The Dawn of AI in Recruitment

Artificial Intelligence isn’t the scary future. It is the amazing present. This was an article published in the Chicago Tribune where David Gelernter, a famous writer, artist and a Professor of Computer Science at the Yale University, said that it’s about

time we accept the change around us where slowly, but steadily, the machines will be taking over. He even said, “And in time, we will build such machines–which will be unlikely to see much difference between humans and houseplants”.

Scared? Well, there’s no point being afraid as we have almost reached that point where the essence of artificial intelligence is all around, and how! Whether it’s for industries like banking, gaming, government or commercial businesses, AI has seeped into their veins quite extensively. And now, it’s slowly approaching the recruitment sector. The Covid-19 pandemic has actually triggered this loom of AI over the recruitment industries and acted majorly as a catalyst. Today, there is a lack of manpower and this is where AI can act as a sustainable solution.


Is it the Fourth Industrial Revolution or Industry 4.0?


Machine interactions have come drastically closer to human interactions today. A shout out to Alexa can dim the lights, play a song, switch on the television and remind one of an impending urgent work in seconds. Not only these but machines have now made it possible to automate tasks, interact, and collaborate with fellow humans. Recruitment is one of the processes which is leading the way in discovering the actual potential of AI. Recruiters all over the world are finding themselves responding to the biggest challenges of AI like optimizing processes to match the speed of business, ensuring that their current and future workforce has the right skills to leverage AI or not, and creating the correct administrative culture to reap the profits of data-driven decision making.

If this is not the onset of the Industry 4.0, then what is?


Case Studies to Show How AI is Transforming the Recruitment Processes Across Several Industries


Unilever


Unilever aimed at recruiting around 800 candidates in just 4-6 months out of 25,000 applications. The recruitment team followed the traditional hiring process of candidate screening and manual assessments. The company introduced HireVue and with its video interviewing process, it experienced a much-engaged candidate experience. HireVue also filtered out the applicants better. It did its job through the assessment of body language, facial expressions and so on. The results? Well, it was amazing, to say the least. There was an annual cost saving of around £1M and 16% increase in diversity hires.


FirstJob


FirstJob is an online recruitment firm who took help of Mya, a chatbot, in its recruitment process. The recruiters in the company were preoccupied with the management of existing talent pool and couldn’t pay much attention to interview new candidates or shortlisting them. Mya, on the other hand, communicated extensively with several candidates, asked them pre-screening questions, and made the hiring process easier. Basically, almost half of the recruiters’ job in the company were sorted by Mya. As a result, there was an increase in the efficacy of the recruiters by 38% and there was an increase in the job engagement method by 150%.

Well, let’s now look into a few predictions made by experts for AI and Machine Learning in the recruitment industry.


Future of AI in Recruitment – A Few Facts


· AI Recruiter, Workable’s very own AI-powered recruitment software searches through several profiles in just a few seconds to match the skills required in a particular job listed on their website. This is the kind of recruiting software which can build a pretty strong talent pipeline in the future.

· A hyper-growth recruitment agency, GQR, have started automating AI in its process in order to drive engagement and to cleanse its CRM by methodically labelling different profiles out of more than 350,000 records.

· Oracle Cloud HCM, which is a solution for several mid and large sized organizations to focus on streamlining the HR tasks with AI and Machine Learning, has several modules like goal management, strategic workforce planning, performance management and so on.

· As per a major AI consumer survey, two-thirds of people do not even realize that they have been using AI. The most common usage is through the chatbots. Chatbots are so lovable today by the consumers that most of the times, humans are more comfortable in using them as well as voice-activated AI technologies at home over any human help. And if speed, accuracy and swiftness are some crucial consumer needs in the recruitment line, imagine what AI can do in the years to come.

· Every stage of recruitment can now be closely monitored with the sensors and the data can be easily shared with analytics and AI software. Defect detection, profile shortlisting, screening, and prompt corrective measures is much faster with AI and hence, the entire recruitment cycle can get more efficient with the inclusion of robotics.


Conclusion


Simply put, the recruitment industries all over the world will be greatly driven towards higher productivity as well as increased proficiency with the help of AI. The workforce can, on the other hand, focus on the new operations and other innovations in the field in order to contribute to the growth and a positive future of the recruitment sector in the country.

So, what do you think? Are you prepared well for the changes that AI is impending to bring about to your industry? 2021 and beyond is surely the era of change and evolution. And with the help of the various AI tools, companies will be able to stay ahead in the hiring and recruitment curve. Let’s together get ready for the dawn of a computed future in the country.


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