Recruiting is undoubtedly one of the toughest issues businesses face today, an activity that involves stakeholders across the entire organization. Today, machine learning is emerging as a strategy to help employers conduct talent sourcing and recruitment more efficiently. Discover below the top benefits and uses of Machine Learning and Artificial Intelligence in recruiting.
The real cost of a bad hire
Bad hires can easily throw an organization’s budget and productivity out of alignment. A usual hiring lifecycle includes sourcing, background checking, interviewing, onboarding and training. These processes take time, money and a lot of work from everyone on the team. While it is estimated that a bad hire can cost a company upwards of $50.000, monetary costs are not the only risks. According to experts, other costs include:Â impact on customers, impact on the rest of the team, time spent on performance management and even the manager’s reputation. New technology is here to help the recruitment team avoid bad hires, an AI-powered solution being available for virtually every part of the recruitment funnel.
The top breakthroughs in AI for recruiting
Adding AI to the recruitment process can help improve the quality of applicants right from the first step: job posting. Sentiment analysis tools help recruiters identify potentially biased language and provide suggestions on creating job descriptions that attract the right candidates. AI can help formulate clear job descriptions that help explain what exactly youâ€™re looking for in applicants.
Machine learning is here to help you identify top candidates from large candidate pools. Thanks to programmatic advertising and fully automated posting of job adverts, companies now know who to target for a specific job. Organizations can deliver their message at the right time, on the right channel, making the process more efficient.
The use of AI-powered assistants, also known as chatbots, in various parts of HR could help an organization reduce time to hire and increase the number of candidates who complete the process. Many companies already use chatbots as a way to engage visitors on their website. A virtual assistant can answer FAQs about the job, ask some of the questions which are typically included in a phone screening and schedule an interview. A chatbot can work 24/7, thus reducing your need to answer phone calls or emails. Information collected by the AI-powered assistant is fed on ATS or sent directly to a human member of the team.
Automate manual tasks
Finding top talent depends on a recruiter’s ability to automate their workflow. Machine learning technology can be used to automate many of the mundane tasks that recruiters have to deal with every day. The new “colleague” can effectively engage, screen and assess candidates, schedule interviews and even check resumes to find talented candidates and remove unqualified ones. Â Â Â Â
An optimized recruitment process
By comparing a new resume with the ones already in the database, these solutions effectively compare prospective candidates to those whoâ€™ve turned out to be talented in the past. With the help of data and predictive analytics, HR preselection software can predict how likely it is for a specific candidate to be successful in the role they apply for. The algorithms get smarter over time, as more applicants flow through the system and generate relevant data. Candidates who may have applied for other positions earlier can sometimes be a better fit than direct applicants. The system can identify the applicants who may fit the job and save time and money for the HR department.Â Â Â
Reduced time to hire
According to Mya Systems, the use of their AI recruiter reduced the time required to hire a candidate by 70 percent, and 91 percent of candidates complete the candidate screening. Automated recruitment process speeds things up, leaving the HR team with more time to build personal relationships with candidates. This means the team can focus on the one thing that really matters in HR: the human element. AI can identify talent, but it’s not going to make hires – that requires building a personal connection with candidates to assess their cultural fit for the company.
Recruitment, as we know, is gradually changing, with the promise of AI improving the quality of hire on the table. AI assistants use huge amounts of data to standardize the matching between candidatesâ€™ experience, knowledge, and skills and the job requirements. Ironically, artificial intelligence and machine learning are lending a helping hand in solving the problems of human capital management.