Artificial Intelligence is the simulation of human intelligence by computer-based systems. The application of AI is expected to benefit most industries, including healthcare, telecom, information technology, aviation, real estate, government, and military. The recruitment industry is no exception.
While the arrival of AI is said to affect the job industry, research firm Gartner states that it would instead create more jobs than eliminate by 2020. It is expected that over 2.3 million new jobs will be created. AI can enhance the process of recruitment by saving executives from doing mundane tasks.
Everyone involved in the recruitment process, including HR teams, recruiters, and hiring managers are looking to leverage AI technology to improve the hiring function.
Let’s understand how AI is expected to transform the recruitment process in 2019.
Speed up the selection process
Screening a large pool of candidates is probably the toughest and most time-consuming part of the recruitment process. At times, the complete hiring process can take up to 2 months, depending upon the company size.
The process of recruitment is getting better with AI screening software as they can perform tasks like screening resumes as per the job role, contacting them, and conducting preliminary interviews, thereby reducing the hiring time.
Eliminate bias in the hiring process
The manual hiring process is flawed to a certain extent as it depends on first impressions and the mental state of the person performing the screening. Also, employee referrals are said to be the primary source of new hires, with about 50% of candidates acquiring jobs this way.
Recruitment companies believe that the use of AI for recruiting can enhance the selection process for their business. According to a survey by Jobvite, around 50% of recruiters are positive about AI and believe that AI would become a crucial part of recruitment in the coming years.
Enable data-driven decision making
About 96% of HR professionals believe that recruiting with the help of AI can enhance talent acquisition and retention. Earlier, the intuition of recruiters played a vital role in hiring the candidates. However, the use of data to determine the strengths and weaknesses of candidates is taking recruitment to a different level altogether.
This can help employers and candidates as well. AI can help in collecting data for employers and find the perfect job role for candidates based on their given inputs.
Make recruiter role more strategic
As AI technology has streamlined and automated the time-consuming hiring tasks such as resume screening, sourcing, and candidate matching, the role of recruiters is becoming more strategic. Recruiters also realize how AI is helping them save dozens of hours by augmenting their capabilities, and they can instead focus on spending more time on engaging with candidates and planning out proactive hiring initiatives for future growth.
83% of executives believe AI is essential for the efficient functioning of their businesses, while 75% of executives say that AI will help them concentrate on other factors of their business.
The future of recruitment is changing with the implementation of AI-based systems. The critical organizational function is only getting better and robust. The recruiters no longer need to carry out monotonous tasks repeatedly as AI identifies patterns and automates it.
AI-based hiring is becoming a standard recruitment method, and several tools are entering the market to support the AI-based recruitment process in 2019.
Further, Artificial Intelligence – aligned with human intelligence, represents an excellent opportunity for companies as well as job seekers.