As the world is closing down this chapter of Covid-19, the future of businesses, specifically the Human Resources industry, are relying on AI recruiting technology more than ever before.
But what exactly is AI recruiting technology?
It is the technology that applies artificial intelligence to the talent recruitment process by shortlisting your ideal candidate and automating manual tasks. AI hiring tools include recruiter chatbots, digitized interviews, intelligent screening software, etc. AI recruiting technology helps streamline repetitive and high-volume tasks. As businesses become more virtual and high-tech, many companies have successfully reaped the benefits that the AI recruiting technology is bringing to their HR departments.
So how is AI recruiting technology changing the future of HR? Let’s find out via this post!
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The future of recruiting and HR is gradually changing
AI recruiting technology eliminates biases in the hiring process
While HR recruiters remain fair with all the candidates applied, it is a universal problem that many have biases based on names only. According to research study “Race in the Labor Market” (Betrand and Mullainathan), even with all the other resume content being exactly the same, the ethnic-sounding names reduced the interview offers by half. Not only that, AI recruiting technology increases reporting confidence as 64% HR practitioners reported in the 2019 study by Oracle and Future Workplace they would trust a robot over their manager for advice. Currently, 50% of workers are currently using some form of AI at work compared to only 32% in 2018.
AI recruiting technology is more time-saving and efficient
As it automates high-volume and manual tasks, AI tools help recruiters save time while remaining the same size and allowing them to be more efficient with their work. Manually reviewing applications is still the most time-consuming aspect of recruiting, especially when 75 percent to 88 percent of resumes for a position are unqualified.
For a single recruitment, a recruiter is anticipated to spend 23 hours screening resumes and shortlisting applicants to interview. Using artificial intelligence, recruiters can save time by automating operations like resume screening, triggering evaluations, and arranging applicant interviews. Speeding up these parts of recruiting through automation reduces time-to-hire, which means you’ll be less likely to lose the best talent to faster moving competitors.
AI Recruiting technology helps you save time and effort
AI recruiting technology enhances the candidate experience
From the hiring to the onboarding process, AI recruiting technology helps elevate the candidate experience. AI Chatbots can provide information, updates, and feedback to basic candidates’ inquiries during the interview process. As a result, this elevates the in-person experience as both recruiters and candidates can spend more time exploring the relationships and sharing the company’s culture.
While nothing will replace a human touch with onboarding, AI chatbots can quickly answer questions or direct new employees to the right information. Responsiveness helps build a relationship of trust, and that may just keep a new employee on board longer. AI can also automate the tedious portions of the onboarding experience by collecting I-9s, W-4s, employment agreements and work eligibility information from new hires.
>> Read more: Employer Branding for Recruiters
AI recruiting technology helps utilize unique human skills
What humans have that technology lacks are the emotional intelligence needed to carry out jobs and interact with clients. John Jordan, who leads The Academy and Advisor Development at Bank of America, assists Bank of America financial advisors in better understanding the priorities of their customers in various life stages from young parent, to widower, to retiree. According to Jordan, the need to develop empathy is growing as front line bank professionals must understand the concerns of clients at their life stage.
Utilizing candidate skills now is much easier thanks to AI recruiting technology
There is also a business reason to develop empathy. Research from the Center for Creative Leadership shows developing emotional intelligence and empathy predicts better job performance for both front line employees as well as leaders. Along with higher impact of technologies in the organizations, companies’ success criteria will increasingly depend on human capital and the capability to develop and maintain a strong organizational foundation.
AI recruiting technology creates more jobs and help workers do job better
Artificial intelligence will create more jobs than it eliminates. The World Economic Forum projects that 75 million current jobs will be displaced as artificial intelligence takes over more routine aspects of work, but 133 million new jobs will be created. Creating new jobs as artificial intelligence becomes more widespread inside companies will be a huge priority for C-suite leaders. PwC reports that 20% of executives at U.S. companies have artificial intelligence initiatives that will roll out AI across their business and expect AI investment to both reimagine jobs and work processes as well as grow profits and revenue.
AI helps to create more qualified jobs
AI recruiting technology embraces skill-based hiring
Skill-based hiring is the practice of setting specific skills and competency requirements for a job rather than rely solely on a candidates’ academic credentials. Skills-based hiring may start by changing a job description and removing a degree requirement, but it requires shifting mindsets on where and how a company sources talent. What’s needed is to change the mindsets of hiring managers and business leaders to source in new ways. Every candidate has a talent, however the talent only truly unfolds in the right organizational framework — values and culture — in coherence with personal attributes and skills.
The benefits of AI recruiting technology are being proven by big corporations all over the world. IBM, GE and Hilton Worldwide are among the growing number of companies using algorithms to screen, test and hire new talent. They’re using machines to scan work samples, review social media posts, and even analyze faces. Unilever has been hiring all of its entry-level employees using AI for more than a year. Siri, Alexa and Google use AI. Facebook and Netflix use AI. GPS apps that apply real-time traffic conditions to predict the fastest route, credit card fraud monitoring, and your email client’s spam filter are using AI.
Skill-based hiring is now embraced by AI recruiting technology
In conclusion, an AI ready workforce is critical to the future of business organizations as the post-pandemic world is opening up. AI recruiting technology has brought to the Human Resources field an abundant source of great assistance, quality and talent.
If you are searching for help for a more effective hiring process, JobHopin is proud to be the first recruitment platform that successfully applies AI/ML (Artificial Intelligence/Machine Learning) into the talent recruitment process. Bunny AI from JobHopin can help employers:
- Speed up CV screening (50,000 CV/day)
- Analyze data, connect HR with the most suitable candidates
- Follow up on the application progress
- Chat with candidates through the chat feature
- Set up interviews
And don’t forget to follow us on LinkedIn to update hottest news about AI recruiting technology!
Source:
- Forbes
- HR Exchange network
- Ideal
The JobHopin team