbots are being increasingly used in recruitment to offer real-time candidate interaction based on job requirements, feedback, updates, and suggestions for improving the candidate’s experience.
Candidates can ask any questions and AI will help them to get the right answer.
5. Candidate Assessment
AI can be used in recruitment to improve the process of candidate assessment. The ATS platform screens resume quickly, identifies the keywords related to the job requirements, and uses natural language processing to determine the most relevant candidates.
How Does AI Software Assist in Smarter Data-driven Decision Making?
AI technology analyses information from various sources and recommends the candidates. Here are some of the ways where an AI hiring software can help:
1. Identifying Keywords
Recruiters often ignore the keywords in a candidate’s resume. Keywords play a significant role in identifying the relevant applications.
For example, if you search for ‘Java developer’, you will probably receive many irrelevant applications. But keyword research for ‘C programming language’ will leave many matching applications.
2. Making Quicker Hiring Decisions
AI technology helps automate tedious manual processes such as sorting and screening resumes. With the help of data models, AI can help reach the most relevant candidates faster.
3. Reducing Errors
With minimal human effort, AI reduces the chances of human error and overlooking. When combined with the best-of-breed ATS solutions, AI can suggest, shortlist, predict and analyze.
4. Making Better Hires
Using AI technology, you can evaluate an ideal candidate across multiple categories. AI algorithm suggests the right candidate for the right position.
What does the Future Looks Like?
Gartner says by 2030, 85% of organizations will be using AI in their recruitment process. It anticipates that the organizations will save $20 billion every year using AI technology.
Experts believe that AI will become an integral part of our personal lives. Here, we’ve seen how AI is useful for improving the recruitment processes. In the future, it will continue helping us address other problems as well.
The world is getting digitized, and organizations find it challenging to keep up with the new trends. They need to adapt quickly to stay competitive. This is why harnessing AI technology to our advantage is so crucial.
AI used for hiring helps streamline recruitment operations, reduce costs, and enhance overall organizational productivity.