AI has introduced the concepts of intelligent screening, ATS partner integrations, digitised interviews, chatbots, and a lot more into the recruitment world!
by Amit Ghodasara, CEO, iSmartRecruit
AI in recruitment has recently gained a lot of attention and for all the right reasons.
Senior HR experts are overwhelmingly optimistic about AI’s impact on attracting and retaining potential hires.
The demand of the hour is, Today’s recruiters must use AI-powered recruitment tools and analyse vast amounts of data at scale to draw the top candidates from a global talent pool.
Are these claims appearing a little overboard to you?
Read ahead to learn how AI in Recruitment Software benefits the process and how it’s shaping the future of hiring.
What is AI in Recruitment Software?
AI in recruitment refers to the use of AI-powered solutions to assist businesses in finding and hiring the best talent faster.
Machine learning, the foundation of AI, allows the system to mimic the decision-making abilities of our brains by ingesting huge volumes of data.
Consider AI in recruitment as an extraordinary assistant at the desk, who flawlessly schedules interviews for you, effectively shortlists resumes, and selects the top applicants without biases.
AI-powered talent acquisition technology aims to speed up laborious manual operations so that recruiters can concentrate on more worthwhile tasks.
Benefits of AI in Recruitment
By offering advantages like efficiency, personalisation, and data-driven decision-making,
AI in recruitment software has proven its value in the Talent acquisition market.
Therefore, most recruiters from the industry believe that AI can facilitate better hiring practices. Here are the reasons why!
Screens Faster
According to a study by iCIMS, the screening stage of the hiring process consumes 38% of the time for a normal resume, or more than a third of the entire procedure.
Through AI recruitment tools, you can cut down this time to nearly half!
AI technologies are constantly learning, and they can improve your screening process by considering past applications in addition to the ones that have been submitted for the post and bringing forward the most qualified individuals.
Increases Candidate Engagement
Based on the candidate’s profile, search history, vacancies, interests, and job locations, AI recruitment software offers personalised experiences to the hire with job recommendations and dynamic content.
Moreover, it is convenient for candidates to communicate with what they believe to be the company’s recruiting teams when using recruitment software that includes intelligent chatbots or text messaging.
This ultimately improves the candidate’s experience and helps recruiters draw in a big pool of qualified applicants.
Assists in Interviews
AI in recruitment software can assist you in determining a candidate’s fit before inviting them for an in-person interview by providing job simulations, carrying out personality tests, and performing a pre-set virtual interview.
It offers a simpler approach to contacting potential applicants, scheduling meetings, as well as, rank, and shortlisting their resumes based on the qualities that are most important to your business.
Eliminates Biases
When you employ AI in recruitment, a candidate is screened based on skill set and experience rather than a biased demographic.
The Deloitte research states that this practice “sharpens the talent acquisition function by using data-driven analytics and digital, cognitive tools to better source and assess candidates and prevent potential misjudgments caused by bias or false logic.”
By eliminating subjectivity in the hiring process, increasing diversity, and screening job applicants based on their credentials and expertise, AI recruitment solutions can majorly reduce the bias factor in the process.
Saves Money, Time, and Resources
In the end, it sums up how AI recruitment software can benefit you management-wise and financially.
Well, for that matter, with the help of artificial intelligence, you need to spend less time on time-consuming, repetitive operations like reviewing resumes, launching evaluations, and setting up interviews, eventually saving you a lot of time and human resources.
Moreover, employers who use AI and other recruitment technology are more successful in their industries than those who don’t, as per Deloitte. These businesses outperform their competitors by 30% in terms of profitability and by 18% in terms of revenue.
Innovations that AI brought in Recruitment Software
Present-day recruitment tools are not what they used to be.
These technology-driven solutions are becoming more and more advanced with innovations and discoveries.
AI has introduced the concepts of intelligent screening, ATS partner integrations, digitised interviews, chatbots, and a lot more into the recruitment world!
Based on candidates’ performances, tenures, and turnover rates, the AI recruitment software can now learn to predict which of them can be an asset to the company.
Moreover, online interviewing tools in recruitment software have been around for a while, but the most recent versions claim to utilise artificial intelligence to analyse candidates’ word choices, speech patterns, and facial expressions to determine whether they are a good fit for the position and perhaps even the company’s culture.
Consequently, the assumption about AI in recruitment stands true to the statement published in the Harvard Business Review article that states, “Rather than competing with machines for jobs in the future, humans will have more freedom to use their imagination, creativity, and strategic skills.”
Companies Using AI in Recruitment Software
According to SHRM, 88 per cent of businesses worldwide have already employed AI to perform some of their HR tasks.
With AI, candidates’ abilities and behaviours can be evaluated in real-world settings, creating a vastly improved database for recruiting decisions, lowering the cost of hiring them, and shifting the focus of human resources from being mostly operational to being much more strategic.
Having said that, many companies have exceptionally used the potential of AI in the recruitment process and witnessed significant hiring results.
For instance, IKEA chose the AI-based hiring assistant “Robot Vera” to support their recruitment strategy.
Vera can conduct 1,500 interviews in one day and send out personalised follow-up emails.
Also, the candidate sourcing efficiencies of L’Oreal were drastically improved when a 45-minute interview procedure was cut down to four to five minutes using Mya (a recruiting chatbot).
Therefore, to beat the competitive environment in recruiting, it’s crucial to identify the best AI tools and put them to work.
It’s a Wrap
AI-powered recruitment tools are changing the way we used to hire.
With AI in recruitment software, the process is becoming more effective, objective, and streamlined.
AI reduces bias and helps recruiters make data-driven decisions, which leads to better outcomes for the organisation.
It also helps identify passive candidates who may not have applied otherwise, expanding the pool of potential candidates.
These tools can analyse resumes, screen candidates, and even conduct initial interviews, making it easier for recruiters to identify the best candidates.
With the current evolution going on in AI algorithms, the time is not far away when the software will reliably predict the performance of prospects and recommend the finest among all!
About the Author:
Amit is a CEO at iSmartRecruit, which is an AI-Recruitment Software that provides highly-scalable ATS and CRM.
He is incredibly passionate about discovering hiring obstacles Recruiters and HR professionals face. He focuses on writing solution-oriented articles about technology, modern-day recruitment innovations, and software development to mitigate common hiring challenges.
With 11+ years of experience in the recruitment landscape, he aims to thoroughly research the pain points of the talent acquisition industry and provide tech solutions to overcome those barriers easily and effectively.
Continue Reading: Revolutionizing Talent Acquisition: Machine Learning and AI Reshaping Recruitment