In the post-pandemic era, businesses are thriving at the most efficient level and the hiring and recruitment industry is churning at the highest level of efficiency. Government bodies are implementing and creating certain labour laws as we witness the rise of the gig economy as well.
Artificial intelligence has now infiltrated the mainstream of every business and has been shown to be a useful tool for recruiters from all industries. AI-powered recruiting tools have already revolutionised the way even small businesses operate and assist in the hiring process, end-to-end – right from screening the resumes to onboarding the candidates, and by enabling direct chat between the recruiters and jobseekers. In this article we have explained the importance of AI and how it’s helping small businesses to hire employees much faster than the traditional methods. Read through to know more.
Artificial intelligence (AI) recruiting technologies are altering the employment process:
As it is known that, the process of hiring new employees is exhaustive. It involves various stages from screening to onboarding and constant management. However, AI-based technology solutions can streamline the hiring process significantly by automating multiple tasks and providing access to the global talent pool.
One of the luxurious aspects of this technology is that it allows SMBs to compete with the big brands when it comes to their recruitment process which, they never could. AI is offering greater transparency in the job application process by bringing every part of it online. The intelligent system is now used to scan resumes for keywords and phrases that are likely to lead to an appropriate job for the candidates.
Automation allows candidates' profiles to be seen at scale, lowering the time spent reviewing single applications by 300 percent. It also eliminates the prejudice of recruiters. While AI is now being utilised by organisations throughout the world to assist them in finding the appropriate personnel, it is only the beginning of what AI can accomplish.The use of artificial intelligence to recruit is a new trend in the job market. With this trend, small businesses can quickly fill up positions that require specific skills and experience. This saves both time and money.The concept is relatively new but so far it has proven to be very effective in helping small businesses hire faster and smarter.
What makes AI so promising for increasing recruitment quality, is its ability to utilize data to find the standardise fit between candidates' experience, knowledge, talents, and job criteria. While AI may not be able to directly improve culture, it may be used to enhance existing work functions by automating repetitive chores and assisting individuals in performing their duties more effectively. This means that machine learning may be used in some highly specialised businesses, allowing entrepreneurs and small businesses to focus their human resources on other tasks while paving the door to innovation.
Additionally, leveraging cognitive insights will remove any applications which might feel they are shoehorned into inappropriate positions or that they don’t really fit with their ideal jobs. Much like the personal assistant AI bots, these algorithms can learn and grow to become more effective all the time by working off a steady stream of real-world data.
In 2022, how might AI transform the recruiting process?
By 2022, AI will have accomplished the following for every business:
1. Recruited ideal candidates - using a combination of contextual data and behavioural data to target individuals with the best personality fit and most exceptional potential.
2. Conducted interviews on behalf of hiring managers - gathering information and drawing insight from applicants, then preparing presentations to share with hiring teams.
3. Delivered automated interview assessments – testing candidate's knowledge and skills in real-time through virtual interactions, eliminating bias in favour
The rise of artificial intelligence will bring about a new process in hiring. Technology will be used to interview job candidates and then analyse their personalities. This technology will be able to predict their fit for the position better than a human could. The survey done by Forbes indicates:
96% of the recruiters believe AI has the potential to greatly influence talent acquisition and retention in the coming years.
An average of 14 Hours of time per week is lost due to manual processes, which AI can solve massively.
However, it’s been found that, if the organizations or employers are not automating the process then, they are
Lowering the productivity by 41%
Increasing the operational cost by 35%
According to an ASSOCHAM study, India has 15 million freelancing or gig workers which is nearly a $5 Trillion economy. Also, AI will be a regular component of HR in the coming years, believed by 55% employers.
This multifaceted technology has been gifted to us by modern-day geniuses. It is deemed as the real-life intelligent system which understands things and responds in an appropriate manner rather than presenting an inaccurate response. In short, AI is creating new and better avenues for businesses to make the recruitment process smarter and faster. The applications of this technology are booming, and we’re moving forward into a future where it can do even more. Businesses are getting smarter, faster and more efficient at finding talent with advanced technology like AI in their corner. If you’re running a business that needs to hire, consider putting your trust in this powerful search tool. Artificial intelligence will substantially aid human intelligence in enhancing recruitment and job search methods, as well as speeding up and streamlining the entire process. This has resulted in a significant paradigm shift across a wide number of sectors in terms of quick technological stacks and cutting-edge issue solving. While there’s no single way to guarantee hiring success in every situation, using AI as one tool in your arsenal will likely lead to greater success in the long term.