The world, as we know it, is going through rapid technological innovation and disruptions across all industries. This technological boost is being termed as the Fourth Industrial Revolution. The trailblazers leading the revolution are game-changing technologies such as Artificial Intelligence (AI), Machine Learning, Blockchain, Data Engineering, and Cybersecurity, among others. These technologies have revolutionised the way business processes are carried out in organisations.
Technological advancement has led to the creation of several new roles while transforming existing roles into technology-centric ones. Human Resources, in particular, has become a technologically advanced sector, probably going through the highest degree of technological intervention. In fact, Undercover Recruiter recently published a story which mentioned that 16% of all HR jobs will be taken over by technologies such as AI in the next 10 years. AI-based hiring is already gaining significant traction, with employers embracing it with open arms.
In my opinion, AI-led technological systems possess unending benefits for both employers and candidates. By automating mundane and repetitive tasks such as sending tests and scheduling interviews with the help of AI, recruiters can focus on more important aspects of hiring such as face to face interviews with potential employees.
AI hiring also simplifies the task of communicating with candidates to give them feedback related to their interviews. It enables employers to preset messages to be sent to interview candidates, which can be sent in bulk to various candidates at the push of a button. The candidates, in turn, can transform each interview into a learning experience by receiving pertinent feedback every time.
There are several other benefits of AI hiring, ranging from simplifying processes to increasing the efficiency of hiring. Through my experience with AI based hiring, however, I have come to learn that the most important facet of AI hiring is perhaps the process of job-candidate matching.
Efficient job-candidate matching through AI
According to a survey based on talent acquisition leaders, the hardest part of hiring is screening candidates from a large talent pool. AI-led systems can screen thousands of candidates based on pre-determined parameters in a matter of seconds. This makes for a quick and efficient ‘First-round’ without the need for HRs to call or meet candidates that are not fit for the job in the first place.
The entire process of job-candidate matching essentially boils down to skills demanded by the job and skillset possessed by applicants. AI can smartly match the skills required by organizations with the skills that are mentioned in the applicant’s resume to present a pool of employees that are just right for the job in terms of skills. Job-candidate matching systems also match expected salaries, relevant experience and other factors that are essential to the organization’s hiring policies.
By evaluating a wide range of data, AI systems produce quantifiable results in terms of suitability of candidates. Once the process of job-candidate matching is done, recruiters are left with the crème de la crème that are perfectly matched with the job profile. All recruiters have to do, then, is conduct a face-to-face round in order to gauge the candidate’s personality, aptitude, team-play abilities etc.
We are seeing several industry doyens depending on AI systems in order to enhance their hiring processes. In fact, IBM’s Vice-President for Recruitment, Deb Bubb, mentioned that the company is deploying AI in a variety of ways for its HR department, including measuring employee sentiment, increasing employee engagement, enhancing employee education, and acquiring talent.
Further, a survey by Tata Communications titled ‘The Cycle of Progress’, mentioned that over 46% corporations across the globe have adopted AI in some form, especially in the finance, legal and HR departments.
These are all positive trends that allow us to believe that AI in HR is going to grow by leaps and bounds in the years to come, its uptake being bolstered by industry leaders and startups alike.
Smarter hiring, better outcomes: Benefits of AI-based hiring
The foremost benefit of utilizing AI in the hiring process, according to me, is that it saves time and reduces the period between screening and hiring an employee. By matching candidates with job positions from the outset, it nullifies the need for multiple interviews, making the hiring process more efficient and effective.
Further, it enhances the quality of each hire by weeding out those candidates that are unsuitable to the job description even slightly. With no room for error, AI ensures that only the perfect candidates for a part of the team. Employees who are seamlessly suited to job roles are inherently happier and more productive, contributing to the company to their full capacity. On the flipside, AI also ensures that candidates do not waste their skills and talents by working in a role that is beneath their ability levels.
AI, additionally, increases HR productivity by allowing recruiters to conduct strategic hiring while foregoing administrative tasks. Recruiters can focus their energies on building relationships with candidates, which ultimately leads to the successful, efficient, proactive and personalized hiring that the deployment of AI was aimed at in the first place.
Aniruddha Fansalkar is the Director and Co-founder of Monjin, a digital interviewing and assessment platform that is revolutionising recruitment services.