Artificial intelligence – one of the most talked-about technologies today.
Artificial intelligence – one of the most talked-about technologies today. It’s been around for decades, but it’s only recently that we’ve begun to see AI being used to automate more complicated tasks and becoming something that businesses can use in their day-to-day operations.
Before, its uses were limited to automating repetitive tasks like data entry or number crunching. Nowadays, however, we’re seeing artificial intelligence being used in more sophisticated ways—like helping companies make hiring decisions faster than ever before!
A lot of companies are using artificial intelligence (AI) technology in HR to get the most out of their hiring process. In fact, according to a recent study by McKinsey, more than 55% of companies have implemented AI-based solutions. This is thanks to an increasing number of HR departments seeing how AI can help them streamline their processes and hire top talent faster than ever before.
If a majority of your recruitment and hiring efforts are manual, chances are you have felt overwhelmed at some point in time.
Manual work is repetitive, time-consuming, and tedious. The more you do it the more it takes away from other important tasks such as sourcing high-quality candidates or identifying top talent from among them. Based on prior hires, AI-based recruiting automation can speed up the hiring process by up to 90% while simultaneously boosting the quality of prospects.
However, AI helps in streamlining the entire process by using big data and job preferences of different candidates to give organizations more control over their biggest asset – employees.
AI-powered recruitment automation technology can also help cut down the hiring time from months to hours, allowing human recruiters to spend more time on other important tasks like sourcing high-quality candidates or identifying top talent from among them
AI and resume screening: A match made in heaven
A resume is a summary of a candidate’s skills, experiences, and accomplishments. It’s an important tool for job seekers and hiring teams alike. For companies, it helps them determine whether or not an applicant is a good fit for the role that they have available at the time. For candidates, it gives them an idea of what to expect from the interview process by giving them insight into what questions might be asked about their past experience or what projects they worked on previously.
However, resumes can vary drastically in length and format – some are short while others provide more details than needed. Some highlight accomplishments while others focus more on skill acquisition. In order to ensure that only those applicants who meet all of your criteria make it through an AI Recruitment Automation software must offer a semantic resume parser that provides objective scores based on a defined set of criteria – this ensures that similar candidates receive accurate scores regardless of how well they write their cover letters or explain their work history during interviews!
AI’s predictive and prescriptive analytics can help companies understand their candidate’s needs better, saving time.
Using AI to predictively analyze a candidate’s needs is a big part of the hiring process. There are two ways that this can be done:
Prescriptive Analytics
This method involves using machine learning algorithms to create a profile based on the data you have collected from candidates and then suggest a solution that best suits them based on your company’s HR strategy. For example, if there is an increase in the number of applicants who are interested in working at your firm but aren’t qualified yet due to lack of experience, then prescriptive analytics would identify this trend and recommend training programs for those candidates so they’re able to apply for jobs more effectively next time around.
Predictive Analytics
Predictive analytics works by analyzing existing information about employees’ performance (such as KPIs) with new hires’ attributes such as education level or previous employment history before making predictions about future behavior such as whether or not someone will stay with your company long enough to hit their retirement date
AI significantly reduces the time taken for screening applications, shortlisting candidates and scheduling interviews.
AI is also useful in identifying the best candidates. It can help the recruiting team filter out resumes, which is one of the most time-consuming tasks in the hiring process. With AI technology, you can find the right candidate for your company by looking at their professional history and experience instead of just focusing on keywords that match what you are looking for.
AI can help streamline the screening process by filtering out candidates without the required skills, as well as identifying candidates who have the required skills but are not a good fit for your organization. Further, a study by RheinMain University of Applied Sciences showed that approximately 90% of candidates say that AI-based chatbots make for a positive experience while applying because of speedy responses and reactions.
The most important part of any hiring process is knowing what you want and finding people who will fit into it. AI can help with this by analyzing candidate resumes, cover letters, and LinkedIn profiles to determine if they are qualified for the job. It then makes recommendations based on data collected from past applicants about what kind of interviews they should be given (phone screen, in-person interview) or whether they should move forward to another round of interviews at all (perhaps based on their resume).
Specific candidates at your fingertips
AI can help you identify the best candidates based on a series of factors. You can use AI to:
- Identify the best candidates for the job in a specific location. For example, if you’re looking for an experienced salesperson who speaks Spanish and lives in Miami, AI would suggest that candidate from your list of applicants.
- Identify the best candidates for the job with a specific skill set, such as digital marketing or financial management. If you’re hiring someone who must be fluent in Portuguese, Japanese, and English and has experience in digital marketing, your search will be narrowed down significantly by AI’s recommendation.
Adopting technology can help you speed up your hiring process significantly
AI has shown promising results in the recruitment process. It can help companies cut down the hiring time from months to hours, and accurately predict the effectiveness of a candidate for a particular role.
With AI-powered talent acquisition, you can save a lot of time and energy by automating the most repetitive tasks involved in the hiring process. It will enable recruiters to focus on other important responsibilities such as sourcing high-quality candidates, shortlisting them effectively, scheduling interviews, and making informed hiring decisions.
According to The Undercover Recruiter, 80% of executives state that AI improves performance and productivity. Technology has revolutionized many industries, including healthcare and retail. Now it’s time for recruitment to be revolutionized by AI too!
Writer’s Bio: Varshini R (Senior Content Writer)
