What are the advantages of using AI in recruitment?
In this blog post, you will find out about the uses of AI in recruitment. The professor of Global MBA in Digital Business Lilia Stoyanov explains how Artificial Intelligence can help recruiters in finding their ideal candidates quicker.
Nowadays, recruitment is never a simple Job Ad posting. With the technology reaching its massive heights and the recruiters’ jobs getting tougher day by day, a more prolific approach is sought. The mundane job of resume screening all day and identifying suitable manpower based on more emotions and less logic is curtailed.
With the advent of Artificial Intelligence for recruiting, the process of recruitment is more standardized. Also, the results are promising. Moreover, the approach taken over by the recruiters is changing too.
Recruitment has become more of a relationship-building affair than a candidate filling task. The effectiveness of recruitment is what is expected of a recruitment team. The main HR function is identifying top talent that will thrive in the years to come as ‘’bad hires’’ can be extremely costly both in terms of low productivity and team demotivation. Of course, multiple rounds of interviews shall certainly help you identify promising candidates.
But did you imagine the time taken to accomplish the same? The effect of AI in the recruitment process has surely taken organizations to more powerful levels in terms of business accomplishments and low employee turnover. But, what is it in AI that is helping the firms grow massively?
What is Artificial Intelligence?
The process of identifying the correlations of a huge amount of data by leveraging ML (machine learning) algorithms and predicting the possible outcome to empower the decision-making process is at the heart of AI.
Have you come across the email box smartly discarding the spam emails to the spam folders? You don’t even need to classify these emails as spam each time. It is the user experience the algorithm learns from to do the job automatically.
In a way, it saves you the time of pushing it to the trash box too. Indeed, AI is a smart human-designed approach to ease out your mundane as well as critical tasks. Needless to say, Artificial Intelligence for recruiting saves a lot of time and energy in finding the right resource for your company.
How does AI in recruiting help in making smarter, data-driven decisions?
Granular understanding of the User
This is the smart way to tackle the decision-making process. As such, it might be surprising that your decision is otherwise than the instructed ones. The way you search for a particular item or an object on the web determines your decision-making capacity as well as the choice of preference.
The understanding of your likes and dislikes is assimilated gradually by the intelligent programs and offers you the required ones. The sentiment analysis of the usage of the data shall help you find the right candidates too.
Artificial Intelligence is that technological advancement that any department would look for when it comes to making the right calls for the right situation. For you to know how to use AI in recruitment, you must experience the outcomes.
The touch of human sensitivity is always available as you use the software for the recruitment demands. The set rules shall automatically work at the backend and offer insights to help you identify talented candidates while at the same time, it shall not filter out any candidates.
In its infancy, AI in recruitment was criticized for algorithm bias that in some cases led to discouraging candidates from applying. Some ATS (applicant tracking systems) were based on natural language processing techniques that filtered out all candidates who were not using the exact keywords that were used in the job description. Luckily, the leading workforce management system providers adjusted their algorithms to address this issue.
Smart AI features in modern Recruitment
An AI-driven workforce management system by itself is a tool enabling a seamless recruitment process. A cost-effective and high performing recruitment software shall help you save a lot of effort. More importantly, AI provides data-driven insights to empower the decision-making process.
Impeccable Interview Process
What if the recruiters have all the necessary statistics at a glance all the time? The usual process shall be, calling for the role, sourcing the candidates and arranging a few pre-selection rounds, then sending the candidate for the final interview.
The main aspect of this process is, the involvement of urgency, task accomplishment, and performance as a KPI is more than the urge to find the right candidate for the organization.
The impact of Artificial Intelligence on recruitment puts all the three connected aspects to the parking lot. The urgency of identifying the candidate pool shall never be in the picture at all. AI shall help recruiters in:
Though the above steps are already available in the manual recruitment process, the time taken to do so leads to each recruiter being able to fill in 6-7 roles per month at a maximum. Also, the quality of these hires is questionable more often than not. AI-driven recruitment software slices and dices the talent pool into various dimensions based on the competencies of the candidates, their prior experience, how they stand against the top-performing employees of the organization, how often candidates having similar competencies and career paths have been selected for an interview in the past, etc. The candidate sourcing is powered by predictive analytics that eliminates the bias to a great extent. The best part is, the number of sourced candidates’ counts is larger and of a higher quality.
That’s how AI shall be used in the recruitment process. The interview process shall not only be saving your time but also be human bias-free. The data drive screening accuracy is much higher and leaves little room for biased decisions.
What the Future Looks Like
The meaningful workflow in recruitment through AI is commendable. As such, Machine learning is a fast-developing technology. The ML algorithms used in recruitment are subject to rigorous user acceptance testing. On top of that, the usage of AI-driven recruitment tools will be more regulated in the near future as the EU Commission is already looking at potential threads, especially excluding some job seekers from the talent pool for ambiguous reasons.
Say, for example, the candidate source pool shall automatically identify the people who are planning to shift jobs and the recruitment software sends an email or a text message to engage them. The development in automation of such aspects is already on. A more dynamic Applicant Tracking System (ATS) is what the organizations will be looking at in the near future and it comes to no surprise that leading workforce management systems, like Transformify, already address these needs. An ATS that has all the attributes of urgency, involvement, and quality hire has a big impact, especially on the recruitment process of fast-paced organizations.
The recruiters in the future shall focus more on developing a cordial relationship with the employees and job seekers. The organization’s headcount turnover shall decrease as well as the cost per new hire. The impact of AI-driven workforce management systems will for sure lead to improved quality and employee satisfaction. Moreover, the KPIs that shall be set to the recruitment team once the team’s daily routine decreases will be oriented towards employee engagement, productivity, and career development.
Learn more about the technologies that are shaping the face of modern recruiting in our MBA program!