Despite sounding like something from “The Jetsons,” artificial intelligence (AI) is not all robots and science fiction. In today’s world, artificial intelligence is part of everything we do, from shopping to driving to managing our homes (thanks, Alexa).
A growing number of employers are now turning to artificial intelligence for recruiting.
During the height of the pandemic, a single job posting could generate hundreds or thousands of applications, but now the war for talent is heating up. It’s a candidate’s market and recruiters must compete.
In addition to being a sign of a healthy economy, a candidate-driven market makes recruiting more challenging. To hire exceptional candidates as quickly as possible, HR and recruiting teams must use all tools at their disposal. Using AI to power recruitment processes is a popular solution for many companies.
This latest iXceed blog post explores what AI recruiting is, how AI-powered recruitment is changing talent acquisition, and how hiring managers and recruiters can use AI recruiting tools to hire the right talent more efficiently.
Identifying and addressing challenges
A turbulent economic environment, coupled with a high number of freshers and job seekers combined with low employability, puts recruiters under pressure to respond quickly. In the manual hiring process, companies have difficulty identifying and sourcing quality candidates on a mass scale. Recruiters often struggle to track and categorize the recruitment metrics generated by a large number of applicants.
It is difficult for many companies to build well-structured and efficient recruitment processes. Employee development and recruitment initiatives require a lot of effort and data to ensure they are effective and data-driven. Moreover, other challenges, such as the lack of centralized visibility for assessment procedures, and a lack of coordination and administration between departments, undermine recruitment effectiveness.
What is the impact of AI on recruitment?
Recruiters face so many individuals competing for so few jobs, how do they make their jobs more manageable? This is where artificial intelligence (AI) can be useful. The purpose of today’s article is to examine the impact of AI on recruitment: its uses, pros, and potential pitfalls.
Artificial intelligence can optimize recruiting for employers in many ways, from saving time to improving diversity to improving the candidate experience.
Increase hiring speed
A steady stream of perfect candidates no longer knocks on employers’ doors with resumes in hand. The competition may be able to land your top picks if your recruitment process is not efficient. When you hire faster, you’ll likely be competing with fewer offers and more likely to be able to secure top talent.
Hiring teams can speed up the hiring process by using AI recruiting software. By using AI-powered video interviewing technology like Clovers, employers can improve hiring speed and quality while consolidating and assessing interview feedback more quickly.
Recruitment begins with sourcing candidates-but recruiters shouldn’t spend all their time sourcing candidates. Recruiters spend most of their workweek on sourcing alone, spending at least 30 hours on it. Sourcing is a tedious and time-consuming process, which keeps requisitions open for longer and puts hiring teams at risk.
The recruiter can automate the process of manually sourcing and shortlisting qualified candidates by leveraging AI and machine learning. The best-qualified candidates can be quickly identified when recruiters use AI recruiting tools to screen resumes and conduct keyword-based searches.
Even if we’re not aware of them, we all have biases. Left unchecked, unconscious bias, also called implicit bias, can easily creep into the recruiting process and put employers at a disadvantage.
90% of companies recognize the need to reduce bias in their talent acquisition process to avoid poor hiring decisions, legal troubles, and lack of diversity. Although unconscious bias training is a step in the right direction, it alone is not enough to eliminate bias from recruitment. Here’s where AI comes in. By standardizing interviews with an AI-powered recruitment solution like Clovers, HR teams can ensure a fair, inclusive interview process for all applicants.
No candidate wants to feel like a nameless cog in the recruitment machine. Recruiters can give candidates a better experience by designing recruiting processes that are both scalable and efficient.
Recruiting candidates with conversational AI increases their acceptance rate by 38 percent when it is part of the process. Exactly why? During the recruiting process, candidates who feel a strong connection to an organization are more likely to become employees. Recruiters and hiring managers can gain a deeper understanding of each candidate by using AI recruiting tools. Ultimately, this results in more meaningful conversations, which leads to more engaged candidates.
Find great talent
A new employee’s first-year salary is estimated to be at least 30% of his or her salary. A new employee’s hiring, onboarding, and recruiting costs can reach $240,000. Not only is hiring the wrong employees expensive, but it can also negatively impact morale, productivity, and profits.
Sadly, it’s a common mistake as well. In a survey by CareerBuilder, 74 percent of employers say they hired the wrong person. An employer can improve the quality of their hiring process by using AI-driven recruitment software. Recruiters can use AI to screen thousands of resumes and interview candidates to find the most relevant candidates.
As a final note
By leveraging artificial intelligence, end-to-end recruiting operations can be completed swiftly and digitally, allowing operation cycles to be optimized. In addition, it helps match qualified people to appropriate jobs. Recruiting based on data reduces manual processing, resulting in a more efficient, unbiased, cost-effective, and frictionless system. In addition, it will ensure a very pleasant and seamless experience for candidates and new employees.
Are you interested in being part of this effective recruitment process? Please contact us or keep checking our website at www.ixceed-solutions.co.uk.