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Job seekers claim that technology filters a person’s CV to a simple yes or no based solely on a keyword search, rather than a decision based on the quality of their experience or personality attributes.
The difficulty is that the only other option for recruiters is to read and analyze each CV individually. This would take weeks, if not months, in the previous example of job descriptions with thousands of applicants while all the meantime, the candidates are waiting for a response.
A study reports that 52% of hiring managers stated that choosing the proper individuals from a pool of applications is the most challenging element of their job and that having an automated process is the best way to reduce the hiring time.
We’ll look at the impact of AI on recruitment in today’s article, especially ways that AI-powered analytics lets you enhance recruiting and helps land qualified candidates quickly.
Six Ways AI-Powered Recruitment Analytics Help Enhance Hiring
1. AI Can Help You Find Candidates Faster
Manual resume screening is still the most time-consuming aspect of recruiting, especially when 75%to 88% of candidate resumes received for a position are unqualified. A single hire is projected to take a recruiter twenty-three hours to screen applications and shortlist applicants for the interview process.
Recruiters cannot be expected to grasp everything about the subtleties of job requisition language. This is where an AI-based intelligence can widen the search beyond the exact wording of the job requirement to comparable industry-specific terminology and terms by starting with the wording of requirements in the job req.
In contrast to a simple word-matching algorithm, AI-enabled sourcing allows the consolidation of concrete data points to check if a candidate understands or can do anything by inferring the prerequisites of that skill or knowledge and predicting the possibility of the individual having a comparable but distinct capability.
Candidate sourcing is facilitated as a result, with a larger, more inclusive pool of candidates that humans may miss.
AI can infer talents or interests from previously held employment, volunteer roles, or education that are not expressly indicated on the applicant’s resume when sourcing or subsequently evaluating prospects.
Since the program is always learning, it remembers associations it can employ in new and varied recruitment settings. This can broaden the range of prospective roles within an organization for which the candidate (or current employee) might be qualified, even if they did not apply.
2. AI Improves the Efficiency of the Application Screening
Data used in screening, as well as sourcing, can include:
- Historical or former employees’ resumes
- Competency or skill models connected to a particular industry or activity
- New resumes
- Records of engagement of the employees or tenure based on skills, education, or even location
- External data sources, such as national or worldwide pay ranges and job classifications from the US Bureau of Labor Statistics
Since most candidates want to apply to a firm rather than a specific job, AI might suggest positions based on a candidate’s skill set, education, or “soft” skills. Recruiters can also use this ability to recommend new roles or opportunities to current employees based on their talents, interests, aspirations, and potential fits for a company’s culture. Both applicants and hiring organizations benefit greatly from this.
Suppose a college graduate, for example, believes she would like to work at Microsoft. In that case, she can submit her résumé on the careers page or job portal, and AI-based talent acquisition tools will inform her which jobs/career areas she might be a good fit for, thus saving a lot of time.
3. AI Can Assist in the Elimination of Bias
Early adopter organizations who used AI-powered recruiting tools saw a 75% reduction in cost per screen, a 4% increase in revenue per employee, and a 35% decrease in turnover.
Many vendors use AI in talent acquisition apps to reduce recruitment bias and promote future diversity, rather than perpetuating the previous homogeneity in race, ethnicity, gender, gender preference, color, and other factors.
Furthermore, bias stemming from additional traits that lead to discrimination, such as regional accents, perceived social standing, and parental status, can be reduced using an unbiased software application. A beautiful resume layout will not impress an AI tool, and a resume with a typo will not please an AI tool, two things that can inadvertently affect human decisions.
Such intelligent programs, for example, check job requisitions and job postings for bias-tinged terms and assess other written communications for gender-laden language.
However, not all AI-based talent acquisition platforms are created equal. If a corporation uses its historical data, limited by definition, skewed results are probable. Successful AI-enabled applications have access to deep-learning neural networks of external data to supplement internal data sets.
4. Artificial Intelligence Improves Online Interviewing
According to a survey, 69% of job searchers believe that the response time to candidates awaiting a hiring decision may be improved the most.
In online video interviews, AI can pick up on details like gestures and facial expressions that people may overlook. Similarly, because AI can evaluate large amounts of data without becoming fatigued, trends that would usually be missed by busy recruiters and hiring managers may emerge.
AI’s ability to make sense of or uncover correlations in large amounts of data makes it so valuable.
5. Artificial Intelligence Is the Cornerstone for HR Bots
When job seekers don’t hear back from a company after applying, 58% say they have an unfavorable view of the organization, but 67% say they have a favorable impression of the company if they receive continuous updates throughout the application process.
The usage of natural language chatbots, some of which can interpret and reply to both written and spoken input, is becoming increasingly common in human capital management software, especially talent acquisition systems.
Bots are becoming standard providers of information and direction for many online and telephone transactions, and people are accustomed to communicating with them in normal language.
Bots are valued in HR for their ability to answer repetitive questions that employees, particularly new employees, frequently ask, such as: What holidays does the firm take off? What is the best way to obtain proof of employment?
Bots can respond to candidates instantly and often in personalized ways, making their use in talent acquisition even more beneficial. NLP and machine learning are now used in tools to enable dual-conversation live chat and intelligent text-based talks, both of which are simple and convenient for the candidate. These apps recognize people’s natural inputs (rather than just programming code) and learn to enhance feedback and predictions over time.
Their conversational interfaces can boost candidate engagement, and getting real-time answers from bots reduces the need for human intervention in the hiring process. This saves time for the recruiter, the hiring manager, and the candidate.
6. AI Is Less Expensive Than Traditional Methods
Since the AI engine never tired or takes a day off, the efficiency and speed of an AI-enabled talent acquisition application offer a positive cost-benefit.
For example, a survey claims that its recently upgraded talent acquisition software has lowered the cost per candidate by up to 50% since it was revamped to incorporate AI. Improved time-to-fill and time-to-hire metrics and more expedient hiring result in substantial cost savings for a business. It is always costly to have an empty seat.
AI is nearly omnipresent in the latest talent acquisition applications to hit the market. It is self-evident that it will make sourcing, screening, and hiring more accessible and efficient. However, AI’s usage in HR and other business areas will be pervasive, and firms would be well served to establish governance committees to supervise its implementation.
Since AI technology is essentially recommending, making decisions, and forecasting, human oversight is still required to ensure that the engine is supplied with the correct data and that the output is appropriate for the organization.
How do recruiters make their lives easier and their duties more doable when so many people compete for more jobs? Artificial intelligence (AI) can help in this situation.
Enhance Your Hiring Process Today
Contact us at Recruiter.com, a fully-equipped recruiting company, right away to know more. We have experience serving clients ranging from small privately-owned companies to large businesses. Whether you need to hire someone in civil engineering or for an administrative position, we have you covered.
We provide all of the resources you’ll need to enhance your recruiting process, including on-demand recruiters and candidate-matching recruiting software. We can also do customized search services on our software to find talent you might’ve missed.
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