Did you know that each vacancy in a company costs $500 a day? 25% of companies say that a bad hire in the last year has cost them at least $50,000. Companies can’t risk getting a bad hire and having to spend all that money which is why there is such an extensive amount of work within the hiring process. In order to find a new member for a company, the hiring committee would have to go through hundreds of resumes, hoping to find one that would make a good fit. That can be very time consuming and inconvenient. Recruiters have a lot to do, so one thing that helps them a ton is artificial intelligence (Al). Al helps recruiters find talent that will fit into the company and makes the process a lot easier on them.
Artificial intelligence is the ability of a computer or machine to mimic the capabilities of the human mind. It makes a machine think and perform like a human through a simulation. When it comes to recruiting, Al can make the process so much smoother and faster. Some of the best uses when it comes to Al in the hiring process are that it can use data on job positions filled in the past, the time frame it took to fill them, the number of candidates, open positions and companies and specific market data to calculate the survival rate of available jobs. Al is meant to expedite the manual processes that take recruiters a lot of time so they can focus on other areas of the hiring process.
Reasons why Al has had such a profound impact on the recruiting process:
o It saves the recruiter’s time
-Al takes over the tedious and time-consuming task such as answering simple candidate questions, scheduling interviews and screening applicants. This frees up the recruiters schedule a little and allows them more time to focus on other areas of the job.
o Removes bias
-Al looks away from the name, age and gender of a candidate and focuses on the application itself. Al bias is reduced and prevented by comparing and validating different samples of training data for representativeness.
o It finds tons of candidates
-Because the machine can work so fast, Al provides recruiters with many possible candidates quickly. Now the recruiters don’t have to spend hours going through hundreds of applicants. Al can find tons of potential applicants very quickly and efficiently.
o It improves the candidate’s experience
-Al doesn’t take a day off. The machine is constantly working so any time candidates have questions, they can be answered right away. This will make a candidate more comfortable and eager to keep learning and asking questions.
While it may seem like the use of artificial intelligence in recruiting is taking away jobs from recruiters, it is actually needed that the two work together. Al can analyze data and replicate repetitive tasks to help recruiters, but it cannot take their place. Instead of the machine replacing a recruiter, Al helps the workers by giving them more time to do the parts of the job that still require human decision-making.
Al is ultimately changing the game for recruiting. 63% of recruiters have said that Al has changed the way recruiting is done in their organization and 69% say that using Al as a sourcing tool garners higher-quality candidates. Al isn’t just changing how the recruiting process is done but also what the recruiters now do each day. Al is changing recruiter’s roles through augmented intelligence.
Augmented intelligence allows recruiters to:
become more proactive in their hiring
helps determine a candidate’s culture fit
improves their relationships with hiring managers.
The beginnings of modern Al first came about in 1956. Since then, there has been much done and learned to improve artificial intelligence and now it is trusted by many. Al has made the long and enduring hiring process for both candidates and recruiters easier and all companies should use it for their recruitment needs.