As a quick glance at the HR industry can show you, more and more companies are integrating artificial intelligence (AI) solutions into their recruitment processes. AI’s potential to sift through massive data sets, spot patterns, and learn over time is the reason why for such a level of adoption. With AI, businesses can speed up the hiring process by automating parts of it while ensuring better talent fits.
In fact, AI is bringing a true revolution to the way companies are looking for talent, ensuring several benefits for both businesses and candidates alike. Want to know more about them? Read on!
What is AI for Recruitment?
AI for recruitment is the implementation of AI-based solutions into the process of searching, selecting, and hiring candidates for specific roles. Its goal is to automate repetitive tasks that take a lot of time and resources. The most notable ones include pre-screening large candidate volumes and matching certain profiles to specific job openings.
The AI-based solutions used for recruitment are trained to analyze candidates’ resumes to find predefined capabilities that are relevant to the job. Thus, these applications assess the education level, job experience, skills, and even cover letters to define whether a candidate is suitable for a job or not.
For example, at mojosol solution a fast and effective AI solution that helps us build talented tech development teams tailored to our client’s needs and goals. Our proprietary software uses a sophisticated machine learning algorithm to choose the right engineers for a particular client’s project. It does so by considering multiple variables, including industry expertise, project scope and size, technology stack, and available IT infrastructure.
After cross-referencing those criteria with the seniority, skills, performance, and client reviews of our developers, Staffing Hero delivers the ideal team for the project at hand. And since it’s driven by machine learning, the algorithm takes all client feedback into account, improving its results and providing more accurate results in future scenarios. In the end, Staffing Hero is proof of all the good things you can achieve with AI in recruiting: speed, accuracy, and cost-effectiveness in no time.
Why Use AI in Recruitment?
There are plenty of reasons why so many companies are implementing AI in their recruitment processes. The most prominent benefit is that you can get almost immediate value from an AI-driven solution for hiring candidates, as it can quickly transform your recruitment process and elevate its quality. The following benefits are the ones that add up to that value.
Improved Quality of Hire
Any HR manager knows that quality of hire is one of the most essential KPIs for the sector, as it quantifies the effectiveness of the recruitment process to hire productive candidates. Fortunately, managers can now rely on AI to improve that metric, as this technology allows them to precisely match candidates with open positions based on previously processed data.
In other words, the AI solution can analyze a candidate’s knowledge, skills, and experience and compare it to the job requirements to define how suitable the candidate actually is. Since the algorithm has previous experience and has been trained to look for those matches, it can provide precise assessments of each individual candidate. This leads to more successful hires which, in turn, increases productivity and reduces employee turnover.
Reduced Time and Cost to Hire
Traditional HR methods had recruiters manually screening resumes to identify candidates that were better suited for the job. Naturally, this took a lot of time and resources and often resulted in recruiters being overwhelmed. What’s more – moving at a slow pace sometimes meant losing good candidates, mainly because talented candidates in active job searches could have received offers from other companies by the time the recruiters got to talk to them.
With AI, you can leave those things behind. A well-trained AI-driven recruitment solution can automate the repetitive tasks of assessing resumes and shortlisting the best candidates. This has a massive impact on the time it takes to hire someone for an open position since it speeds up the entire process. That, in turn, has an effect on the cost of the whole recruitment process, as it relieves recruiters from hours and hours of manual analysis.
More Diverse and Inclusive Hires
Today, fostering a more diverse and inclusive environment at work is a moral imperative for all companies. However, doing so takes more than just good intentions. A true diversity and inclusion initiative has to deal with the inherent biases of the recruitment processes that may have seeped from cultural stereotypes and systemic factors. Luckily, AI can help with that.
AI relies on datasets for the hiring process, so it’s essential to build them from scratch to ensure a reliable representation of the population. Doing that can lead to a diverse database that doesn’t take gender, ethnicity, sexual orientation, or appearance into account. being aware of them and developing the most ethical AI solution for recruitment possible can surely overcome biases and become a tool to bring diversity into your workplace.
Fully Adaptive to Remote Hiring
The COVID-19 pandemic has completely reshaped our entire world and one of the most notable effects on businesses has been the massive adoption of the remote work model. Left without a choice, most companies adopted work-from-home policies to keep going on during the lockdowns and stay-at-home orders. The model proved a success and it’s likely here for good, so hiring processes have to adapt to hiring candidates from remote locations.
As we at Mojosol are well aware of, that’s a challenge AI can tackle. Opening positions to remote workers gives you access to a larger talent pool but also means increasing the number of candidates you get. Assessing such a large volume manually is next to impossible but AI can make it a breeze. Plus, since applications will be digitally sent to you, you can already direct them to your AI-driven platform for automatic assessment, saving you time and resources.
Improved Communication with Candidates
As anyone that has gone through an interviewing process knows, communication is key. Candidates expect an immediate response after applying for a job, doing an interview, and whenever the company makes a decision. Unfortunately, sometimes recruiters are so overwhelmed manually responding to all candidates that communication suffers.
Implementing AI in the recruitment workflow can help you with this, too. It can do so by automating communication at important moments, such as sending emails whenever a candidate applies, a reminder for an upcoming interview, or a communication detailing what happened with the position. Thus, recruiters can offer a superior interviewing experience while candidates get the feedback they need to know what to expect from the process.
The Evolution of HR is Called AI
Saying that the future of HR is AI is misleading, as there are plenty of AI solutions already available that are revolutionizing recruitment processes all over the place. However, it’d be naive to think that what you might find right now is the definitive version of AI for recruitment. AI, by definition, is constantly evolving, so you can expect more sophisticated recruitment solutions in the near future.
While today’s solutions can automate a lot of parts of the hiring process, reduce time and cost to hire, and improve the diversity of the workforce, there are plenty of things that AI might do in the coming years. In fact, it’s easy to imagine AI becoming more and more sophisticated to the point where they take the entire talent acquisition process under its wings. While that might be nothing more than just a dream today, the current state of AI in recruitment shows that there’s a lot this tech can offer to the sector.