There’s a lot of talk about how AI will impact the hiring process. And let’s face it everyone is talking about AI right now, it’s the latest and hottest technological trend out there right now. But AI brings up mixed emotions, some people are worried, scared, excited, concerned, and optimistic.
In this blog, I’d like to discuss how AI is already apart of the hiring process and the foreseeable future of what is to come. But don’t fret if you work in this space, I’m here to deliver good news!
AI is here to help you and not replace!. AI will allow you to focus on what is most important and that’s speaking with the right candidates for the position.
Now let’s dive in!
When it comes to hiring we need speed and accuracy.
An open position cost a company $500 on average per day and typically we see IT jobs roughly open for 68 days. Costing the company a total of $34,000!
What if we could reduce the hiring process time without sacrificing any due diligence?
What if we could select and predict who the best candidates would be for an open position without using any of our own time?
What if I told you this is possible? Would you believe me?
Well with AI this is all possible.
Sometimes HR and Recruiting companies can see AI as a threat to their job. I’d like to argue AI is our new best friend...
Now Brittany, how is AI going to do this? I’m glad you asked!
1.) Automation & Prediction
In the hiring process, anything that can be automated should be! With AI technology there are opportunities to streamline this process.
- Selecting, Interviewing and Engaging. (More on this later)
- We can predict who will be the best fit for the position
- Who is likely to accept the position
- Turnover - who is likely to stay in the position
- Performance - how good will they be at that position
A bad hire cost a company approximately 30% of the first year salary and no one has time for that…
AI will be able to select the best candidates for each position we have. We receive thousands of applications for jobs or at the very least 100s and there isn’t enough time in the day to sort through them all. With AI we will be able to automate this process.
Just think how many hours a week do you spending sourcing candidates?
Me? Too many!
The average recruiter looks at a resume for only 6 seconds! With AI we can sift through thousands of resumes and select the top candidates. Between 75-88% of applicants don’t even match the job posting, so how can we be more effective with our time? AI!
Machines can be tasked to search for specific keywords and elements of language that have historically been used on successful applications.
3.) Scheduling & Interviewing
When scheduling and interviewing there is a lot of room for human errors. It’s a back and forth human communication that can prolong the process. With implementing AI in the in the process you can, schedule interviews and save time by,
- Using AI video interviews - With AI facial recognition software you can have the ability to read body language
- Using Chatbots - ability to perform initial screening
- Consistency in the interview process & eliminating bias
Maya an AI platform says –“Our industry-leading technology and platform has delivered transformational results, including 93% screen completion rates, 79% time-to-interview reduction, 2.5x increase in funnel conversion, and 144% recruiter productivity gains.”
If that doesn’t sound like progress, I’m not sure what does.
4.) Candidate Experience
Now put yourself in the shoes of the candidate. The hiring process can be a drag due to various variables! But with AI software you have the opportunity to create a smoother process.
- Engage with your candidate throughout the process for you.
- Connect instantly with candidates when they apply.
- Give answers on demand to candidates as questions arise.
- Candidates will be able to track their status as they move through the interview process.
Ultimately, the candidate experience is a representation of your brand, which we spoke about in an earlier blog. So give your candidates a smooth experience and have them raving about how easy it was.
5.) Where are we at today with AI & Hiring
- 92% of talent acquisition professionals said that AI technology helps them do their job, but very small amount are using it regularly. — Montage, 2018
- Google Hire drastically improved how they recruited by 84%, cutting down time switching between apps and completing simple tasks, The Post said.
- AI is projected to catapult from a $643.7 million market today to $36.8 billion by 2025. Bersin by Deloitte calls it one of the ten major trends changing everything about how we build and manage the world of work.
6.) The Human Element
As more and more of the economy gets digitized and automated, it's going to create more opportunities for humans with critical thinking skills. AI may take away some positions but will also create more opportunities for humans to do what they do best. AI will simplify the process, but we need to complete it. At the end of the day, it’s still the human who ultimately decides who to hire.
How Could You Embrace AI?
Here’s the recap, with AI the possibilities are endless. In the field of recruiting and HR, AI can Automate, Source, Interview and Engage the candidates throughout the hiring process. This ultimately saves us time and deliver a strong impression of the company brand!
As for us at Focus GTS, we are embracing AI in our business and seeing AI as our new ally to make the hiring process a better experience for everyone involved!