Recruitment is a very personal process for every company. In addition to analyzing the skills and experiences of an applicant, it involves understanding the verbal and non-verbal cues, assessing the different sides of a candidate’s personality, and matching those traits with the job requirements. Therefore, automating different aspects of such a deeply personal process is extremely difficult.
However, with different AI technologies, like machine learning, automation, chatbots, natural language processing, etc. it is becoming easier to incorporate technology in the day-to-day hiring process of companies.
AI-driven hiring solutions have the power to easily transform the way companies source, screen, evaluate, and hire their employees. Such technologically advanced processes are not only accurate and fast but also resource-efficient.
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👉 How Does AI Work in Recruitment
👉 Top 8 Benefits of AI in Recruitment
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How Does AI Work in Recruitment
AI is mostly mistaken as a technology that can eliminate the need for humans. On the other hand, AI is a technology that can help recruiters make their lives a lot easier. AI tools not only help strategise high-volume hiring but also do wonders for companies that recruit limited manpower.
AI helps automate mundane hiring tasks, thereby increasing the hiring efficiency, savings, and overall profits of the employers. According to PwC research, by 2030, AI will have provided $15.7 trillion to the global economic growth.
It helps in sourcing and screening the best talent from job boards, such as LinkedIn. It can easily scan CVs for specific skills or experience using NLP (natural language processing) and screen candidates before the interview to increase the quality of hires in their organization.
Further, AI tools, today, are equipped to understand the body language and non-verbal gestures of candidates. In fact, certain tools can even assess thoroughly every single detail of a candidate’s personality and provide recruiters with a precise match between the candidate’s personality traits and the requirements of the job.
Apart from these valuable insights, AI-driven chatbots and automation techniques can easily schedule interviews, handle repetitive questions from the candidates, and keep them engaged with interesting activities during the whole recruitment process, making hiring more captivating for both recruiters as well as candidates.
Top 8 Benefits of AI in Recruitment
Faster Recruitment
AI can easily automate and complete repetitive, monotonous tasks in a matter of minutes, tasks that recruiters would typically require hundreds of man-hours to accomplish. Most recruiters believe that the processes of sourcing CVs and screening candidates can be 100% automated using AI-driven tools and therefore can help a lot in fastening the recruitment process.
In fact, Alorica found that just with the introduction of chatbots in their hiring process, they were able to save 1200 man-hours during a period of about three months. This clearly proves that if a company transforms the whole hiring process using AI, it can save a lot of time.
Saves Hiring Costs
Now, it’s no rocket science to understand that if a technology is saving several man-hours, it is going to save pennies for the company as well. If recruiters can source quality talent at a faster pace from fewer job postings using AI, the employer won’t have to spend a lot on different job boards to get applications from talented candidates.
And, it’s not only about the man-hours or job postings, AI improves and optimizes the whole hiring process. This means that employers using AI in recruitment tend to hire better candidates, increasing the retention rate and reducing the extra cost of mis-hiring, which can be as huge as 27 times the compensation of the mis-hired candidate.
Quality Hiring
AI can not only source candidates faster and at reduced costs but is also more accurate in hiring the right candidates. With AI in your recruitment process, you can improve the quality of candidates applying for your job and ultimately enhance the quality of candidates hired.
To start with, AI can help you write clear and descriptive job descriptions to attract the right candidates for the job. Next, using something called programmatic job advertising, you can target to advertise your job to people that match your preferences, not only in terms of skills and experience but also in demographics and behaviors.
Further, using different algorithms, such as NLP, you can screen hundreds of CVs in a matter of minutes and shortlist the right candidates for the position using skills assessment tools like WeCP. Hence, AI can be of help at every step of the recruitment process, enhancing the quality of candidates hired.
👉 Read More: How WeCP helped Infosys Evaluate 100k+ Super Coders
No Overlooked Candidates
Apart from ensuring quality sourcing and hiring, the use of AI in recruitment also makes certain that no quality candidate is overlooked.
