AI in Talent Acquisition: What the future holds?
Words like "talent acquisition" and "recruitments" are again at the top of the corporate charts. The recent layoffs from top companies in the recession scenario have caused many job postings on several job portals. People have already spilled a lot of ink writing and publishing about the topic in this competitive market. Companies are leaving no stone unturned in hiring new talent and retaining the existing ones.
Integrating with the ever-rising stress of decreasing time-to-fill, all of that puts employers in a tighter spot. To help battle this problem, a major amount of personnel in talent acquisition (TA) are incorporating some form of artificial intelligence (AI) within their recruiting plans. According to a recent study, more than 90% of job seekers feel that their experience is more efficient when technology intervenes in the recruitment process.
Filtration remains a big challenge from the big datasets.
If we put these in simple words, AI draws knowledge from massive datasets and applies it to the task. While machine learning, which is closely related to AI— gathers and interprets data to make these datasets, AI is the tool that extracts data and uses the details.
For example, a candidate who has worked for three years for a top rival may be far more beneficial than someone with 10 years of experience in a general domain. If a recruiter sets up the requirement of at least five years of experience, even excellent candidates with three years under their belt might lose out on securing the interview process.
To tackle the problem mentioned above, a chatbot is an element of AI that can come in handy. It could ask basic questions and filter contenders early on. Other online reviews, such as psychological profiling and gamification to decide a candidate's soft and hard skills, can be used once the candidate gets through the first screening process.
Why should AI be included in Talent Acquisition efforts?
With the use of a tailored artificial intelligence technology, some businesses can automate or streamline their hiring process. This strategy enables firms to integrate artificial intelligence into recruiting in a way that complements their current systems and procedures. In addition, artificial intelligence can aid in streamlining and automating several recruiting process phases. This can also free up time for recruiters to concentrate on activities that artificial intelligence hasn't yet replaced, like developing in-person relationships with prospects and figuring out whether they match an organization's culture.
Additional advantages include being able to eliminate hiring biases and keep rejected candidates informed about upcoming job openings.
Benefits of AI in Talent Acquisition
- Filtration of Applications: One of the biggest obstacles for recruiters is to filter out tens and hundreds of applications for a role to explore the very few gems they are after. AI comes in handy here. Businesses can integrate AI into the existing Applicant Tracking System and fine-tune it by supplying labeled datasets of relevant and irrelevant resumes to the job explanation to train the model.
- Predictive hiring: By incorporating AI with ATS and interior HRMSs, it can analyze documented data and prospect data, such as schooling, background, titles, and career shifts, to develop a predictive model of a candidate's success in a role.
- Drafting Job Descriptions: Combining AI into the current ATS and teaching the system by supplying multiple job definitions, it can learn and provide customized job descriptions per the business culture and enterprise jargon. A simple discussion with AI delivers decent definitions, and we can further alter them to the needs.
Artificial intelligence can be incorporated into your current hiring processes to assist streamline them and free up recruiters' time to work on other projects like establishing face-to-face interactions with applicants. By incorporating hard facts into the equation, artificial intelligence can also assist remove unintentional biases, such as gut reactions from initial interviews, leading to better-informed hiring decisions. It is all about adopting, upgrading, and utilizing tech for the benefit of the business. Those who adopt and use such tech will have a competitive edge over others, whether it is a recruiter or a nominee. From the candidates' standpoint, those who adjust to these chatbots, and AI tools will increase their odds of profiting from technology. AI is an important pillar, but for it to become a full-fledged building still looks like a far-fetched idea.