During a recruitment process, one of the most common complaints from the candidate perspective is the time it takes to hear back from a recruiter, if they hear from the recruiter at all. Most of the candidates don’t get responses, and if they do, it usually takes a long time.
On the other side, we have you, recruiter or hiring manager, who is swamped by hundreds if not thousands of applications, and it’s your responsibility to find the top talent inside this pool. Now, manually getting back to every single candidate looks pretty unrealistic, if not impossible. Here is where artificial intelligence kicks in.
What is AI?
Artificial intelligence can be described as a self-learning program typically used in software development and other IT areas. It needs to contain a massive amount of data to function optimally, to speed up your processes. In fact, a survey done by IFS showed that out of 600 business leaders worldwide, 90% of them are implementing AI to make their business operations more efficient.
The reality is that AI is not just yet in the perfect stage, but it’s constantly being improved, and the unease of the AI taking your job can seem quite real in the future. We thought that writing stories and composing pieces could be done only by humans for a long time. The technology is not there yet, but it’s certainly being developed as we speak, like, for example, GPT-3.
To keep it simple, we can categorize AI into two broader categories: narrow and general AI.
As the general AI may indicate, this system is designed to have an adaptable intellect similar to humans. It means the AI can learn how to perform various tasks, but several scientists believe that this kind of AI is still centuries away.
Narrow AI is what we see in computers today – self-learning systems that can learn how to carry out specific tasks without being programmed. A great example of narrow AI is the speech and language recognition assistant from Apple Siri or Amazon’s Alexa.
AI in recruitment
In its current shape and form, AI in recruitment has great potential. It’s not in terms of cutting jobs but to speed up the overall process and increase its quality. Undercover recruiter anticipates that AI will do 16% of HR jobs within the next ten years. It doesn’t automatically mean that it will replace recruiters or HR completely, but it will save you time by taking care of the repetitive tasks.
The modern talent acquisition and recruitment process consist of multiple, small steps that can be improved and automated. Furthermore, these processes hold critical data points that can be uploaded back into the system to accelerate your ROI.
5 key benefits of AI recruitment
By incorporating AI into your recruitment process, you’ll gain five core benefits throughout the different stages.
1 Managing higher volume of candidates
At the beginning of recruitment is the sourcing process – finding the potential candidates for your open role. This process can be optimized by using AI to update the performance of your recruitment advertisement constantly. The cognitive system can learn from applicants’ data and place them in your different automated flows based on their score or grade.
From a different angle, this system can manage different platforms that you use to target hundreds, if not more, specific candidate profiles that would be more inclined to apply for the position. To put it simply, a possible candidate will see your recruitment advertisement only if he or she is already a good match.
As we mentioned before, to get more accurate results, the AI needs to be fed a proportionally large amount of data.
2 Increase the quality of your recruitment process
To process and select the right candidate from a big applicant pool, recruiters can use special AI algorithms. Thanks to them, the whole process can be divided into several stages, allowing recruiters to evaluate candidates more effectively.
For example, we use special AI algorithms during the interview stage. This allows us to limit the unconscious bias and get data-based results. We can assess the key hard skills and the crucial soft skills necessary to perform well within an organization.
3 Save time on repetitive tasks through automation
The importance of getting the right hires and getting them quickly is even more vital in small businesses and early-stage startups. Each new hire needs to be a great fit that will help the company scale faster, but finding this top talent usually requires a longer recruitment process.
AI-based software needs just a few seconds to analyze large quantities of data and provide comprehensive results that decision-makers can consider.
4 Reduces the risk of biased decisions
It’s in human nature to imply a particular share of conscious or unconscious bias. Biased decisions are a common problem within all sorts of organizations and professions. AI solutions can minimize this element by purely considering the data that evaluates candidates based on their real potential and personality.
On the other hand, since you can program your AI solution to either take into account or ignore a specific data set, you can teach it to be biased. If you feed your AI system with biased data, they will end up being biased.
“The real safety question, if you want to call it that, is that if we give these systems biassed data, they will be biased,”
5 Reduction in cost of your recruitment process
Different AI solutions come with different price lists. To be more precise, a custom AI solution can cost you somewhere between 6000$ – 300 000$ per solution. The other is a 3rd party AI software provider where the prices can vary even more. For 3rd party AI solutions, you can count on prices anywhere from 0$ – 40 000$ per year.
For instance, one of the most common AI solutions many companies are using are chatbots. You can find many different chatbot providers where some of the solutions can be even for free.
Artificial intelligence in HR and recruitment comes with great benefits for your organization. Companies that are leveraging AI in the present day are mainly using AI to automate repetitive tasks and, in that sense, improve the quality and efficiency of their hiring processes.
Using those self-learning systems, recruiters can manage a much higher volume of candidates in a shorter amount of time. The more data these systems are fed, the more accurate they can become, which not only increases the quality but it can significantly reduce the manual time of your employees and the costs in your hiring process.
Would you like to learn more about AI in recruitment with other relevant news within this field?
yTalent, because what you need is a recruitment agency that is alleviating the unnecessary stress from the hiring process, while using data to ensure you get the right hire.