How AI is transforming recruitment industry?
“You can only bet on people, not on strategies” For strategies may come and go but those entrusted with responsibilities to implement those strategies are the ones who will take forward the vision of the company. In this increasingly competitive world, every company strives to acquire such talented and keen individuals willing to work together to achieve a vision, the vision of the company. With the exponential increase in talented candidates and job applicants, traditional methods of recruitment are unable to keep up with the pace. Hence, Artificial Intelligence is the hand to hold to reel in such candidates.
Improvement in Efficiency
Humans are bound to make mistakes. According to a recent survey, around 81% of companies feel that recruitment is the second hardest challenge that they have to face and conquer. The number of applicants is ever-increasing making it difficult as a human to keep up with the applications pouring in and then being able to judge and test each candidate individually. In many cases, the recruitment process may fail to recognize talented candidates as the selection is based on various human factors. Manual errors may happen due to fatigue or difference in caliber and reduce the efficiency of work which eventually results in huge losses for the companies.
Lack of AI-enabled hiring procedures lead to about 41% lower productivity, as humans tend to vary in efficiency over long periods of time, while Artificial Intelligence combined with machine learning does work with a fixed efficiency and hence is the best and most fair way to hire talent into the company.
Artificial Intelligence in recruitment incorporated with machine learning analyses the profiles of the candidates and selects those most suitable for the job. It chooses people who deem fit for the job using various parameters like their interests, strengths, previous experiences, recommendations, etc. Profile augmentation gives the recruiter a better set of options to choose from.
Reduced Waiting Time
Candidate satisfaction plays a major role in the recruitment process. How well the candidates are treated is a direct reflection to them about how the company treats its employees. Long waiting times for candidates may result in them taking up jobs elsewhere and bad reviews reduce the chances of good candidates applying for the recruitment. Artificial intelligence comes to your rescue here.
Automated recruiting saves an average of 2 days per week of recruiter time. It helps in doing away with long waiting or buffer periods by up to 75%. AI is designed in a way to do automatic screening, searching, and sourcing during recruitment. Your company can shortlist and reach out to deserving candidates swiftly and this keeps the applicants satisfied too.
Reeling in prospect candidates for positions available in your company is also an art, and artificial intelligence masters it beautifully. It helps create ads targeted aptly to the right people at the right time, based on browsing history and online activity which we now know as cookies. For example, if you need a new software engineer in your company a candidate who had just been browsing about similar positions online may see the advertisement of your company at just the right moment.
The world today always appreciates the personal attention and incorporating AI in the recruitment procedure of your company enables that. With AI recruiting assistants and chatbots responding to applicant queries, AI techniques helping you find candidates with traits and skills similar to the ones who resigned, the procedure becomes smoother, faster, more engaging for both the company and the applicant.