AI for recruiting – The future of talent acquisition
Hiring tools are not new to any HR team. Job boards, ATS, CRM, chatbots, resume parsers and similar recruitment tools used to make news in hiring trends but now are such staples of businesses. Along the same line, Artificial Intelligence (AI) disrupted our markets a decade ago, and when it was new, industries and businesses were reluctant to use it for fear of the unknown. After the dawn of AI in recruiting, its use has streamlined the high-volume, repetitive recruiting tasks and positioned itself as the future of talent acquisition. To put it in numbers, an HBS study[1] showed that 99% of Fortune 500 companies rely on hiring tools; while another survey revealed[2] 55% of HR leaders in the U.S. AI hiring tools in one way or another.
Today, we see AI everywhere, from coffee makers to seismographs. Manufacturing recruitment, for example, would have been struggling in the post-pandemic era if not for its slow yet steady adoption by industry recruiters. And it reflects in the employment market as well as GenZ is twice as accepting of AI hiring tools as the older generations [3]. Healthcare, for example, would be handicapped without AI advances in the medical field, and so would many branches of science.
Artificial Intelligence has delivered efficiencies and insights that have changed the world for the better. AI can amplify human intelligence, the foundation of everything we admire about civilization, and made it easier for us to address tomorrow’s and today’s problems.
That said, as AI hiring tools make new waves in 2023, it’s imperative to clear myths to see what future beholds with the situation of major tech layoffs at the beginning of 2023.
But before we dive into that, let’s just refresh ourselves on what AI recruiting is in the first place.
What do you mean by AI for Recruiting?
AI recruiting refers to the usage of artificial intelligence (AI) driven hiring tools, techniques, and procedures to recruit candidates. AI can help automate and streamline various tasks, including candidate sourcing, scheduling, assessments, and even communication – to varying extents. Hence, using AI for recruiting is seen as a hiring strategy to save more time and energy for all involved stakeholders in the recruitment process.
How AI can enhance talent acquisition?
AI hiring tools has proved to be a game changer for talent acquisition in recent times. It can help greatly across recruitment drives, including the following:
Candidate sourcing
AI automates application sourcing, scouring a bigger number of platforms and portals.
Candidate screening
AI can swiftly screen resumes not just on skills and competencies but also on their values, personality, and their fit quotient for the organization.
Job posting
AI is already beginning to learn how to tap centralized databases for getting job adverts across to the best possible audiences while also enabling better creation of relevant adverts in turn.
Candidate analysis
Many AI hiring tools help assess and evaluate candidates who interview online and have limited interactions with the organization.
Reducing biases
AI is helping companies integrate diversity and inclusivity into the recruitment process. It is helping recruit on merit, while keeping human biases out of the way.
These are some of the ways in which talent acquisition automatically gains a newer dimension, courtesy of artificial intelligence (AI). It is poised to drastically disrupt the way the industry hires candidates, thereby saving time, energy, and money for companies in the long run.
The advantages of hiring tools powered by AI are visible to those using it, but to many still skeptical of its capabilities and ethics, some common myths go around the industry. Let’s take them one by one to reveal the truth behind the hurdles in the acceptance of AI recruiting tools despite the hiring trends.
Myths about advent of AI hiring tools
Myth #1: AI will replace people
Fact: We all have heard this so often about robots taking over the world and putting an end to our jobs. In fact, AI automates data analysis and allows recruiters and hiring managers to do what they do best: grow the business and nurture its top talent strategically. Data scientists develop Artificial Intelligence to make a job more efficient and smart, but what truly increases efficiency is people who understand how to use the insights AI delivers. So, it’s always going to be People and; AI. What is AI without People Intelligence?
Myth #2: AI and machine learning (ML) are the same
Fact: ML is only a part of AI. ML enables systems to recognize patterns in data and suggest better algorithms for superior results. In comparison, AI is an advanced analysis and studies ways to build intelligent programs and machines that can help people more creatively solve problems. AI can augment human efforts by creating more value.
Myth #3: AI is supposed to learn on its own
Fact: ML and AI are programs run by scientists to derive sequences out of actions. However, they cannot be objective on their own and will always require human interpretation.
Myth #4: AI is not essential for hiring
Fact: This is a colossal misconception too. AI so efficiently takes care of sourcing and giving you a dream list of candidates. Imagine the number of hours saved searching multiple sites and sifting through resumes. With AI automating all that, you have more time to spend on candidate engagement.
Myth #5: Investing in AI is an extra cost
Fact: AI can more than pay back any investment with greater staff efficiency and more precise, more responsive sourcing.
What does the future of talent acquisition look like?
A Future of Talent Acquisition survey was undertaken as a partnership between HR.com and MHS [4]. This had several interesting findings, as outlined below:
- Not many HR executives rate their companies highly in terms of how they acquire talent. Just 18% rate this as advanced, while 29% mention it as chaotic or improvisational.
