“Humans need and want more time to interact with each other. I think AI coming about and replacing routine jobs is pushing us to do what we should be doing anyway: the creation of more humanistic service jobs.” -Kai-Fu Lee, chairman, and chief executive officer, Sinovation Ventures
The recruiting department is constantly expected to reduce costs while delivering better results. This is despite the fact that discovering quality talent is one of the top challenges faced by CEOs. And so, the team is on an ongoing quest to make recruiting more efficient and effective.
To address this, HR professionals have long considered the effects of artificial intelligence and how it can create a more efficient talent acquisition process. According to the Future of Workforce Development report, 62% of hiring managers expect AI to substantially change the nature of work.
But in what way exactly will it affect the nature of hiring? What kind of impact are we looking at? In this blog post, we’ll explore what AI recruiting is, why AI-driven recruitment is taking talent acquisition by storm, and how you can hire the right talent by using AI recruitment tools.
‘AI Recruitment’ has become a hot topic of discussion in the world of recruitment, but what does it actually mean? To put it simply, it refers to technology that uses artificial intelligence (AI) to automate parts of the recruitment process. Not all technology-based recruitment solutions are powered by AI. For recruitment technology to be considered AI, it must-have elements of machine intelligence. This means that technology needs to do multiple things like auto-screening candidates, managing communication, candidate screening & shortlisting candidate engagement, and candidate assessments and evaluations. For example, AI phone interviewers can access candidates, schedule interviews, and then analyze the results for recruiter use. Applicant Tracking Systems (ATS) with the ability to scan, sort and shortlist applicants are another example. It is also important to note that AI isn’t reserved only for the big tech companies anymore. According to a study done by the HR Research Institute, 55 percent of HR managers believe that AI will become a regular part of the recruitment process within the next five years, while 96 percent believe AI has great potential to help in the right talent acquisition.
From improving diversity and inclusivity to saving time to creating a better candidate experience, the use of artificial intelligence in recruiting offers employers many advantages. Let’s take a look at how it is transforming the space.
Candidate experience is the series of interactions that a job seeker has with your company throughout the recruiting process. According to some statistics, 83% of candidates change their minds about a position or organization depending on a positive or negative interview experience. After the interview, when conversational AI has been a part of the process, candidates offered a job are 38% more likely to accept. Why does this happen? Candidates who feel a strong connection with the organization during the recruitment process are more likely to become employees. But how does AI make sure your company makes quite the impression with its candidates? The AI
AI can be a useful tool in reducing the time spent on repetitive and mundane tasks that take much of a recruiter’s time. With recruitment automation platforms taking care of mundane tasks, recruiters can focus & better utilize their time on strategic activities such as spending this time negotiating with candidates, building relationships, and developing experiences with candidates. A good example of this is the software developed by impress.ai, which is powered with AI to automate the end to the end recruitment process, enabling recruiters to save time and increase efficiency
Biases are common and exist even when we aren’t aware of them. If left unmonitored, it can easily seep into the recruiting process and cause employers the right candidate. In fact, 93 percent of companies recognize the need to reduce bias in their talent acquisition process to avoid poor hiring decisions, legal troubles, and lack of diversity. That’s where AI gets an opportunity to really shine. AI-powered recruitment solutions like Azky, for example, allow HR teams to reduce bias in the interview process to ensure a fair, inclusive hiring process for all candidates. Impress.ai is another such example, it removes this risk in two ways- automating the screening process and allowing the recruiter to evaluate all candidates’ responses to each question in sequence, rather than evaluating all the answers from one candidate at once. This means the recruiter assesses each answer independently, without carrying over the judgment of a candidate based on a previous response.
Hiring the wrong employees isn’t just expensive, but it can negatively impact morale, productivity, and profits as well. Having said that, finding the right candidate within a large talent pool is known to be the toughest part of the hiring process. AI and machine learning can be leveraged to aid in this process by instantly searching through a large data pool to find the perfect candidate who meets the search criteria. The more the recruiter uses the AI, the more it will “learn” what outcomes the user is seeking. The ability to efficiently search the entire universe of possible candidates and the ability to narrow a candidate pool or provide valuable data about a certain candidate group can add significant value and efficiency to recruiting. Thus, the recruiter is able to introduce more quality candidates to the process that they otherwise may not have found without the assistance of artificial intelligence.
Schedule a demo to learn how impress.ai’s seamless solution can help you accelerate hiring, reduce bias, and find the right people for the job, consistently.
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