Does AI Give Recruiters a Competitive Edge?
Modern technology has allowed systems to become automated and makes sourcing top talent simpler. With the vast amount of changes occurring in the HR and recruitment world, recruiters and HR professionals alike need to invest in technology to stay relevant. Our processes and use of technology continue to help us in not only finding talent but also drive us to focus on the bigger picture – making employees and entire departments profitable and productive. HR isn’t the only industry seeing this trend.
Around 72% of executives predict AI will offer considerable business advantages in the near future. Recruiters have used different AI and automation tools to increase their productivity by 3.7 times. AI and automation also help alleviate mundane and administrative tasks for better productivity. On average, a recruiter can spend anywhere from 30% to 40% of their time sorting through resumes and entering candidate data into an applicant tracking system (ATS) instead of engaging with candidates. Just think of the positive impact on the candidate experience if recruiters could free up all that time and devote more to placing candidates and improving other HR processes.
And that’s not all that could improve.
For instance, during the screening process, AI technology uses a series of questions in the application stage to determine whether the candidate is a fit.
While there are many ways AI and automation can simplify the hiring process, it will not completely replace recruiters. Candidates still need human interaction. The right AI software will help accomplish more in the same amount of time, leaving human talent acquisition professionals to ensure cultural fit and determine the future potential of incoming talent.
In fact, recruiters themselves are seeing the positive effects of AI and automation. A recent study concluded that half of recruiters (49%) feel good about the effects of this software on their jobs while more than 80% of executives are “eyeing the peaks” and view AI as a strategic opportunity. This is an immense achievement when it comes to finally integrating the use of this helpful technology. Why? Because, despite the negative opinions circling the industry, AI and automation are NOT the enemy. This growing business, which is anticipated to be a $47 billion industry by 2020, is a way to help workers of the world (especially recruiters) work smarter, not harder.
Explore the key areas where recruiters and organizations are gaining benefits from AI and automation:
- 75% of recruiters believe automation allowed them to complete routine tasks quickly.
- 68% of recruiters say automation gave them back their time so they could spend more time on higher-value tasks.
- 50% of recruiters said automation allowed better client and candidate service.
- Early adopter companies using AI-powered recruiting software have seen their cost per screen reduced by 75%, their revenue per employee improve by 4% and their turnover decrease by 35%.
The numbers don’t lie, AI and automation are the future of HR and recruitment, especially with 57% of companies using chatbots and 15% of HR leaders claiming Artificial Intelligence and automation are already impacting their workplace plans. However, despite these benefits and future goals, many companies still quite aren’t sold.
Organizations that are on board with AI and automation are going to have to catch up sooner rather than later or they run the risk of being left behind. In this industry, being behind means losing great candidates to competitors.
And if you’re concerned your team might not appreciate a new AI or automation tool, consider that 72% of recruiters believe their approach to hiring needs to evolve as AI and automation become more prevalent. Many see AI on the horizon and are preparing to adapt.
Use our infographic below to learn about insights in the AI and automation industry.
About the author: Aida Fazylova is the CEO and Founder of XOR.ai and a former recruiter. She started XOR to help recruiters focus on the hiring and strategic planning that comes with being a recruiter. Aida previously worked in IT recruitment and project management for over six years.