Most job seekers today know exactly what keywords they need to put in their CVs to get sourced by the right employer for the right job. That is the reason why hundreds of thousands of job seekers want to learn to hack their CVs so they can stand out from the crowd.
However, there are still a lot of candidates in the job market who have the right skills and experience but do not know how to highlight their competence with the right keywords in their CVs.
This is where AI comes into play. It can efficiently identify candidates even if they miss out on important keywords. It analyzes the CV or resume as a whole document to understand the candidate's expertise and check if it matches the job requirements. Thus, AI ensures that no fit candidate is overlooked due to a lack of the right keywords.
👉 Read More: Problems with Resume Screening - What You Should Do Instead?
Reduces Human Biases
Humans are biased, by nature. And, recruiters are humans too. Thus, they ought to be biased for some candidates unconsciously based on different aspects of their personality or demographics. However, biasing by the recruiter is not good for the job role as well as for the employer brand.
AI can ensure that the recruiter hires the right candidate for the job role without any human biases. The use of technology can eliminate human biases by identifying the best-matching candidates based on their skills and experiences rather than the aspects that are governed by human emotions.
Better Experience for Candidate
Gone are the days when hiring used to be employer-centric. Today, a candidate wants a job as much as an employer wants a good candidate, making recruitment equally important for both employers as well as candidates.
Research shows that as many as 58% of candidates turn down a company’s offer because of their bad candidate experience with the company. Another eye-opening statistic says that 76% of candidates believe that not hearing back from an employer after an interview is more frustrating than not hearing back after a first date.
Traditional recruitment never really respected candidate’s time and efforts. However, the post-COVID market is changing and employers are gradually implementing techniques to engage the candidates in a better way throughout the recruitment process.
Nevertheless, candidate engagement during the whole process is quite cumbersome and monotonous for the recruiter, especially if the company is hiring in large volumes. But with AI in place, this can be managed almost effortlessly.
The employer just needs to implement a chatbot and regular emailing schedules. The chatbot can answer repetitive questions from the candidates and regular emailing can help candidates track their candidature status with the employer.
Better Employer Brand
According to LinkedIn, 80% of recruiters believe that employer branding has a crucial impact on the ability to hire the right candidates. And, according to Harvard Business Review, negative employer branding costs a company at least 10% more per hire. These figures are enough to showcase how important a role employer branding plays while hiring the right talent for a company.
Fortunately, AI can help enhance your brand as an employer. All the benefits of using AI in recruitment, such as reduced time, reduced costs, better candidate experience, etc. play a vital role in improving an employer’s brand in the market.
Additionally, just the fact that a company is advanced enough to use the latest technology in its hiring processes can uplift your brand value as an employer a lot.
Better Experience for Recruiter and Hiring Managers
When a single hiring will take a lot less time, resources, and effort, the recruiter ought to have a far better experience while hiring. From preparing detailed job descriptions to sourcing talented candidates to shortlisting better applicants to scheduling interviews and engaging the candidates, everything can be easily managed and improvised with the use of AI.
Moreover, since the recruiter can take the assistance of AI in different stages of hiring, the need for the involvement of the hiring manager is reduced to a great extent.
For example, if there’s a vacancy for an iOS app developer, the recruiter can ask WeCP AI Copilot to suggest some test cases for the candidates. It can also help evaluate the performance of the candidates in the tests, making it easier to churn out the right candidates for interviews.
Thus, AI not only enhances the employer’s brand value for applicants but also for the talent acquisition staff and hiring managers by giving them a technologically advanced experience of hiring.
Conclusion
AI can help reduce a lot of workload and man-hours for the talent acquisition team. Using AI also results in better hiring and less attrition.
At WeCP, we offer an AI Copilot that can help at all steps of recruitment. It can also eliminate biases, optimize the hiring process, and make hiring a great experience for applicants, thereby improving the brand value of your organization as an employer.
Want to know more? Contact us for more information or schedule a demo with us.
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