In today’s digital age, technology is revolutionizing every aspect of our lives, and recruitment is no exception. The question is whether your organisation is ready to evolve as quickly as the technology itself.
Queue ChatGPT – the AI chatbot which launched in November 2022, crossed 1 million users within the first 5 days, and currently has over 100 million users. With the help of Artificial Intelligence (AI), organizations can streamline their recruitment processes and make more informed hiring decisions. In this blog post, we will be exploring 6 ways in which AI can be used in recruitment.
Recruiters receive hundreds of resumes for a single job opening, making the screening process time-consuming and tedious. AI-powered tools can automate this process by using natural language processing (NLP) algorithms to scan resumes and identify candidates who meet the necessary qualifications. This can save recruiters a significant amount of time and increase the chances of finding the right candidates. According to a report by CareerBuilder, 52% of companies in the US use AI-powered tools for resume screening.
Chatbots are a popular AI tool that can be used to engage with candidates throughout the recruitment process. By using chatbots, organizations can provide 24/7 support, answer frequently asked questions, and provide personalized recommendations based on the candidate’s experience and qualifications. This can help improve the candidate experience, making it more likely that they will accept an offer if it is made. According to a report by IBM, 66% of candidates said they would use a chatbot to apply for a job.
Predictive analytics uses data and machine learning algorithms to identify patterns and make predictions about future outcomes. In recruitment, this can be used to identify the qualities and characteristics of successful candidates. By analyzing factors such as a candidate’s past performance, work history, and online presence, organizations can make more informed hiring decisions and identify candidates who are most likely to succeed in the role. According to a report by Deloitte, 38% of companies in the US use predictive analytics for talent acquisition.
Interviewing is a crucial stage of the recruitment process, but it can be challenging to identify the most suitable candidates based on limited information. By using video interviews and facial recognition technology, recruiters can assess candidates’ facial expressions, tone of voice, and body language to gain insights into their personality and soft skills. This can help organizations make more informed hiring decisions and identify candidates who are the best fit for the role and company culture. According to a report by LinkedIn, 57% of recruiters in the US use video interviews as part of their recruitment process.
Employee retention is a significant concern for organizations, and predicting which employees are most likely to leave can be challenging. By using predictive analytics, organizations can identify factors contributing to employee churn, such as poor work-life balance, low job satisfaction, or low compensation. This can help organizations take proactive steps to address these issues and improve employee retention. According to a report by IBM, 56% of HR leaders in the US use predictive analytics for employee retention.
While it’s nothing new that recruiters and HR managers scrutinize candidates’ digital media presence, it is not until recently that this has been done with the help of artificial intelligence. Social media screening being done internally poses a number of legal risks and comes with a high probability of bias and prejudice coming into the equation. When done using AI, all factors relating to an individual’s gender, race, age, religious affiliation or even sports team affiliation are NOT included by the system, which results in a fair and objective report.
Not only can social media background checks be done using AI to help recruiters identify the best-suited candidate for the position, but it can also help them identify potential high-risk candidates, and potential high performers as well as reduce the recruitment cycle substantially. In fact, Farosian data shows that the incorporation of AI-powered digital media vetting reduces the ‘time to fill position’ by 42%.
In summary, the use of innovative technology such as ChatGPT or Farosian’s Farocity platform has the potential to completely transform the recruitment process and help organizations make more informed hiring decisions. By leveraging AI in a thoughtful and strategic manner, organizations can improve their recruitment processes and ultimately hire the best candidates for their teams, while mitigating unnecessary risk in the process.
As the competition for top talent continues to grow, AI can provide a competitive advantage for companies looking to attract and retain the best candidates, as well as recruiters looking to stand out among the crowd.
Get in touch with us at Farosian today, even if it’s just to chat about AI and whether Elon is an alien!