CREDITS
JOBYLON
By Andy Agouridis
Artificial intelligence (AI) is revolutionizing the world of recruitment. So, it is no surprise that 43% of Human Resources professionals are already using AI in their hiring processes. The reason behind this rapid adoption is that organizations are starting to see the potential of AI and what it can do to improve their recruitment efforts. With the global AI market expected to reach over $1.8 billion by 2030, it is clear that this transformation is here to stay.
Recruitment is a resource and time-intensive process that is often fraught with challenges. From sourcing and screening candidates to conducting interviews and assessing talent, recruiters need to navigate a wide range of tasks to find the right fit for the company’s needs. The rise of AI means that many of these tasks can now be simplified, saving hiring managers time and resources. In this article, we will explore how AI is changing the recruiting process and discuss some of the benefits this technology can bring to businesses.
What is AI for recruitment?
AI for recruitment refers to the application of artificial intelligence technology in the hiring process to streamline and automate various aspects of recruitment. AI allows recruiters to use the power of data to make better decisions. AI for recruitment can assist in sourcing and screening candidates, analyzing resumes and job applications, conducting pre-employment assessments, and even predicting candidate success and cultural fit.
By leveraging AI, recruiters can save time and effort, improve the quality of candidate matches, reduce bias, and make data-driven decisions. AI for recruitment holds the potential to revolutionize the hiring landscape by increasing efficiency, accuracy, and overall effectiveness in identifying and attracting the right talent for organizations.
Why is AI important for recruitment?
With AI-driven technology the recruitment teams can make their work more efficient and focus on the bigger picture. They have more time to be strategic and put time on the bigger goals.
Here are 4 reasons why every recruiter should stay updated about AI in recruitment:
1. Maximize recruitment efficiency
Recruitment is typically a lengthy process that often involves a lot of manual work. The average recruiter spends up to 30 hours a week on administrative tasks such as sourcing candidates, screening resumes, scheduling interviews, and coordinating with other members of the hiring team. This can result in a significant loss of productivity. AI-based solutions can source through thousands of applications in an instant and identify qualified candidates. This can help HR teams significantly reduce the amount of time they spend on administrative work so they can focus on strategic tasks that will actually help you deliver results for your organization.
2. Overcome recruitment bias
Human biases can often creep into the recruitment process and influence decisions in ways that are not aligned with your corporate values and priorities. Almost 50% of HR Managers admit to being affected by unconscious bias when selecting candidates. This can result not only in bad hires but can also be limiting for organizations that are trying to build a diverse workforce. When utilized correctly, AI can counteract these biases and eliminate subjectivity in the hiring process. AI is able to screen candidates objectively based on factors such as qualifications and experience without relying on subjective factors such as age, gender, and race.
3. Enhances candidate experience
An inefficient recruitment process and impersonal approach can be a major turnoff for job applicants and lead to a poor candidate experience. In fact, a survey revealed that nearly 60% of candidates declined a job offer due to poor recruitment experience. Not only can this discourage potential candidates from applying in the future, but it can also hurt your employer’s brand. AI-enabled recruitment tools can help mitigate this problem by streamlining the entire application process and making it more efficient and enjoyable for candidates. By leveraging AI to make the recruitment process more engaging and personalized, you can significantly improve candidate experience and attract more qualified candidates.
4. Improve the quality of hires
Employees are the lifeblood of a business, and one bad hire can have a serious impact on the company’s productivity and bottom line. The United States Department of Labor says a poor hire might cost a company 30% of the employee’s first-year salary. The cost is estimated to be greater by some HR agencies, ranging from $240,000 to $850,000 per employee. This is where AI can prove to be beneficial. When used alongside traditional methods, AI-powered recruiting solutions can assess job candidates based on data and analytics and provide insights that can help managers make informed decisions.
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