- Companies have to hire quickly (63%), while adding more workers to boost growth (62%) is also essential. 61% talked of issues in finding suitable talent for job duties, while 46% highlighted the lack of suitable skills in the pool.
- Technology is the biggest growth driver. 53% of organizations already use an ATS (applicant tracking system), while 41% use video interviewing. 41% use performance management tools, while 39% have referral systems.
- 54% state that ATS will be one of the most vital talent acquisition technologies in the coming three years.
- 50% feel that recruitment marketing platforms will be vital for managing talent in the next three years.
- 41% also say that candidate assessment will also be important down the line, with specialized solutions and strategies required for the same.
These findings clearly indicate the importance of AI in recruitment sourcing strategies above all else.
In fact, according to LinkedIn’s The Future of Recruiting Report, these are the findings for the tools that would have the highest impact on recruiting procedures-
- Tools for engaging and discovering candidates- 68%
- Assessing soft skills- 60%
- Tools for analyzing the market- 54%
- Video interviewing tools- 53%
- CRM/Candidate Database- 51%
Talent acquisition processes are thus set to undergo a major makeover in the future, with suitable AI-based hiring tools for candidate identification, screening, assessment, and communication. More organizations are set to integrate efficient AI recruiting tools into the process, greatly boosting their talent acquisition initiatives as a result.
Another intangible advantage of AI recruitment tools
AI-assisted recruiting enables you to source, find and connect with the candidate quickly. It gives you more time to build relationships with suitable candidates and identify the talent that best fits your needs for culture alignment, hard skills, and soft skills. It also gives the recruiter more time to plan business growth and retain current talent.
Arya: A level upward in AI recruitment tools
Since 2003, Leoforce has pioneered AI-assisted recruiting with the Arya platform, matching hundreds of millions of candidate profiles to specific job requirements. In fact, we have now gone beyond traditional AI recruitment tools to deliver People Intelligence, which derives even deeper insights into candidates from their entire job history, resulting in even more precise targeting of the best candidates. The result is that recruiters and hiring managers can consider better-screened candidates for less time and expense.
How Arya AI and People Intelligence have transformed the hiring process?
- Arya gives you candidates that better-fit skill sets and experience with results that you can easily see and interpret.
- Many wasted hours are eliminated because the most challenging part, finding and qualifying the right candidates, is taken care of.
- The power and control are with the recruiter or the hiring manager as, as they use their human intelligence to decide who to choose to take forward.
- Specific location hiring becomes much more straightforward than just keyword matching.
- A candidate can look fantastic, but are they ready to interview and change jobs? Arya People Intelligence can help identify those most likely to consider making a career move.
AI, and the more refined Arya People Intelligence, can be a powerful tool to increase the impact of your human intelligence by driving efficiency in recruitment. You can make a data-driven decision within hours, avoiding the inevitable errors and biases that can get in the way of finding the best-fit candidate.
A powerful AI that aligns with your hiring goals!
Talent sourcing is an essential part of small business operations. By embracing AI solutions’ power, you can give this process the attention to detail it deserves without letting other priorities slip through the cracks.
Take a free demo to discover how AI hiring tools can quickly streamline your recruiting and hiring process, whether you’re a small business or a large enterprise.
FAQs
Will AI replace human resource managers?
AI may automate certain tasks performed by HR managers, but it is unlikely to completely replace them. However, an HR that use AI hiring tools may replace another who does not.
How to use AI for recruiting?
AI can be used for recruiting by automating certain tasks, such as resume screening, candidate matching, and scheduling interviews. It can also be used to analyze data and identify patterns to improve recruitment strategies. You can schedule a demo to see exactly how AI can accelerate your recruitment efforts.
What are some examples of AI in the hiring process?
Examples of AI in the hiring process include algorithms that analyze resumes and job applications, and machine learning models that help predict a candidate’s interview performance. Moreover, chatbots that can interact with candidates, are known to enhance candidate experience for their promptness, availability and factual accuracy.
What tools do recruiters use?
Recruiters for long have been using a variety of tools, including applicant tracking systems (ATS), job boards, and social media platforms. Lately, AI hiring tools are being adopted by recruiters from across the world as it serves as a comprehensive hiring tool.
What is a CRM tool in recruiting?
A CRM (Candidate Relationship Management) tool in recruiting is a software platform that allows recruiters to manage relationships with potential candidates and keep track of their interactions with them. It can be used to improve communication and personalize outreach to potential candidates.
References
[1] https://www.hbs.edu/managing-the-future-of-work/Documents/research/hiddenworkers09032021.pdf
[2] https://www.mercer.com/content/dam/mercer/attachments/private/global-talent-trends-2020-report.pdf
[3] https://www.tidio.com/blog/ai-recruitment/
[4] https://mhs.com/talent-acquisition-technology/
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