How Artificial Intelligence Will Speed up Recruitment Processes
A large number of resumes are received by HR teams and these valuable data can be analysed accurately with the support of technology
For any organisation, a strong work force is its back bone. The realisation that human capital — as it is now referred to — is core to an organization’s success, has led to an increased emphasis on effective recruitment.
One of the greatest challenges in recruitment though has been in identifying the right candidate among scores of applications. To fill a single position, a recruiter will have to sift through at least 50-60 resumes, which raises the possibility of human error while selecting a candidate.
For this very reason, artificial intelligence has been introduced in the field of recruitment to ensure that the right resources meet the right organisation.
Artificial intelligence aims to revolutionize the hiring process by integrating technology with recruitment. As most organizations are often under pressure to hire the right candidate, resumes are merely skimmed through and thorough background verification takes a backseat. By using AI in recruitment, we are now focusing on the longevity of the employee. Recruitment — as a process — is data driven, and by using this data in an effective way, Human Resources (HR) is able to gauge how successful an employee will be in an organisation.
Incorporating Employee Experiences
Recruitment data can be tabulated into various parameters, like experience, age, qualification, etc. If this data can be consolidated, not only will it save precious time in screening of resumes, but also aid with quicker and better recruitment. Artificial intelligence also incorporates employee experiences at previous companies as well as extra-curricular skills and other qualities. They use this information to create a rank for candidates on which they are rated. Artificial intelligence also uses a candidate’s public data from social media platforms to create a profile.
Technology in Analyzing Data
Since a large number of resumes are received by Human Resources (HR), there is a huge build-up of valuable data, which can be tabulated and analysed accurately, with the support of technology. Such offerings can go a long way in helping company’s shortlist the desired candidates in a relatively quick manner before initiating contact.
The need for such services has grown exponentially, after it was found that embellished resumes were becoming commonplace. Resumes laden with exaggerated facts, inaccurate information and other false statements have largely increased the chances of hiring the wrong candidate. This has also caused huge losses to the company as there have been an increased number of workplace incidents, including theft, sexual harassment and other crimes.
AI and New-age Recruitment Strategies
Most recruiters tend to decide on a candidate within the first five minutes of meeting, based on a variety of reasons. With AI included in the recruitment process, candidates are given a score on which a minor portion is based on the personal interview. This has led to an increased focus on the candidate’s skills and eliminates the scope for prejudice during interviews.
AI in Speeding up Hiring Process
By using AI in recruitment, organizations have been able to identify the success rate of candidates using parameters like their achievements, stints at previous organisations, etc. If we are able to marry this data with recruitment, it will be a clear indication of whom to hire for maximum success in the organisation.
HR systems have now become widely used with each company having their own personalized system in place. One of the biggest advantages of using AI in recruitment is that it is designed to integrate seamlessly into a company’s current system without disrupting their workflow. It also speeds up the process of recruitment through automation which, for a company, means that they are less likely to lose out on the best talent due to stiff competition in the industry.
Its Economical Viability
By linking recruitment with AI, it will also help determine the success of the organisation as it is able to hire and retain the right staff, which will help grow the business. AI has also proven to be economically viable for companies, as it eliminates the need for layoffs and makes optimum use of its human capital.
AI Can’t Fully Replace Human JobsWith the job market in India set to boom with an estimated workforce of 900 million by 2020, AI in recruitment is the way forward to meet these human capital demands. And while many see the inclusion of AI in recruitment as the replacement of human jobs, the reality remains that it cannot fully replace human perspective. AI has merely allowed for an enhanced recruitment process that has consistently improved human aptitude and efficiency. It promises an exciting opportunity to revolutionise the recruitment process while securing the right candidates for the job at hand and improving overall company growth.
Rahul Belwalkar is the Chief Executive Officer of SecUR Credentials Pvt Ltd. He leads the company with the strategic vision of making it one of the largest due diligence practices in the Asia Pacific region.