AI is the next big game changer in the recruitment industry and if not explored, organizations might as well be falling behind.
In today’s competitive industry, it is extremely difficult for companies to find the right candidates. The hiring process has seen several changes in the last few years, enhancing the quality of recruitment. According to the Gartner 2019 Artificial Intelligence Survey, more than 30% of organizations around the world will use AI-based solutions in their HR function by 2022.
Artificial Intelligence (AI) and Machine Learning (ML) have transformed the recruitment processes by increasing the efficiency and rate of productivity in organizations. Automation has resulted in new paradigms in the traditional format which has been accepted excessively by organizations globally. AI is the next big game changer in the recruitment industry and if the possibilities are not explored, organizations might as well be falling behind.
AI/ML applications for enhanced recruitment outputs
Many companies, across sectors, use AI/ML applications for different functions like management, screening, and documentation. Integrating this technology into hiring processes is growing at a rapid rate. The adoption of AI/ML into HR processes have helped optimize operations and achieve cost savings. Below are some ways AI/ML can transform the recruitment industry:
Talent sourcing is one of the most effective uses of AI/ML. The technology helps recruiters identify the right candidate from a pool of candidates, someone who fulfills all the requirements. Technology makes it easier to scrape through the various social and professional sites, academic information, skill-set, and other sources and consolidate the search. In the hyper-competitive landscape, this becomes an important tool for finding the right candidate within a limited period of time and measuring their talent in an accurate manner.
Improved quality of hire
Earlier, the quality of the hire was a concern for companies as it was not possible to measure the performance of the candidate before they are hired. Over the years, the data collected and analysed has helped in assessing the quality of a candidate better. The potential of AI to improve the quality of hire lies in the ability of technology to use the data available and regulate the match between the individual’s experience, knowledge, and skills with the requirements of the job.
Candidate assessment and selection
AI can help in screening the candidates and narrowing down the talent pool, making the hiring process a lot easier for the HR personnel. From a limited option of worthy candidates, it becomes easier to select the final hire. The analysis of data is done with precision, thus, bringing in employees who will benefit the organisation with their expertise, experience and skills. This in turn saves time for the HR managers, who do not have to invest several hours into the hiring process and can prioritise other work before the final selection needs to be done.
It is estimated that with AI/ML screening used during hiring processes, the cost of per screening is reduced by 60%. This means that technology can have a huge economic impact on an organisation, thereby reducing expenditure on human resources and recruitment processes.
How will AI/ML benefit recruiters?
The growth of technology and its applications will prove to be of reliable assistance to the recruiting industry. The purpose of AI/ML is not to replace human talents with technology. The advent of automation is to create more opportunities and enhance human capabilities and improve performance.
The use of AI/ML will help in performing repetitive tasks in an automated manner and help with administrative functions. Recruiters will also be able to spend more time on strategic and productive hiring rather than spend time on backfilling.
They can also invest more in engagement with the candidates and in-person communication to build a relationship with them contributing to the company’s culture and productivity. With the new workforce coming in, it is essential to focus on better engagement so that they are able to understand the company values and objectives and work accordingly. Human communication forms the basis of a strong foundation for the organisation, which is something talent recruiters understand perfectly.
AI/ML applications help in building a robust recruitment record for companies which is valuable for execution at any point of time. This also builds a reputation for recruiting quality candidates who contribute to the company’s growth.
With AI handling the repetitive processes and tasks, recruiters can work on empowering the employees and connect with them on a greater level which builds trust, company’s culture, performance and productivity as a whole. AI/ML is a growing field with a lot of potential which should be used in the best manner possible, in order to achieve the best possible results.
(The author Raghav Poojary is Senior VP- Digital Automation and Marcom at FirstMeridian Business Service and the views expressed in this article are his own)