Raj Das is the Co-Founder & CEO of Hirect which connects talents to startups without any middleman. At the company’s helm, Raj is responsible for overseeing end-to-end business operations, primarily the management of Product & Marketing in India. Through Hirect, Raj strives to encourage youngsters to join startups and build wealth for the nation as well as for themselves. With the startup culture growing leaps and bounds, he aims to make Hirect the go-to hiring partner for startups with promising talents to unlock unmatched growth opportunities. Raj is also a cricket fan, music buff and loves to binge-watch movies and TV series in his downtime.
Today, Artificial Intelligence and Machine Learning have permeated numerous industries, including recruitment, revolutionizing them. Analytics India Magazine reports that, 64% of HR organizations were using AI for talent acquisition in 2020, which is expected to reach 77% by 2023.
Meanwhile, the deployment of AI-powered recruitment tools has revolutionized the way businesses operate. Artificial Intelligence enables employers to streamline their end-to-end hiring/recruitment processes from recruiting to onboarding. Hiring apps also allow recruiters to interact directly with the candidates. In this article, we have explained how AI is changing the dynamics of the hiring world.
AI can be used in conjunction with other systems to automate many recruitment processes. Innovations using these advanced technologies have yielded groundbreaking results and are seen increasingly as game-changers for talent and human resources. Overall, AI has made the recruitment process productive and smooth via its cutting-edge technology.
Challenges Faced by Recruitment Sector:
Most companies struggle to identify the most competent and relevant candidates for building their core teams. The hiring strategies of companies are changing. In order to attract and retain top talent, companies are looking beyond remuneration. In addition to the remuneration benefits, workers also consider the organization’s values and culture when considering a new position. As a result, organizations looking to boost their recruitment and retention efforts have to prioritize building a strong company culture, enhancing the quality and visibility of senior leadership, and providing exciting, clear career and growth opportunities to their employees.
In many cases, unconscious bias also hinders quality hiring. Over the last few years, organizations have had to recalibrate their HR policies almost overnight to deal with the internal and external repercussions rising due to the pandemic. Here, HR functions played an essential role in enabling organizations to safeguard employee wellbeing. Even as remote/hybrid workplaces evolve, managing attrition and building a high-performing workforce became increasingly important. The difficulty in locating better talent at optimal cost has also increased to a great extent.
How Is AI Solving These Challenges for the Recruitment Industry:
Streamlining the HR operations with Artificial Intelligence has radically transformed the recruitment process into a more flexible and time-efficient one. Artificial intelligence-powered hiring has made breakthroughs in pre-screening candidates objectively and short listing the most suitable candidates. Matching the appropriate candidates with the right recruiter is possible by artificial intelligence (AI) solutions. As systems become more developed, this field will continue to emerge in the future.
AI tools can also help reduce the bias recruiting in the hiring process, thus reinforcing the organization’s commitment to diversity and inclusion. The use of gamification to screen candidates using AI algorithms helps evaluate factors such as aptitude, risk appetite, ability to manage uncertainty, the potential for innovation, learning agility, and the ability to deliver results. Adopting AI-based gamification programs also help employers see beyond the resume and eliminate unconscious biases.
Advanced technologies like Artificial Intelligence help reduce recruitment time and increase applicants who complete the application process. Today, companies can use Artificial Intelligence to attract potential candidates and assess their performance throughout the hiring process.
AI Trends Expected to Transform Recruitment Industry in 2022
- AI-Based Hiring Solutions help to recruit ideal candidates – based on behavioral and contextual data; they can target individuals with the best personality fit and the most outstanding potential.
- AI Tools to conduct initial interviews instead of hiring managers – gathering information and gaining insight from applicants.
- Artificial Intelligence automates interview assessments – enabling real-time evaluation of candidates’ knowledge and skills through virtual interaction, eliminating bias towards specific candidates.
- Machine learning- can ensure sustainability by learning and upgrading the solution in a dynamic environment.
Meanwhile, a survey done by Forbes indicates:
96% of the recruiters believe AI can greatly influence talent acquisition and retention in the coming years.
An average of 14 hours per week is lost due to manual processes, which AI can solve massively.
AI-based hiring has gained popularity recently since this method is more efficient and cost-effective than conventional hiring. It will revamp the recruiter’s role while freeing up their time to focus on relationship building. Additionally, AI in recruitment supports hiring strategies and provides information to train hiring managers.
Various industry behemoths have adopted AI tools for the hiring process. The few widely used tools are Skillet, Loxo and Pymetrics. It’s correct to conclude that the use of AI in the staffing and recruitment sector is the hottest trend right now, and it’ll continue to be so in the future years. Companies, recruiters, and applicants will be benefited from the newest breakthroughs in artificial intelligence, machine learning, and big data, which provide greater efficiency and better outcomes for the staffing and hiring industry.
Artificial Intelligence is bringing a revolution in the hiring world. Since automation has been deeply interwoven into the hiring process, it has been a while that AI has had a significant impact. HR professionals can focus more on their core responsibilities by automating the hiring process and improving the candidate experience. Artificial Intelligence and Machine Learning are expected to replace numerous tasks currently performed by humans. Artificial Intelligence cannot, however, replace human judgment.
In contrast, artificial intelligence will significantly assist human intelligence in improving recruitment and job search procedures and making the entire process much more efficient and quick. This paradigm shift will enable talent acquisition decision-makers to connect directly with their relevant talent pool across a wide variety of industries.