For almost a decade now, the use of Artificial intelligence (AI) in hiring has gained tremendous traction.
According to the Harvard Business Review (HBR), up to 44 percent of businesses are incorporating AI in IT functions, while a further 19 percent use it to anticipate their customers’ future purchases and make relevant offers. Increasingly, companies are beginning to see the benefits of artificial intelligence in recruitment, with 96 percent of senior HR professionals believing, AI has the potential to greatly enhance talent acquisition and retention
Artificial intelligence (AI) refers to the simulation of human intelligence by programmed machines. AI has the ability to take large volumes of data that a human couldn’t possibly process and turn it into actionable information. For the closing numerous years, locating the proper candidate in high demand skills pools has been highlighted as one among the largest barriers to attracting pinnacle skills (LinkedIn worldwide Recruiting Survey 2016), and AI has developed for this reason to help solve this trouble. imposing synthetic intelligence in talent acquisition goes beyond accessing candidate information, but instead leveraging it at scale —supporting companies locate the quality candidate for the task.
The overpowering adoption of AI may be tied to its many benefits which center around making recruitment less complicated, extra accurate, and green. AI allows recruiters and hiring managers to assess and interview candidates with a whole lot greater ease as compared to standard methods. research additionally shows that 96% of HR managers agree with AI can enhance talent acquisition and retention appreciably.
The potential for AI to make an impact in all domains is huge, and recruiting is no exception. Talent acquisition succeeds when it predicts the best candidates for a job, and builds the relationships that convert those candidates to employees. AI has the potential to scale and manage a large portion of this prediction work. At its best, artificial intelligence offers up great talent for recruiters and hiring managers, surfacing the best candidates regardless of work history, educational background, and demographic.
Strategically utilizing the Talent Pool
One of the most lucrative upshots of incorporating AI into recruiting efforts is the ability to identify passive candidates effectively and efficiently. 70% of the global workforce is comprised of passive candidates. Ignoring or devaluing the potential of this talent pool can cripple recruiting effectiveness. There’s a reason that most of the talent teams state that passive candidates are an important source of talent—passive candidates are a staggering more likely to make a strong impact.
Former applicants and former employees represent another oft-overlooked, yet very lucrative demographic that can enhance recruiting efforts. Companies are sitting on a gold mine of hundreds or thousands of resumes that represent lucrative talent. AI has an unprecedented ability to sift through a company’s existing database of resumes and identify former applicants who are qualified for current job offerings. Because former applicants have already expressed interest in the employer, the recruiting cycle can be dramatically curtailed. AI-powered tools such as Rudy, for example, help recruiters identify candidates included in a company's existing resume database to surface candidates that match the qualifications associated with an open role.
It’s easy for recruiters to miss out on potential candidates if they are dealing with thousands or even hundreds of them per job. These applicants may be in the pool, but due to the mere volume, it becomes difficult to find every singly strong prospect. AI tools like Rudy helps talent acquisition teams by fully screening the applicant pool, and accordingly scoring on their potential fit. The latter saves recruiters countless screening hours while providing more time to focus on top talent.
The recruiting process has traditionally been laden with bias. Nearly half of the applicants report having experienced discrimination in the hiring process. Reducing conscious and unconscious bias in the hiring process is top-of-mind for recruiters. The majority of talent acquisition leaders and recruiters feel pressure to increase diversity. AI recruiting solutions contribute to diverse hiring by eliminating basic bias factors that a human would almost always subconsciously sustain AI-powered tools such as Rudy help recruiters shortlist the candidates from a very large pool in an unbiased manner as Rudy has been trained to shortlist and rank candidates based on their work experience and skills, both hard and soft, rather than on gender, habits or other extraneous things, hence eradicating the sense of bias. Most candidates believe AI is less biased than human recruiters
One of the main shortcomings these days is in candidate engagement, Recruiters spend a lot of time sourcing candidates, shortlisting and screening them to fill job vacancies. Recruiters are overburdened with the number of resumes coming in from various sources and moreover, they have very little time to fill these job vacancies. Consequently, the most important aspect of candidate engagement is given short shrift. Candidate engagement is very necessary as the recruiters do need to know more about the candidates they have shortlisted and need to continuously be in touch with them given that the candidates may have multiple competing offers. Candidate engagement becomes key in the whole recruitment process With the help of AI tools like Rudy that helps recruiters to shortlist candidates from a large pool of all sourced resumes saving more than 95% of a recruiter’s time in shortlisting. The saved time can be used for candidate engagement and other activities. Rudy is a virtual assistant to a recruiter helping them save a lot of time and be efficient.
The rise of AI in talent acquisition is evident, especially amongst companies that prioritize the quality of their hires, workforce diversity, and recruiter efficiency. In just a few years, AI and sophisticated machine learning technologies have helped reduce recruiting costs and the time-consuming task of screening candidates. The expectations of AI’s future contributions to the talent acquisition world are on the rise and rightly so. Watch out for more in my next blog that describes where AI is breaching new frontiers in Talent Acquisition.