How AI is redefining the traditional recruitment process.
Artificial Intelligence is impacting a lot of industries and the recruiting industry is no exception.
Artificial Intelligence(AI) for recruiting is an emerging category designed to remove and reduce time consuming activities such as screening resumes, authenticating documents among other tasks involved in talent acquisition.
52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool.
AI for recruiting is application of Artificial Intelligence, such as learning, pattern detection and problem solving that a computer can do to the recruitment process.
Karv Analytics is developing Fazed.AI which will be combining the AI-powered chatbots, screening software and emotional AI for digitized interview.
1. AI chatbots
AI powered chatbots provide real-time interaction to candidates by asking questions based on the job requirements and providing feedback and updates.
58% of job seekers say they have a negative impression of a company if didn’t hear back from the company after submitting an application, whereas 67% of job seekers have a positive impression of a company if they receive consistent updates throughout the application process.
AI-powered chatbots can improve the candidate experience.
2. Intelligent screening software
AI powered screening software learns which candidates moved on to become successful and unsuccessful employees based on their performance, tenure, and turnover rates. Specifically, it also learns what existing employees’ experience, skills, and other qualities are and applies this knowledge to new applicants in order to automatically rank, grade, and shortlist the strongest candidates.
The software can also enrich candidates’ resumes by using public data sources about their prior employers as well as their public social media profiles.
3. Emotional AI
We can see computers allow natural forms of interaction and are becoming more ubiquitous, more capable, and more ingrained in our daily lives.
Affective computing (also referred to as artificial emotional intelligenceor emotional AI), a field that studies systems that can recognize, interpret, process, and simulate human emotions.
Combining the power of Emotional AI with AI Bots the initial screening process becomes more simpler. Fazed.AI will be able to conduct a interview all the while analyzing facial expressions and speech. The recruiter will get manuscripted form of the speech in case of noisy backgrounds. It will assess candidates’ word choices, speech patterns, and facial expressions to assess his or her fit for the role and possibly even the organization and its culture.
This would help the talent acquisition leaders to make a unbiased recruitment decisions and simultaneously increase the speed of recruitment process.
“Any area of recruiting where distinct inputs and outputs occur — like screening, sourcing and assessments — will largely become automated.”
-Katrina Kibben, Randstad
Although artificial intelligence and machine learning are well on the way to lending a helping hand when it comes to solving the problems of human capital management, yet in India recruitment is one of the toughest businesses to do.
Manually screening resumes is still the most time-consuming part of recruiting, especially when 75% to 88% of the resumes received for a role are unqualified.
AI for recruiting represents a boon for recruiters, successfully automate time-consuming, repetitive tasks such as screening resumes or scheduling interviews with candidates and recruiting through automation reduces time-to-hire.
AI will also improve the quality of hire through standardized matching with employer-set requirements. Improving quality of hire lies in its ability to use data to standardize the matching between candidates’ experience, knowledge, and skills and the requirements of the job. This improvement in job matching is predicted to lead to happier, more productive employees who are less likely to turnover.
Early adopter companies using AI-powered recruiting software have seen their cost per screen reduced by 75%, their revenue per employee improve by 4%, and their turnover decrease by 35%.
Machine learning and AI capabilities can also be implemented in reshaping and inarticulate skills from a user based perspective. Users can use Fazed.AIto help in imbibing skills and personality traits required for the particular job. Fazed.AI will provide feedbacks and highlight improvement areas which would be assessed by a recruiter according to the job description.
For example, you are applying for the post of CEO, Fazed.AI will screen your resume, ask questions which would be asked for the position meanwhile analyzing your speech, expressions, and personality. It will provide you with a report highlighting the improvement areas.
This will enable candidates to prepare appropriately for the interviews and be fully skilled according to the job requirements. With this automated intelligence will make a major difference in bringing the unemployment rates.
India’s unemployment rate rose to 7.2 percent last month, up from 5.9 percent in February 2018, according to data compiled by the Centre for Monitoring Indian Economy.
Challenges of Implementing AI in Recruiting
1. AI requires a lot of data
AI requires a lot of data to learn how to mimic human intelligence accurately.
For example, AI that uses machine learning needs a lot of data to learn how to screen resumes as accurately as a human recruiter. This can mean several hundreds to several thousands of resumes for a specific role.
2. AI can subconsciously learn and make gender biases
AI for recruiting can reduce unconscious bias by ignoring information such as a candidate’s age, gender, and race. However, AI is trained to find patterns in previous behavior.
That means that any human bias that may already be in recruiting process — even if it’s unconscious — can be learned by AI.
All the above factors lead to a common goal, that is to hire top talent for every department and to reduce time for hiring process.
“Employees are more important than clients.”
This statement is very true since its your employees skills that will help your firm reach new potentials. Clearly AI is playing a pivotal role in talent acquisition. While there might be a few liabilities it is definitely helping recruiters make better hiring decisions.