Artificial intelligence in recruitment has a great potential with the right implementation. Time-saving is one of the most important benefits of using AI in the process of hiring. This involves auto-screening the resumes or candidates through job descriptions analysis. To be precise, AI is used to sift through all of the resumes to form a conclusive list of candidates that pass the screening. Some of the ways in which artificial intelligence recruitment benefits recruiters and hiring agencies are mentioned below:
Time-saver for recruiters
Sifting through resumes that come in as applications for a vacant position is a pretty challenging task, especially when up to 80% of all received resumes are in no way related or somehow fail to fulfill the required criteria. A number of talent acquisition firms believe that their hiring capacity is set to increase this year without increasing the number of HR executives within a team. What’s surprising is that recruiting teams are reducing in number rather than increasing to accommodate the rise in hiring. With artificial intelligence recruitment, there is a possibility of reducing manual screening time with the use of AI for the first few screenings.
Using job matching to improve the quality of recruits
The quality of hire is one of the greatest KPIs of recruiters everywhere. Since it was earlier difficult to figure out what happened to a candidate once they were recruited, the quality of hire was based on indicators that did not cover all the required aspect. Artificial intelligence recruitment has made it easier to figure out the quality of every hire through data collation and analysis. Since AI allows one to have an excess of data, it is also vital to know how to best utilize this data in order to further improve the quality of hire and the overall productivity.
Reduced cost of hiring
With AI handling all the necessary screenings before a face-to-face interaction, the cost of hiring reduces to a great extent. Reduced man hours inevitably allow companies to save up on their hiring cost as well as the salary that an extra recruiter would cost. Artificial intelligence recruitment also cuts down the need to hire more people as part of your recruiting team with AI picking up half your tasks with ease.
Reduction in turnover rate
Turnover, within a company, refers to the number of employees leaving said company over a year. If the turnover exceeds the number of recruits per year, something aspect needs addressing within your management. With artificial intelligence recruitment taking over a major part of the recruitment process, one can hope for a notable reduction in the turnover rate within a company. This is a positive turn of events for both – individual teams and the company as a whole.
While artificial intelligence certainly shows signs of benefiting recruiters and hiring agencies, it stays to be seen to what extent it could help in bringing about a breakthrough within recruitment.