Recruitment and AI: How Do They Get Along So Well?
Amidst fears of job loss, AI is helping recruiters to streamline the recruitment process for more efficient processing of applications.
AI or artificial intelligence has arrived with a bang so strong, it had Facebook’s Zuckerberg and Tesla’s Musk sparring over it. AI is disrupting the way corporate world works and the recruitment industry is not untouched. Amid fears of job losses, AI has proved to be a great support to the recruiters and applicants alike.
Recruitment is one of the most tiring processes with hundreds sometimes even thousands of resumes to be parsed. With no single format for resumes, doing this is time-consuming. But with AI entering the scene, recruiters have got the much-needed reprieve.
AI-based recruitment solutions are helping recruiters sort and match resumes to positions more efficiently and also helping them increase the number of matching profiles. For example, Skillate, a Bengaluru-based AI recruitment solution platform has helped Zyoin, a recruitment consultancy, to increase the number of matching profiles for positions nearly five times.
Recruitment And AI: The Support System
AI is the much-needed support system that recruitment firms have been missing for years. No more, though. With the help of AI-based recruitment solutions, the initial recruitment process can be completely automated, helping the recruiters to focus on interviews and getting the right candidate. For example, Mya, one of the latest job recruiting tools, automates up to 75% of the recruitment process.
The AI revolution is creating shock waves across the globe and India is not far behind this time. In fact, the country is matching steps with the global recruiting standards. The most common fear is, as discussed, job losses. This is true as AI is likely to create a significant amount of job loss owing to widespread automation. However, this is because older skills will become obsolete. There will, however, be new positions requiring new skills and thus, upskilling would be key in the era of AI.
The fact, that digital access has crossed barriers to reach even remote areas, is another reason why AI goes hand-in-hand with recruitment. Recruiters can now get resumes from remote freelancers who are looking for project-based work, thereby reducing their cost-head several times. This is a win-win scenario for recruiters and applicants, both.
Another problem that AI is helping recruiters tackle is that of no-shows after receiving job offers. AI-based tools can now track applicant’s past behaviour with respect to jobs and thus, determine whether they will be a good, average or bad match for the company. Similarly, AI-based startups such as Belong help their clients to send personalised emails to prospective candidates who may not be actively looking out and thus, are unavailable to recruiters otherwise. This has improved the chances of finding the right talent.
AI Improves Efficiency
Also, AI-based tools are helping recruitment agencies improve their efficiency manifold without a corresponding increase in headcount. Revenues for such recruitment agencies are rising. For example, PeopleStrong saw an increase of 60% in its revenues with just a 5% increase in the number of employees. A major reason is a sharp dip in the time taken to sort resumes from 20 minutes to 2 minutes. This is stupendous.
The technology is so advanced that through AI based video interviews, recruiters can get an analysis of candidate’s facial expressions, language used, voice inflexion and even gestures. An example is a US-based company HireVue. HireVue’s application can gauge the attitude of a person towards work through an analysis of the above-mentioned attributes. This is helpful in determining whether the candidate is a good fit for the company.
Several AI-based startups have come up and they are revolutionising the recruitment industry. The benefits the industry is reaping in terms of efficiency and revenues is great. With AI poised to become even more advanced, automated and sophisticated in future, recruitments will be a worry-free process for employers.