Can AI enhance recruitment?
AI in recruitment, far from the AI in Terminator but more to terminate rudimentary processes in hiring.
Hiring is a complex, time-consuming process. It involves juggling multiple methods of advertising, filtering through numerous applications, conducting interviews, reference checks, and more. But how does AI help? I do all these things anyways; does it streamline my process? What're the right aspects of the recruitment process to be automated? How does this affect my hiring budget?
One of the strongest applications for AI is in automated screening, where applicants are scored based on a number of different criteria.
Automated screening can be used to find candidates with specific experience, education and skills; candidates who fit your organization's culture; and even those who are more likely to stay with you after being hired. With so much information out there about each person (you can use LinkedIn to see what they've done professionally), it makes sense that using an algorithm would be a more scalable way than checking every application yourself or asking a recruiter to do it.
AI can help you hire more qualified candidates faster, which will increase your ROI on your ATS. This is because AI is able to sift through hundreds of candidates in an instant and pick out those who are the most qualified for the job. The result is that you won't have to invest a lot of resources into interviews or tests. Good AI screening tools come with interview and onboarding tools that can help guide your recruiters around a candidate’s profile so you'll save money on labour costs associated with recruiting.
“Interview and onboarding tools help guide your recruiters around a candidate's profile, optimizing labour costs associated with recruiting”
Additionally, AI will allow you to reduce time-to-hire by helping you find the right candidates faster than traditional methods, one of which is leveraging hidden talent. The average cost per hire has been steadily increasing over the past few years as the competition among employers grows; using AI technology can help companies save money while still hiring quality employees who will help build their business moving forward. More manpower doesn’t solve this.
Ease of use
Artificial intelligence has the potential to transform the way we hire. It can be used to automate time-consuming and repetitive tasks, such as sifting through resumes and filtering out applications that aren't right for your company. AI can also help automate the screening process by providing real-time feedback on applicants based on their skill set and experience with tools like text analytics. This means recruiters won't have to spend hours going through piles of CVs before they find someone who fits both the role and their company culture.
With AI solutions like this available at your fingertips, there's no reason not to use them—and every incentive for doing so!
More qualified candidates, more time saved
With AI, you can make better use of your time and resources by cutting down on the amount of time it takes to hire. The average time-to-fill for a position is 42 days — and that's only when hiring managers are actively recruiting. With AI, companies can bring on new hires faster more than 70% faster than ever before.
Additionally, with AI helping you screen out candidates who aren't qualified for open positions, you'll be able to focus on more qualified candidates who will be more likely to succeed at your organization. This not only helps you save money by avoiding costly missteps but also allows for a faster turnaround time for filling vacant roles within your company. It also means that fewer people will waste their time applying for jobs they don't meet requirements for or interviewing with companies where they wouldn't thrive long term (and vice versa).
Finally: eliminating bias from recruitment processes enables organizations to attract talent from a larger pool of applicants while increasing diversity within their team members' backgrounds - something we've all been striving toward with Singapore being one of the most racially and religiously inclusive societies.
With the technology of today, you can use AI to help streamline your hiring process. In fact, it’s already being used by some of the most successful companies in the world and has proven to be an efficient way of sourcing talent. The technology is constantly evolving, so even if you aren’t ready for full-on automation just yet, there are still ways to integrate some AI into your existing processes or experiment with a few pilot projects first before implementing them across all departments.
Get in touch to find out more!