Finding and attracting top talent has become increasingly challenging for organizations in today’s evolving market. Screening, interviewing and hiring the best candidate can be a time and resource-consuming task. Hence, organizations have been exploring ways to how AI can help make the recruitment process easy and make informed decisions.
A report by Gartner estimates that organizations can reduce TTH (Time to Hire) by up to 75% and CPH (Cost per Hire) by up to 70%. It also concludes that up to 75% of mid and large-sized organizations will be integrating AI into their hiring processes by 2025. These statistics indicate that AI is poised to revolutionize recruitment and transform hiring processes across industries.
Ease candidate screening
AI can sift through thousands of resumes and candidate profiles in a matter of seconds. The AI algorithms can identify keywords, skills, and experiences that match the job requirements, allowing recruiters to focus on the most promising candidates.
For example, Hilton Hotels used an AI-powered chatbot named Connie to help with recruitment at its hotels. Connie asked candidates questions about their skills, experience, and availability and then provided recruiters with a shortlist of the most qualified candidates. The chatbot helped Hilton save time and reduce the workload of its recruiters while also providing a positive candidate experience.
AI can also help eliminate bias in the recruitment process. Human recruiters are prone to unconscious bias. This can be avoided by using AI-powered tools which are unbiased and objective. They analyze candidate data irrespective of their age, gender, race, or ethnicity. This ensures all candidates are evaluated fairly.
A recent example is Unilever which added an AI tool to the hiring process to eliminate gender bias. The tool scanned resumes and removed any references to gender, resulting in a 50/50 gender split among new hires.
Improve candidate engagement
AI-powered chatbots and virtual assistants can help enrich candidate engagement. They can answer questions, provide feedback, and keep them informed about the status of their application. This can help improve the candidate experience and enhance the employer brand.
For example, IBM uses an AI-powered chatbot named Watson Recruitment Assistant to engage with candidates. The chatbot provides personalized responses to candidates’ questions, helps them schedule interviews, and even sends reminders about upcoming interviews. IBM has reported that the use of the chatbot has led to a 20% increase in candidate engagement.
The potential benefits of using AI in recruitment are hard to ignore. While self-reliant AI tools are still in the nascent stages, using them in combination with skilled human personnel can help make better hiring decisions. They can be used to augment recruiters’ capabilities and support them in making better-informed decisions.
Shortlyst is an AI-powered recruitment tool that can help organizations optimize their recruitment process. Its AI-powered algorithms can help recruiters screen candidates more efficiently, eliminate bias in the recruitment process, and improve candidate engagement. By leveraging the power of AI, recruiters can save time and resources while attracting and hiring top talent. Talk to our team to know more about it.